Medicare Updates 2027: What You Need to Know

Each year, Medicare makes adjustments to premiums, deductibles, and coverage rules. For 2027, beneficiaries should be aware of several important changes that could affect their out-of-pocket costs and plan options.

Part B premiums are expected to see a modest increase in 2027. The standard monthly premium and annual deductible will be updated by the Centers for Medicare & Medicaid Services (CMS). If you receive Social Security benefits, your Part B premium is typically deducted automatically from your monthly payment.

The Medicare Part D prescription drug benefit continues to evolve. Thanks to the Inflation Reduction Act, out-of-pocket drug costs are capped, providing significant relief for beneficiaries who take high-cost medications. Make sure your current Part D plan still covers your prescriptions at the best rate — formularies change annually.

Medicare Advantage (Part C) plans are also updating their benefits. Many plans are adding or expanding dental, vision, hearing, and fitness benefits. During the Annual Enrollment Period (Oct 15 – Dec 7), you have the opportunity to switch plans if a better option is available in your area.

If you are new to Medicare or approaching age 65, your Initial Enrollment Period begins three months before your birthday month. Missing this window can result in late enrollment penalties that last for the life of your coverage.

Our licensed advisors stay current on every Medicare change so you don't have to. Contact us for a free review of your current coverage and to make sure you're enrolled in the plan that best fits your needs and budget.