Medicare 2027: drug cost cap rises to $2,400 as open enrollment runs to December 7
Part D out-of-pocket costs and deductibles go up next year. Retirees have about a month left to compare plans.
Key numbers
- Part D out-of-pocket cap: $2,100 → $2,400
- Maximum Part D deductible: $615 → $700
- Open enrollment: October 15 – December 7
Medicare's annual open enrollment period is underway and ends on December 7, 2026. Changes made by then take effect on January 1, 2027.
Higher drug cost limits
The yearly cap on what Part D enrollees pay out of pocket for covered prescription drugs rises to $2,400 in 2027, up from $2,100. Once you reach the cap, you pay nothing more for covered drugs for the rest of the year.
The maximum deductible a Part D plan can charge rises to $700, from $615. Many plans charge less, so comparing plans can make a real difference.
Part B premium still to come
Medicare usually announces the next year's Part B premium and deductibles in late October or November. Because Part B premiums are taken directly out of Social Security checks, the new amount will decide how much of the 3.6% cost-of-living increase retirees actually keep in 2027.
What to do now
Review your plan's annual notice of change, check that your prescriptions are still covered, and compare options on Medicare.gov before December 7.