Medicare's Annual Enrollment Period runs October 15 through December 7, 2026, for coverage that takes effect January 1, 2027 -- and Part D is changing in ways worth understanding before you re-enroll or switch plans.
Medicare Part D 2027 changes to the deductible
CMS finalized the 2027 standard deductible at $700, up from $615 in 2026 -- about a 14% increase, and the steepest one-year jump since the Inflation Reduction Act redesigned the Part D benefit structure. This figure is confirmed, not a projection.
Medicare Part D out-of-pocket cap for 2027
The out-of-pocket spending cap rises from $2,100 in 2026 to $2,400 in 2027, a $300 increase, also per CMS's 2027 Rate Announcement. Once you hit this cap, Part D covers the rest of your covered drug costs for the year.
Will Medicare Part D premiums go up in 2027?
This is the part where confirmed numbers run out. CMS has cited a national average base beneficiary premium moving from about $38.99 to $41.33 (roughly 6%), but that's a national average, not a per-plan figure -- individual plan premiums are set by each insurer and vary by state and coverage. A temporary federal subsidy for standalone prescription drug plans is also set to expire December 31, 2026, which CMS itself says could push some standalone plan premiums higher, without giving a specific dollar figure.
Medicare annual enrollment period 2026 dates, and what to check now
With enrollment open October 15 through December 7, the practical move is to compare your specific plan's 2027 premium and formulary once it's published, rather than relying on national averages. The Medicare Part D 2027 Cost Change Estimator keeps the confirmed figures (deductible, out-of-pocket cap) clearly separate from the estimated national premium trend, plus a countdown to the enrollment deadline.
Try the Medicare Part D 2027 Cost Change Estimator →
Sources: CMS 2027 Medicare Part D Rate Announcement (April 2026); KFF, "CMS's Decision to End Temporary Subsidies to Medicare's Stand-Alone Drug Plans..."; CMS Medicare Open Enrollment Partner Resources. This article is for general information only and is not insurance or medical advice.
