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Medicare Costs Rise for Seniors in 2027
26 Oct
Summary
- Medicare beneficiaries can change plans from now until December 7.
- Out-of-pocket prescription limits and deductibles will increase in 2027.
- Part B premiums and deductibles are also projected to rise next year.
Medicare beneficiaries have until December 7 to select their health and drug coverage plans for 2027, as several key changes will impact their wallets. The out-of-pocket limit for Medicare Part D prescription drug coverage is set to increase to $2,400, up from $2,100 in 2026. Similarly, the standard Part D deductible will rise to $700, an increase from $615.
In addition to these prescription drug cost adjustments, new negotiated prices will affect 15 additional drugs, including certain GLP-1 medications like Ozempic and Wegovy. Medicare Part B premiums are also projected to increase to $209.50 per month, with the annual deductible rising to approximately $292. These changes come as retirees anticipate their largest Social Security cost-of-living adjustment in four years.
