Your 2027 Prescription Coverage Will Be Changing

You may be hearing news about changes coming to Medicare Part D prescription drug plans beginning in 2027. PART D IS NOT BEING CANCELED! 

Over the past two years, the federal government provided temporary financial assistance to insurance companies to help keep Part D premiums from increasing while the prescription drug program was being redesigned. That temporary assistance is scheduled to end after the 2026 plan year. 

What does this mean for you? 

Some Part D plans may have higher monthly premiums in 2027 than they otherwise would have had. The exact impact will depend on your insurance company and the specific plan you have. Final premiums won't be available until Medicare releases the 2027 plan information later this year. 

The good news is that the core Part D benefit is not changing because of this announcement. The annual cap on out-of-pocket prescription drug costs remains in place, and your prescription drug coverage is not going away. 

The Annual Enrollment Period runs from October 15 through December 7 each year. During that time, Medicare beneficiaries should review their prescription drug coverage because premiums, formularies, pharmacy networks, and medication costs can change from year to year. A plan that was the best choice one year may not necessarily be the best choice the following year. 

At this point, there is no need to make any changes. Simply be aware that 2027 Part D premiums and plan offerings may look different than they have in recent years. As more information becomes available this fall, you'll have the opportunity to compare your options and decide whether your current plan is still the best fit for your needs.