Every fall, Medicare Advantage plans update their premiums, benefits, networks, and formularies for the coming year. If you're currently enrolled in a Medicare Advantage plan, or thinking about joining one, here's what you need to know about 2027.
Annual Enrollment Period: Oct 15 – Dec 7, 2026
The Annual Enrollment Period (AEP) is your opportunity each year to switch Medicare Advantage plans, drop a plan and return to Original Medicare, or join a new plan. Coverage for any change you make takes effect January 1, 2027.
Even if you're happy with your current plan, it's worth comparing — because your plan's benefits, premium, and network may have changed.
What to Watch for in 2027 Plans
Premiums
Many Medicare Advantage plans continue to offer $0 monthly premiums. However, some plans adjust their premiums year to year. Check your Annual Notice of Change to see if your current plan's premium is changing.
Out-of-Pocket Maximums
Medicare Advantage plans must cap your annual out-of-pocket costs. For 2027, these caps may adjust. Lower caps mean better financial protection if you need significant care during the year.
Extra Benefits
Medicare Advantage plans frequently add, change, or remove extra benefits like dental coverage, vision allowances, OTC benefit cards, transportation rides, and meal delivery programs. Compare these carefully — the differences between plans can be significant.
Prescription Drug Coverage
Drug formularies (the list of covered medications) can change from year to year. If you take prescription drugs, verify that your medications are still covered on your plan's formulary for 2027 — and at what tier/copay.
Provider Networks
Doctors and hospitals can leave plan networks. If keeping your current doctors matters to you, confirm they're still in-network for 2027 before the enrollment deadline.
What Should You Do Before December 7?
- Read your Annual Notice of Change (ANOC) carefully
- Compare your plan's 2027 benefits against other plans in your area
- Verify your doctors and preferred pharmacy are still in-network
- Check that your prescriptions are still covered
- Call a licensed Medicare advisor to compare all options