Your 2027 Drug Plan Is Changing. Check These 5 Things Before December 7

The most expensive sentence in Medicare may be: “My plan worked fine last year.” Prescription drug plans can change premiums, formularies, pharmacy networks and cost-sharing every January. Loyalty is not rewarded, and doing nothing is still a decision.

For 2027, the Centers for Medicare & Medicaid Services set the national Part D base beneficiary premium at $41.33 and ended a temporary premium-stabilization demonstration after 2026. That $41.33 figure is not a quote for your plan. It is one input in plan-specific premiums, which can land above or below it.

Do not compare plans by premium alone. Compare your drugs, at your pharmacy, across the full year.

The dates that matter

Medicare Open Enrollment runs October 15 through December 7. Changes made during that window generally take effect January 1. Before it opens, your current plan sends an Annual Notice of Change explaining what will be different next year. Read it next to your medication list—not by itself.

1. Enter every prescription again

Use the official Medicare Plan Compare tool and enter the exact drug name, dosage, quantity and refill frequency. A generic and brand version can sit on different tiers. A 30-day retail fill and a 90-day mail order can price differently. “Covered” does not mean “cheap.”

2. Check the formulary and the rules attached to it

Look beyond whether the drug appears on the list. Check its tier and whether it requires prior authorization, step therapy or quantity limits. If a medication is missing or moved to a costly tier, ask the prescriber whether a covered alternative is clinically appropriate. Do not change medication on your own.

3. Price your actual pharmacy

Your corner pharmacy may be in-network but not “preferred,” producing a very different copay. Compare at least two nearby pharmacies plus mail order if it works for you. Include convenience, delivery reliability and whether a trusted pharmacist knows your history; the lowest screen price is not always the best real-world choice.

4. Compare total annual cost, not the January premium

Add premiums, deductible and estimated copays or coinsurance across 12 months. Look at when a high-cost drug refill lands and how the plan treats it. A zero-premium plan can be more expensive overall; a higher-premium plan can be cheaper for a specific medication list.

The Medicare prescription-drug benefit now includes an annual out-of-pocket limit that is indexed over time. Plan Compare should incorporate the current year’s design, but it still needs an accurate drug list to produce a useful estimate.

5. Check whether your help carries over

If you receive Extra Help, a state pharmaceutical assistance benefit or other subsidy, verify how it works with each candidate plan. New Jersey residents can also review PAAD and Senior Gold eligibility. Do not assume a subsidy makes every plan equivalent.

Three traps to avoid

“The base premium is my premium”

It is not. CMS uses the national base beneficiary premium in a statutory calculation. Each plan sets its own premium and benefit design, and higher-income enrollees may also owe a separate Part D income-related adjustment.

“My medicine is generic, so every plan will be cheap”

Plans place generics on different tiers and negotiate different pharmacy prices. The same bottle can produce different annual costs.

“My agent will automatically check everything”

An agent may represent only certain insurers. Ask which carriers are included, and independently compare the full market through Medicare.gov or free, unbiased SHIP counseling.

Your 20-minute open-enrollment checklist

• Gather the Annual Notice of Change and all prescription bottles.
• Update dosages, quantities and refill schedules.
• Save your preferred pharmacy, then test alternatives.
• Compare projected annual cost and coverage restrictions.
• Confirm every prescriber and pharmacy detail before enrolling.
• Save the confirmation number and a copy of the selection.

If the numbers are confusing

Use your State Health Insurance Assistance Program for free one-on-one counseling. In New Jersey, the program is called SHIP. Counselors do not sell insurance. Bring your medication list and current plan notice; specific information beats a general question every time.

Sources: CMS’s July 28, 2026 Part D announcement, Medicare Plan Compare guidance, and SHIP counseling. Plan details can change; verify 2027 costs and coverage with Medicare and the plan before enrolling. This article is general education, not individualized insurance or medical advice.