Millions of Americans enrolled in Medicare could face higher monthly costs for prescription drug coverage in 2027, according to a new analysis by health policy research group KFF.
Roughly 4 million Medicare beneficiaries who currently pay no monthly premiums for their prescription drug plans could face new costs next year, potentially paying up to $50 a month, according to the analysis.
The changes could affect beneficiaries who keep their current plans as well as those who switch to new coverage.
Medicare’s annual open enrollment period runs through Dec. 7, giving beneficiaries time to review their options and make changes to their coverage for 2027.
Experts recommend that Medicare beneficiaries compare available prescription drug plans before enrolling for next year.
Beneficiaries can review their options at Medicare.gov and should look beyond the monthly premium when comparing plans.
Here are a few things to check:
Drug pricing experts also recommend comparing prescription costs through discount websites, which may offer lower prices on certain medications.
One option is ScriptCo, a membership-based service that sells prescription drugs at wholesale prices.
Beneficiaries should compare the total cost of prescriptions through discount programs with the cost under their insurance plan before deciding which option makes the most financial sense. Discount purchases may not count toward insurance deductibles or out-of-pocket spending limits.
With the Dec. 7 enrollment deadline approaching, beneficiaries are encouraged to review their coverage and estimated costs for 2027 before making a decision.
