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Star News TV
Open enrollment for Medicare plans begins Thursday and enrollees will face a slew of changes that go into effect in 2027.
During the enrollment period, which ends Dec. 7, people can choose between traditional Medicare and privately run Medicare Advantage plans in their area, as well as prescription drug plans. Those changes go into effect Jan. 1. Open enrollment also comes as inflation adds pressure on seniors whose healthcare costs have risen and as midterm elections are weeks away, with voters consistently saying cost-of-living is a major concern.
The Medicare period also comes as the Social Security Administration announced Wednesday that the annual cost-of-living adjustment will go up by 3.6% beginning in 2027, which translates to $75 extra per month for the nearly 72 million people who receive monthly Social Security benefits and about 7.3 million beneficiaries who get Supplemental Security Income. New changes to Medicare coming in 2027 include higher Part D out-of-pocket caps, the end of temporary federal Part D premium subsidies and new drug price negotiations. The cap on annual out-of-pocket expenses for Medicare Part D drugs will increase to $2,400, up from $2,100 in 2026, and the standard deductible will increase from $615 to $700.
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