Millions of Medicare beneficiaries will soon have an opportunity to review their health coverage as the 2027 Medicare Open Enrollment period approaches.
The Centers for Medicare & Medicaid Services (CMS) announced on September 28 that average premiums for Medicare Advantage plans are projected to decline in 2027.
According to CMS, the weighted average monthly premium for Medicare Advantage plans is projected to fall from $14.37 in 2026 to $12.00 in 2027.
Open Enrollment Begins October 15
Medicare Open Enrollment runs from October 15 through December 7, 2026.
During this period, Medicare beneficiaries can review their current coverage and compare available plans for the coming year.
CMS says that more than 99% of Medicare beneficiaries are expected to have access to at least one Medicare Advantage plan in 2027, while 97% are expected to have access to 10 or more plans.
Lower Average Premiums Don’t Mean Everyone Will Pay Less
The projected average premium reduction does not mean every Medicare beneficiary will see their personal costs decrease.
Actual costs can vary depending on the plan, location, coverage and individual circumstances. Beneficiaries should review their specific plan information rather than relying only on national averages.
CMS also projects that the average premium for stand-alone Medicare Part D prescription drug plans will increase by less than $1 per month in 2027.
What Seniors Should Do Before Choosing a Plan
With Open Enrollment approaching, beneficiaries may want to review:
- Monthly premiums
- Prescription drug coverage
- Doctors and hospitals included in the plan
- Out-of-pocket costs
- Coverage changes for 2027
- Additional benefits offered by their plan
Even when a plan looks similar to the previous year, costs and coverage can change.
The 2027 Medicare Open Enrollment period runs from October 15 through December 7, giving beneficiaries time to review their options before making changes.
