Medicare Open Enrollment Period (OEP), also known as the Annual Enrollment Period (AEP), is a crucial time for Medicare beneficiaries. Running annually from October 15 to December 7, the Open Enrollment Period allows you to make changes to your Medicare coverage for the upcoming year, whether you have a Medicare Advantage (Part C) plan or a stand-alone Medicare Part D prescription drug plan. 

Even if you haven’t enrolled in Medicare yet, this window is the perfect time to consider your health needs and the coverage options available. Don’t wait until the last minute — prepare for Medicare Open Enrollment now to ensure you confidently choose the best Medicare plan for your health and budget in 2027.

3 steps to prepare for Medicare AEP in 2026

A lot can change in a year, whether it’s your personal health circumstances or your plan’s premiums and prescription coverage. By proactively considering what you need out of your coverage for the year ahead, you can confidently navigate the Medicare Open Enrollment period.

1.  Evaluate your current healthcare and financial needs

There are two main areas to evaluate your needs for the upcoming year as you prepare for enrollment: health and finances. Your healthcare needs can evolve, and understanding your current situation is key to choosing a Medicare plan that works for you. 

Here are some of the most important questions you should ask yourself ahead of Medicare AEP:

• Do I have any new health concerns or a new diagnosis that will need evaluation or treatment?
• Do I have any planned procedures or surgeries?
• What prescriptions am I currently taking? Have any new medications been added to my regimen?
• Has my doctor recommended or prescribed any new medications?
• Is there a new doctor or provider that I either want or need to see?

In addition, there are financial or lifestyle questions that could affect your health care coverage, such as:

• Am I going to be traveling more (or less) in the upcoming year?
• Am I moving soon, which could affect my provider network options?
• Has my financial situation changed, potentially requiring a Medicare plan with lower premiums or different out-of-pocket costs?

Writing down these answers will help you quickly identify if you need to compare Medicare Advantage plans or Medicare Part D plans during the upcoming Medicare Open Enrollment Period.

2. Review your current healthcare plan for changes

For Medicare Advantage and Medicare Part D plans, your plan sends an Annual Notice of Change (ANOC) in September. While Medicare Supplement (Medigap) plans don’t send an ANOC as their changes are typically less comprehensive during this period, beneficiaries with these plans might still review their Part D coverage via an ANOC. This letter explains changes regarding coverage and/or costs for the ensuing year. 

This document will answer the following important questions for you:

• How much is my Medicare plan premium?
• Are my prescriptions covered in the plan’s formulary?
• Did my Medicare provider network or pharmacy network change?
• Is the Medicare plan still available in my area?

Even if you are not enrolled in Medicare, these are good questions to ask about any healthcare plan as you make decisions for the upcoming year. Ultimately, the ANOC, coupled with your personal health and financial evaluation, will help you determine the most crucial question for Medicare’s Annual Enrollment Period: Do I need to switch Medicare plans or change my Medicare coverage? However, even if your ANOC does not include any major changes to your existing coverage, your personal evaluation could still merit Medicare plan comparisons during Open Enrollment.

LEARN MORE: Understanding Your Annual Notice of Change (ANOC)

Additionally, Medicare.gov’s official “Medicare & You” handbook is updated annually and provides essential information about Medicare updates, enrollment periods, and Medicare coverage options.

3. Compare Medicare plans to find top options

Based on your personal assessment and ANOC review, you may discover your current Medicare plan no longer aligns with your needs. The Medicare Open Enrollment Period is your opportunity to compare Medicare plans side-by-side.

You have a few options for how to compare Medicare plans and prepare:

• You can view a listing of Medicare plans in your area using the Medicare Plan Finder, or calling Medicare directly at 1-800-Medicare. The Medicare Plan Finder tool is updated on October 1
• Contact your State Health Insurance Assistance Program (SHIP)
• Work with an independent, licensed insurance broker like SmartMatch. We work with almost a dozen carriers and can analyze plans at no extra cost to you

What changes can I make during Open Enrollment?

Open Enrollment is the window of time when anyone enrolled in Medicare can make changes to their coverage — that means not just renewing an existing plan, but switching, dropping, or altering your coverage for the upcoming year. 

During the October 15 to December 7 window, you can make the following updates:

• Switch from Original Medicare to Medicare Advantage.
• Drop your Medicare Advantage plan and return to Original Medicare.
• Switch from one Medicare Advantage plan to another.
• Join a standalone Part D prescription drug plan or switch from one Part D plan to another.
• Drop your Part D coverage, although doing so without other creditable coverage will result in a penalty.

Any changes you make to your Medicare coverage during this time will go into effect on January 1, 2027. 

What’s changing with Medicare plan costs for Open Enrollment in 2026?

Medicare costs are subject to change every year. While the Centers for Medicare & Medicaid Services (CMS) and Social Security Administration (SSA) won’t release the official numbers until October or November, our internal data team has calculated actuarial projections based on data available as of mid-2026.

Anticipated key changes to Medicare plan costs in 2027 include:

• Part B premiums & deductibles: Standard Part B premiums and deductibles are projected to rise due to inflation, rising outpatient healthcare costs, and the utilization of high-cost treatments.
  • Projected 2027 monthly premium: ~$221.00 (An estimated increase of roughly $18.10/month from 2026).
  • Projected 2027 annual deductible: ~$310.00 (An estimated increase of roughly $27.00 from 2026).
• Part D prescription drug costs: CMS has already confirmed the updated Part D prices in its 2027 Rate Announcement, so these amounts are official.
  • Maximum Part D deductible: Increasing by $85 to $700.00 (up from $615 in 2026).
  • Out-of-Pocket maximum cap: Increasing by $300 to $2,400.00 (up from $2,100 in 2026).

Additionally, standalone Part D plans are expected to show some volatility in 2027. With the confirmed annual out-of-pocket cap set at $2,400, we anticipate that private plans will adjust monthly premiums, restrict formularies, and apply stricter prior authorizations to balance the out-of-pocket cap. 

• Medicare Advantage (MAPD): $0 monthly premiums will likely remain, but many plans are reallocating funds to cover rising medical and prescription costs, as well as changes in federal funding formulas. For some plans, you may see a reduction in supplemental allowances for dental, vision, hearing, and over-the-counter items.
• Social Security Cost of Living Adjustment: Every year, the Social Security Administration provides a Cost of Living Adjustment to help benefits to keep up with inflation. This year, payments are expected to increase by ~4.0% (an increase of $83/month for an average $2,071 benefit). After deducting the projected Part B increase, net take-home benefit gains fall around +$65/month.
• 2027 Income-Related Monthly Adjustment Amount (IRMAA) adjustments: IRMAA is determined by your tax return from two years prior, meaning this year’s IRMAA will be determined by your 2025 return. We anticipate brackets expanding ~3.7% to match inflation. Individuals who make up to $113,000 and joint incomes up to $226,000 aren’t expected to see any surcharges, but if you made above that amount, you’ll pay a temporary surcharge. 

What happens if I miss the Medicare enrollment December 7 deadline?

If December 7 passes and you didn’t make any changes, your current Medicare plan should automatically renew for 2027, assuming it’s still offered in your area. There are still certain circumstances, however, that allow you to make coverage changes outside of the Medicare Open Enrollment period. 

• For those already on a Medicare Advantage plan, you’ll have an additional opportunity to switch plans during the Medicare Advantage Open Enrollment window, running from January 1 to March 31.
• If you experience specific life events during the year — such as moving out of your plan’s service area, losing employer-sponsored health coverage, moving into a care facility, or qualifying for Extra Help — you may be eligible for a Special Enrollment Period.

Unsure if you qualify for a Special Enrollment Period or feeling stuck with your current coverage? Reach out to the SmartMatch team, and we can help you evaluate your situation and guide you through all of your options.

Key takeaway: Be prepared for AEP

The Medicare Annual Enrollment Period (AEP), from October 15 to December 7, is your critical window to ensure your Medicare coverage meets your evolving needs. By proactively assessing your health and financial situation, reviewing your Annual Notice of Change (ANOC), and knowing how to compare Medicare plans, you empower yourself to make confident and stress-free decisions about your 2027 Medicare benefits.

Don’t leave your Medicare coverage to chance. Start your preparation today to secure the best Medicare plan for your needs.