If you've been happy with your Medicare coverage this year, it's tempting to keep things exactly as they are. Your doctors accept your insurance, your prescriptions are covered and you know roughly what to expect when the bills arrive. Why go through the process of comparing plans again?
Because the plan that worked well for you in 2026 may look different in 2027.
Each fall, Medicare Advantage and Part D prescription drug plans send notices outlining changes for the coming year. Premiums may increase, medications can move to different coverage tiers and doctors or pharmacies may no longer participate in the same networks. Even when your health hasn't changed, the cost of maintaining your coverage might.
Medicare's annual Open Enrollment Period runs from October 15 through December 7, giving eligible beneficiaries an opportunity to review their options and make changes that generally take effect January 1.
Your Current Plan Is Only Part of the Picture
The annual notice from your insurance company is a useful starting point. It explains how your existing plan will change, including adjustments to premiums, deductibles, copayments and covered services. What it doesn't tell you is whether another available plan might be a better fit.
That distinction is particularly important for prescription drug coverage. Two Part D plans can cover the same medications but charge different amounts depending on their formularies, drug tiers and pharmacy arrangements. A plan with a lower monthly premium may not necessarily be less expensive once you factor in what you'll pay for prescriptions throughout the year.
For someone taking several medications, comparing the estimated annual cost of coverage may reveal differences that aren't obvious from the monthly premium alone.
Medicare Advantage plans deserve the same attention. Along with costs, consider whether your preferred doctors, specialists and hospitals will remain in-network. Review any changes to referrals, prior authorization requirements and other coverage details that could affect how you receive care.
If you're enrolled in Original Medicare with a Medicare Supplement policy, also known as Medigap, your annual review will look somewhat different. Your supplement generally isn't subject to the same annual plan-selection process, but your separate Part D prescription drug plan can change from year to year.
Be Careful When Switching Between Medicare Advantage and Original Medicare
Open Enrollment allows you to switch between Medicare Advantage plans, change Part D prescription drug plans or move between Medicare Advantage and Original Medicare. However, moving from Medicare Advantage back to Original Medicare deserves additional planning.
Original Medicare doesn't have an annual out-of-pocket maximum for covered Part A and Part B services, which is one reason many beneficiaries purchase a Medigap policy to help with certain costs. But unlike Medicare Advantage enrollment, obtaining a Medigap policy isn't always guaranteed.
Depending on your state, enrollment history and circumstances, an insurance company may be allowed to review your medical history before approving a Medigap application. Certain guaranteed-issue protections apply, but they don't cover every situation.
Before leaving a Medicare Advantage plan, it's important to understand whether you can obtain the supplemental coverage you want and what it will cost. You'll also need to consider separate Part D prescription drug coverage, since Original Medicare generally doesn't include outpatient prescription drug benefits.
These details can make a significant difference in both your healthcare costs and your coverage options.
How to Compare Medicare Plans for 2027
You don't need to begin by reviewing every plan available in your area. Start with the healthcare services and medications you actually use.
Gather your current prescription list, including dosages and preferred pharmacies, along with the names of your doctors and specialists. Then review your current plan's Annual Notice of Change to identify what's different for 2027.
Medicare's online Plan Finder at Medicare.gov allows you to compare available Medicare Advantage and Part D plans based on location, prescriptions, pharmacies and estimated costs. It can be particularly useful for identifying alternatives you may not have considered.
Once you've narrowed down your options, confirm important details directly with the plan and your healthcare providers. Provider directories and formularies can change, and verifying coverage before enrolling may help prevent surprises in January.
You can also contact Medicare at 1-800-MEDICARE for assistance with plan information and enrollment.
If you make a change during fall Open Enrollment, your new coverage generally begins January 1. People enrolled in Medicare Advantage also have a separate Open Enrollment Period from January 1 through March 31, when certain additional changes are permitted. That period doesn't provide the same switching options to everyone with Medicare.
A Little Time Now Could Make a Difference Next Year
Reviewing Medicare coverage doesn't mean you need to change plans every year. You may discover that your current coverage remains the most suitable option. But it's worth making that decision after comparing what your plan will offer next year with the alternatives available to you.
The most important details aren't always reflected in the monthly premium. Prescription costs, provider access and the ability to obtain supplemental coverage can all affect what you ultimately pay and how easily you receive care.
With Medicare's December 7 Open Enrollment deadline approaching, now is a good time to review your coverage before the next plan year begins.
Wealth Effects clients have access to personalized Medicare guidance through our partnership with Move Health, at no additional cost to them. If you have questions about your current coverage or the options available for 2027, contact our team by emailing info@w-effects.com to learn how to access this service.
