By Christian Campbell, Business Development Manager | Updated October 30, 2026

Medicare’s annual open enrollment runs from October 15 through December 7, 2026. Changes you make take effect January 1, 2027. If you do nothing, most plans renew automatically, but a plan that renews isn’t necessarily the same plan. Premiums, drug lists, and provider networks can all change from year to year.

Here’s what to look at before the deadline.

1. Read your Annual Notice of Change

If you’re in a Medicare Advantage or Part D drug plan, your plan should have sent an Annual Notice of Change in the fall. It lists what’s different next year: premiums, deductibles, copays, covered drugs, and network changes. Compare it against how you actually used your coverage this year.

2. Check your prescriptions against next year’s plan

Drug costs are where plans tend to differ most. For 2027, the standard Part D deductible rises to $700, from $615 in 2026, and the annual cap on out-of-pocket drug costs rises to $2,400. A temporary program that limited premium increases for stand-alone Part D plans ended after 2026, so some premiums may rise more than in past years. Medicare’s Plan Finder tool at Medicare.gov lets you enter your medications and compare total estimated costs, not just premiums.

3. Confirm your doctors and hospitals are still in network

Medicare Advantage plans can change their networks, and some insurers are leaving certain markets for 2027. If your plan is ending, you should receive a notice. In some cases, people whose Medicare Advantage plan ends may be able to buy certain Medigap policies without medical underwriting. Annual open enrollment itself is not a Medigap open enrollment period.

4. Understand the income-based surcharge (IRMAA)

Higher-income enrollees pay more for Part B and Part D through the income-related monthly adjustment amount, or IRMAA. Medicare looks back two years at your tax return: 2026 surcharges are based on 2024 income, and 2027 surcharges will be based on 2025 income. For 2026, the standard Part B premium is $202.90 a month, and surcharges begin above $109,000 of modified adjusted gross income for single filers and $218,000 for married couples filing jointly. The 2027 premium and income brackets are typically announced in the fall.

Two planning points follow from that lookback:

• Decisions you make this year can affect premiums two years from now. A Roth conversion, a large capital gain, or a business sale in 2026 could raise your 2028 premiums. That doesn’t mean you should avoid them, only that the cost belongs in the analysis.

• If your income dropped because of a life change, you can ask for a review. Retiring, cutting back work, divorce, or a spouse’s death are among the qualifying events. You can ask Social Security to use more recent income by filing Form SSA-44.

5. Know your second chance

If you’re in a Medicare Advantage plan on January 1, you can switch to another Medicare Advantage plan, or return to Original Medicare, once between January 1 and March 31. It’s a backstop, not a substitute for reviewing your choice now.

Bringing it together

Medicare decisions sit next to the rest of your retirement income plan: when you claim Social Security, how much you withdraw from each account, and how those withdrawals show up on your tax return two years later. If you’d like help seeing how they fit together, talk to an advisor on our Lake Norman team.

This article does not recommend any specific Medicare plan. For plan-specific questions, contact Medicare (1-800-MEDICARE), your plan, or a licensed insurance agent. Insurance products are offered through separately licensed and appointed insurance agents and not through Inspire Advisors, LLC. This information is educational and is not individualized investment, tax or legal advice. Investment advisory services offered through Inspire Advisors, LLC, an SEC-registered investment adviser. Registration does not imply a certain level of skill or training. Investing involves risk, including possible loss of principal.