Medicare’s annual open enrollment period runs from October 15 to December 7 each year. Changes take effect January 1. Plans can change their premiums, drug lists, pharmacy networks and provider networks every year, so a plan that worked well this year may not next year.
Key Takeaways
- Between October 15 and December 7 you can switch between Original Medicare and Medicare Advantage, change Advantage plans, or change Part D drug plans.
- Review your plan’s Annual Notice of Change, which plans send each fall.
- The Inflation Reduction Act capped Part D out-of-pocket drug costs, set at $2,000 for 2025 and $2,100 for 2026, with annual adjustments.
- Use the Medicare Plan Finder at Medicare.gov to compare plans with your own prescriptions.
Who this applies to
Open enrollment applies to people already on Medicare. People becoming eligible for the first time have their own initial enrollment period around their 65th birthday.
What you can change
- Switch from Original Medicare to a Medicare Advantage plan, or the reverse
- Switch from one Medicare Advantage plan to another
- Join, switch or drop a Part D prescription drug plan
If you are happy with your coverage, you do not need to do anything; most plans renew automatically.
Read the Annual Notice of Change
Plans send this document by the end of September. It lists changes for the coming year, including:
- Premiums, deductibles and copays
- The drug formulary and the tier for each of your medicines
- Pharmacy network changes
- Doctors and hospitals in the network for Medicare Advantage plans
- Extra benefits such as dental, vision or hearing
The Part D out-of-pocket cap
Under the Inflation Reduction Act, annual out-of-pocket spending on covered Part D drugs was capped at $2,000 in 2025, with the cap adjusted each year after that; for 2026 it is $2,100. Check the figure for the coming year on Medicare.gov. The Medicare Prescription Payment Plan also lets enrollees spread out-of-pocket drug costs across monthly payments rather than paying large amounts at the pharmacy.
Use the Plan Finder
The Medicare Plan Finder at Medicare.gov lets you enter your prescriptions and preferred pharmacies and compare total estimated costs, not just premiums. A plan with a low premium can cost more overall if your drugs are on a higher tier.
Free help
Every state has a State Health Insurance Assistance Program (SHIP) that offers free, unbiased counselling. You can also call 1-800-MEDICARE.
Watch out for marketing
Be cautious with unsolicited calls. Medicare will not call you to sell a plan. Never give your Medicare number to someone who calls you unexpectedly.
If you miss the window
The Medicare Advantage Open Enrollment Period, from January 1 to March 31, lets people already in an Advantage plan switch to another Advantage plan or return to Original Medicare once. Special enrollment periods apply after certain life events, such as moving.
Frequently Asked Questions
Do I need to re-enroll every year? No, but you should review your coverage.
Can I get Medigap during open enrollment? Medigap rules differ. In many states, insurers can use medical underwriting outside your initial Medigap enrollment period.
Will the Part B premium change? The standard Part B premium is set each year; for 2026 it is $202.90 a month. The new amount for the following year is usually announced in the fall.
The bottom line
Read your Annual Notice of Change, compare plans with your actual prescriptions on Medicare.gov and make any changes by December 7.
