FORT WAYNE, Ind. (WOWO) — Medicare open enrollment is underway, giving millions of Americans an opportunity to review and change their health insurance coverage ahead of several changes taking effect in 2027. According to WANE 15, beneficiaries have until December 7 to make chang es to their Medicare Advantage and prescription drug plans, with new coverage beginning January 1. Among the biggest changes for 2027 are higher prescription drug deductibles, increased out-of-pocket limits and newly negotiated prices for several commonly prescribed medications. The annual out-of-pocket spending cap for Medicare Part D prescription drug coverage will increase to $2,400 in 2027, up from $2,100 this year. The standard Part D deductible will also rise from $615 to $700. However, some beneficiaries could see savings on prescription medications as newly negotiated prices take effect for 15 additional drugs. Those include medications used to treat diabetes and other conditions, such as Ozempic, Rybelsus and Wegovy. Medicare Part B costs are also expected to increase. According to projections from the 2026 Medicare Trustees Report, the standard monthly premium could rise from $202.90 to $209.50, while the annual deductible could increase from $283 to approximately $292. Final amounts have not yet been confirmed. The changes come as Social Security recipients prepare for a 3.6% cost-of-living adjustment in 2027, the largest increase in four years. According to the Social Security Administration, the adjustment is expected to increase the average monthly retirement benefit by approximately $75, bringing it to around $2,170 beginning in January. However, rising Medicare premiums could offset some of those additional benefits, particularly for retirees who have their Part B premiums deducted directly from Social Security payments. Health officials encourage beneficiaries to review their current coverage, compare prescription drug costs and check whether their preferred doctors and pharmacies will remain in-network before making enrollment decisions. Those who do not make changes during open enrollment will generally remain in their existing plans, provided those plans continue to be offered. Beneficiaries can compare plans and review their options at Medicare.gov or by calling 1-800-MEDICARE. The annual Medicare open enrollment period runs through December 7. The post Medicare open enrollment underway as beneficiaries face changes in 2027 appeared first on WOWO News/Talk 92.3 FM and 1190 AM. ...read more read less