Medicare Open Enrollment 2026: Rising costs, fewer plan options

Medicare open enrollment for 2026 begins Oct. 15 and runs through Dec. 7, and beneficiaries face rising costs, fewer plan choices in some areas, and several rule changes that will take effect Jan. 1, 2026. Officials and policy analysts say Part D prescription drug plans and Medicare Advantage offerings will be notably different next year, making it vital for enrollees to review the annual notices of change and compare alternatives before the enrollment window closes.

Federal data show 54.8 million of the 68.8 million Medicare beneficiaries are enrolled in Part D plans operated by private insurers. Under the 2022 Inflation Reduction Act, Part D enrollees will have a $2,100 annual cap on out-of-pocket spending for covered prescription drugs in 2026. Juliette Cubanski, deputy director of the program on Medicare policy at the Kaiser Family Foundation, noted that the cap applies only to drugs that a plan actually covers, meaning uncovered medicines will remain fully out of pocket. Annual deductibles for covered Part D drugs will rise to a maximum of $615, up from $590 in 2025. Experts warn that some plans may alter their formularies or pharmacy arrangements, changing which drugs are...