Medicare open enrollment for 2026 is approaching, and Part D prescription drug plan beneficiaries should prepare for higher costs, deductibles, and potential changes in coverage. The open enrollment period runs from Oct. 15 to Dec. 7, allowing for modifications to take effect on Jan. 1, such as switching plans or adding coverage.

This year, 54.8 million out of 68.8 million Medicare beneficiaries are enrolled in Part D plans, where significant changes are expected for 2026. Plans may have deductibles, higher premiums, and changes in coverage, impacting out-of-pocket costs for prescription drugs. Seniors should review their Annual Notice of Change letter to understand upcoming adjustments.

In 2026, Part D prescription drug plan enrollees can expect a capped annual out-of-pocket cost of $2,100 for covered drugs, as per the 2022 Inflation Reduction Act. However, the cap applies only to drugs covered by the plan, meaning expenses for uncovered medications will be paid in full. Most plans will also have a deductible in 2026.

Some Part D plans will increase monthly premiums next year, with average standalone plan premiums projected to decrease overall. It’s crucial for beneficiaries to compare plan options during open enrollment to potentially save money or improve drug coverage. The market is evolving, necessitating careful consideration of coverage changes.

To navigate Medicare changes, resources like the State Health Insurance Assistance Program (SHIP) network, the Medicare Rights Center, and 65 Incorporated offer counseling, helplines, and plan reviews. Medicare’s online Plan Finder tool allows for plan comparison, while the National Council on Aging provides assistance in understanding Medicare options.

Beneficiaries should review their current plan’s options for 2026, ensuring coverage for medications and comparing premiums and co-pays. Seeking lower-cost drug alternatives, utilizing resources for assistance, and consulting with healthcare providers can help optimize Part D coverage for the coming year.

Read more at Yahoo Finance: Medicare drug changes are coming next year. How to prepare.