Medicare Open Enrollment 2026: How to Prepare and What’s New

Medicare Open Enrollment happens every year from October 15 to December 7. If you’re enrolled in Medicare, this is your chance to review your coverage and make changes for the upcoming year — starting January 1, 2026.

Whether you want to switch your Medicare Advantage plan, change your drug coverage, or go back to Original Medicare, here’s what you need to know for 2026 — including key updates and cost changes.

What Is Medicare Open Enrollment?

Medicare Open Enrollment (also called the Annual Election Period) is when you can:

• Switch between Original Medicare and Medicare Advantage
• Change from one Medicare Advantage plan to another
• Enroll in, drop, or switch Part D (prescription drug) plans

Any changes you make will take effect on January 1, 2026.

What’s New for 2026?

There are a few important updates to Medicare for 2026. Here’s a breakdown:

✅ Higher Part B Costs

• Monthly Premium (Standard): Estimated to rise to $206.50 (up from $185 in 2025)
• Annual Deductible: Projected to be $288 (up from $257)

These increases will affect most Medicare beneficiaries, especially those on Original Medicare.

✅ Part A Deductible Increases

• The hospital deductible is expected to rise to $1,716 (up from $1,676 in 2025)

This affects those who need inpatient hospital stays under Original Medicare.

✅ Changes to Medicare Advantage (Part C)

• The maximum out-of-pocket cost for in-network services is going down to $9,250 (was higher in 2025)
• Many Advantage plans may offer added benefits, but check each plan to compare

✅ Part D (Prescription Drug) Updates

• Out-of-pocket cap: Now set at $2,100 for the year (up from $2,000 in 2025)
• Plan deductible limit: Increases to $615 (up from $590)

This means drug coverage could cost a bit more, but there’s still a cap on what you’ll pay out-of-pocket.

✅ Prescription Payment Plan (New Feature)

If you have high drug costs, you can now spread payments out over the year instead of paying all at once. This Monthly Prescription Payment Plan (MPPP) will automatically renew in 2026 unless you opt out.

✅ Higher Costs for High Earners (IRMAA)

If your income is above a certain level, you’ll pay more for Part B and Part D. These income-based surcharges are increasing again in 2026.

What’s Staying the Same?

• The Open Enrollment dates: October 15 – December 7
• You can still change Medicare Advantage and Part D plans during this time
• If you’re already in a Medicare Advantage plan, you’ll also have a second chance to make one change between January 1 and March 31

How to Prepare for Enrollment

Here are some tips to get ready:

1. Review Your Current Plan

Look at how much you paid for premiums, deductibles, and copays this year. Did your plan cover your doctors and prescriptions?

2. Compare Plans Online

Use the Medicare Plan Finder
tool to see what’s available in your area.

3. Check for Changes

Plans change every year — check your Annual Notice of Change (ANOC) letter for 2026 updates.

4. Watch for Mail

You’ll receive information from Medicare, your current plan, and any new plans in your area.

5. Ask for Help

Talk to a licensed Medicare agent, or contact your State Health Insurance Assistance Program (SHIP) for free help.

Final Thoughts

Medicare can change year to year — and 2026 brings several cost increases and a few program updates. The good news is that you have options. Take time to review your plan, compare others, and make the best choice for your health and your wallet.

Need help? Talk to a licensed agent or visit Medicare.gov

Seeking Personalized Guidance?
If you’re looking for tailored advice, reach out to a financial professional. Visit our “Find a Medicare Specialist” section to connect with an expert directly. For a personal referral for your first appointment, call us at 877.476.9723 or contact us here to schedule an appointment with an independent, trusted, and licensed Medicare specialist.

🧑‍💼 Authored by Brent Meyer, founder and president of SafeMoney.com, with over 20 years of experience in retirement planning and annuities. Discover more about my extensive background and expertise here. I am not a Medicare specialist. The information provided in this article is based on research and should not be considered professional advice. For personalized Medicare guidance, please consult a licensed Medicare specialist or financial advisor.

Sources
MedicareResources.org
Kiplinger – Medicare Changes for 2026
Kiplinger – 2026 IRMAA Projections
Medicare.gov