Medicare Part D premiums to jump 50% in 2027
Average monthly premiums for Medicare Part D prescription drug plans are projected to rise from $34 to $51 next year.
Medicare Part D premiums are projected to rise 50% on average next year. The average enrollment-weighted monthly premium for standalone prescription drug plans will increase from $34 in 2026 to $51 in 2027, assuming enrollees keep their current coverage. For the approximately 25 million seniors with standalone Part D plans, this represents an average increase of $17 per month. Premiums for drug coverage within Medicare Advantage plans, however, are projected to average just $9 monthly, a fraction of the standalone plan cost.
Open enrollment for Medicare Part D runs until December 7. Seniors must act during this period to avoid higher premiums or find new coverage.
Wide premium range across plans
Part D plan premiums vary dramatically across insurers.
| Plan Name | Insurer | Average Monthly Premium (2027) |
|---|---|---|
| Wellcare Value Script Rx | Centene | $6.50 |
| Wellcare Classic | Centene | $10.90 |
| AARP Medicare Rx Preferred | United | $204.50 |
More than 4 million Medicare beneficiaries have had their plans terminated and will need to select new coverage for 2027. This includes over 1 million people losing their standalone Part D plan. While more than 4 million seniors are currently enrolled in zero-premium plans, no such plans will be available in the coming year.
Financial impact on most enrollees
Roughly 10.4 million seniors will pay higher premiums next year if they do not change plans during open enrollment. This group represents three-fourths of all standalone Part D enrollees who do not receive low-income subsidies. The financial pressure shows the critical need for plan comparison and selection before the December deadline.
Deductibles and cost-sharing changes
The standard Part D deductible is increasing from $615 to $700 for 2027. The average deductible will be $643 for standalone plan enrollees, up from $540, and $489 for those in Medicare Advantage drug plans, up from $360. Vast majorities of enrollees will face these deductibles: 99.8% of standalone plan members and 85% of Medicare Advantage members with drug coverage.
Most Part D enrollees will also face coinsurance instead of fixed copayments for preferred brand-name and non-preferred drugs next year. This shift from a predictable copay to a percentage-based cost-sharing model could lead to higher out-of-pocket expenses for many medications.
Forecasts for premium increases have varied. One projection last year estimated an average premium of $44, which ultimately came in at $34. For 2027, while one analysis forecasts the $17 average increase, the Centers for Medicare & Medicaid Services has projected an increase of less than $1. Seniors must act during open enrollment until December 7 to avoid higher premiums or find new coverage.
