Medicare prescription drug premiums will jump 50 percent to $51 in 2027
Medicare prescription drug premiums are jumping an average of 50% in 2027.
The short version
- Monthly costs will hit $51 compared to $34 in 2026.
- About 10.4 million people face higher bills if they do nothing.
- Compare your plan during open enrollment before December 7.
Check your Medicare coverage right now. Average monthly premiums for Medicare Part D prescription drug plans are projected to jump 50% in 2027, rising to $51 from $34 in 2026, according to KFF, a healthcare research and policy firm. That is a sharp spike that hits household budgets across the country as living costs climb.
Juliette Cubanski, a vice president and director of the program on Medicare policy at KFF, said that the stakes are higher this year for people who sit on the sidelines during open enrollment. About 76% of enrollees in stand-alone drug plans without low-income subsidies will pay higher monthly premiums in 2027 if they do not change plans.
That affects roughly 10.4 million people. Many beneficiaries will need to shop because their current plans are ending entirely. About 4.3 million Medicare beneficiaries will see their plan terminated at the end of 2026, according to KFF.
Yet 65% of Medicare beneficiaries did not compare their coverage options during last year's open-enrollment period. Another poll from the Institute for Healthcare Policy and Innovation at the University of Michigan found that 80% of survey participants simply kept their coverage from the previous year.
Medicare's open-enrollment period runs through December 7, with changes taking effect on January 1. For a retired couple reviewing fixed monthly expenses, ignoring a plan change could quietly drain hundreds of dollars over the year.
