Compare Medicare Part D plans using your actual prescriptions, pharmacy and estimated total yearly cost. Medicare Open Enrollment runs October 15 through December 7, 2026; changes made during this period generally start January 1, 2027. A low premium alone does not tell you which plan will cost less overall. Medicare explains the enrollment periods.
You don’t need to switch just because a new year is coming. You do need a fresh look. A plan that worked this year may change its prices, drug coverage or pharmacy arrangements. Start with the notice your current plan sent you, then compare what matters for the prescriptions you actually fill.
Coverage-year figures checked November 11, 2026. This is an educational shopping guide, not a recommendation of a particular plan.
Start with your Annual Notice of Change
Find your plan’s Annual Notice of Change, often called the ANOC, and its Evidence of Coverage. Mark any changes affecting your prescriptions, costs or pharmacies. If your plan will continue and still meets your needs, you may be able to keep it without taking action. CMS explains the yearly review.
If the plan is ending, follow the notice’s replacement-coverage instructions rather than assuming ordinary renewal. Put any deadline in your calendar while the letter is in front of you.
Know the two 2027 numbers and what they cover
| Part D measure | 2026 | 2027 |
|---|---|---|
| Maximum annual drug deductible | $615 | $700 |
| Annual out-of-pocket threshold for covered Part D drugs | $2,100 | $2,400 |
Some plans have a lower deductible or none. The deductible counts toward the Part D out-of-pocket threshold; it is not an additional $700 on top of $2,400. Certain payments made on your behalf can also count. Once qualifying spending reaches the threshold, you pay nothing for covered Part D drugs for the rest of the calendar year. Premiums and spending on drugs outside Part D coverage remain separate. Your plan’s Explanation of Benefits shows what counts. Medicare’s cost guide explains the coverage stages.
For the overall benefit, read our Part D basics guide. This article focuses on the yearly shopping decision.
Build a comparison around your drug list
Gather the exact name, strength, form, quantity and refill frequency of each prescription. Include medications you take only occasionally. Then:
- Open Medicare Plan Finder and choose the correct coverage year and location.
- Enter or update your drugs carefully. Similar names or different formulations can produce different results.
- Add the pharmacies you can realistically use, including mail order if it suits your situation.
- Compare estimated premiums plus drug costs over the year.
- Open the details for the strongest candidates and write down questions before enrolling.
Medicare recommends comparing prescriptions, pharmacies, deductibles and yearly drug-cost estimates. Its joining-a-plan guide explains what to check.
Keep a short comparison sheet:
| Check | What to record |
|---|---|
| Each prescription | Exact drug and form, covered status, tier, prior authorization, step therapy and quantity limits |
| Pharmacy | Whether it is in network, whether it offers preferred cost sharing, and the estimate for the same prescription supply |
| Yearly spending | Premiums plus estimated drug costs; check what the estimate includes, avoid adding the deductible twice, and track noncovered purchases separately |
| Timing | Any expensive first fills or months that may strain your budget |
| Unresolved questions | Who confirmed the answer, when, and which plan year it applies to |
Treat Plan Finder results as estimates based on your entries. Confirm important details with the plan and pharmacy. Two pharmacies in the same network can have different costs, and a formulary listing may still come with coverage requirements. If a needed prescription is not covered or has an unresolved restriction, ask the plan and your prescriber about the appropriate next step before relying on that plan.
Compare the whole arrangement if you have Medicare Advantage
If you already have Medicare Advantage, check before enrolling in a separate Part D plan. Doing so can end your Medicare Advantage coverage and return you to Original Medicare. Some plan types permit separate drug coverage; others do not. Medicare or SHIP can confirm which rule applies to your plan. Medicare explains the allowed coverage combinations.
Compare doctors, hospitals, medical benefits and other costs as well as prescriptions. Our Medicare Advantage comparison guide walks through those questions.
If you have employer or union coverage, talk to the benefits administrator before making changes. Medicare advises checking other coverage first.
Ask about help with costs
Extra Help can reduce Part D expenses for people who qualify. Some receive it automatically; others need to apply. Check current eligibility rather than deciding from an old income limit.
The Medicare Prescription Payment Plan is an optional way to spread out-of-pocket costs for covered Part D drugs across the calendar year. You receive a bill from your plan instead of paying those costs at the pharmacy. It does not lower your drug costs. If you change health or drug plans, participation ends; contact the new plan if you want to use the payment option again. Ask for a payment estimate and confirm when participation begins.
Before calling the decision finished
Save the plan’s exact name, plan identifier, coverage year and enrollment confirmation. Confirm the effective date and how to get your member information. Resolve ongoing-prescription questions before the first refill under new coverage.
For free, personalized counseling, contact your State Health Insurance Assistance Program (SHIP) or call 1-800-MEDICARE (1-800-633-4227; TTY 1-877-486-2048). Bring the same medication list you used for your comparison.
Common questions
Must I change plans every year?
No. Reviewing and switching are different decisions. Keep a plan that continues to meet your needs after checking the coming year’s terms.
Does the lowest premium mean the lowest total cost?
No. Compare premiums and the drug costs for your prescriptions at your pharmacy. Check what is included in each estimate so you don’t count the same expense twice.
Does the $2,400 threshold include every prescription purchase?
No. It applies to covered Part D drugs. A purchase outside that coverage is not automatically included. Keep separate programs and cash purchases separate when checking your spending record.
Have a general question about this guide? Contact ShieldWise. Use Medicare, SHIP or your plan for enrollment assistance. Please don’t send Medicare numbers, medical records or medication lists through the general contact form.
This article provides general education, not individual insurance, medical, legal or tax advice. Benefits, costs, availability and enrollment rights depend on the coverage and applicable rules. Confirm your situation with the official program, plan administrator or a qualified professional. ShieldWise is not affiliated with or endorsed by Medicare or the federal government.