Medicare open enrollment is halfway through, and the one number most retirees actually want — the 2027 Part B premium — still has no official answer. As of today, November 6, 2026, CMS has not published the 2027 Parts A and B premiums and deductibles. What exists is a projection from the Medicare Trustees: $209.50 a month, up $6.60 from the $202.90 retirees pay in 2026.
That distinction matters, because the number that comes out of a Social Security check every month is set by CMS, not by the Trustees. Last year CMS published the 2026 figures on November 14, 2025, so a mid-November announcement is the most likely timing again — but until it lands, $209.50 is an estimate, not a bill.
What CMS has actually confirmed for 2027
Quite a lot is already settled, and most of it comes from CMS’s September 28, 2026 announcement on Medicare Advantage and Part D. The average Medicare Advantage premium falls to $12.00 a month in 2027, down from $14.37 in 2026 — a drop of 16.5%. About 34 million people are in Medicare Advantage plans, roughly 47.4% of all Medicare enrollees.
Drug coverage is where the changes bite. The yearly out-of-pocket cap on covered Part D drugs rises from $2,100 to $2,400, and the highest deductible a Part D plan may charge rises from $615 to $700. The average stand-alone drug plan premium edges up from $35.09 to $36 a month, while the drug portion of Medicare Advantage plans falls from $11.32 to $7 on average. The Part D base beneficiary premium for 2027 is $41.33.
One quiet change sits behind those numbers. The federal subsidy that held down stand-alone drug plan premiums for the past two years — the Part D Premium Stabilization Demonstration — ends after 2026, CMS confirmed in a July 28, 2026 memo. That is one reason drug-plan premiums are drifting up even as Advantage premiums fall.
The Part B projection, and why $209.50 is not the final word
The 2026 Medicare Trustees Report, published June 9, 2026, puts the 2027 standard Part B premium at $209.50 a month, a 3.25% rise, and the annual Part B deductible at $292, up from $283. If that projection holds, the increase would be the smallest since 2023 — a sharp contrast with the nearly 10% jump between 2025 and 2026, when the premium rose from $185.00 to $202.90.
But projections have missed before, and the Trustees’ number is built on spending assumptions that CMS revises when it sets the real premium. The 2027 income-related surcharges (IRMAA) for higher earners are also still unpublished; they will be based on 2025 tax returns. Anyone budgeting on $209.50 should treat it as a planning figure and check the CMS announcement when it arrives, expected in November.
A quick warning about something readers may have seen online: a $185-a-month figure for 2027 is circulating on low-quality sites, sometimes presented as a CMS announcement. There is no CMS source behind it — $185.00 was the 2025 premium. Ignore it.
The COLA cushions the rise — for most people
There is good news on the other side of the ledger. Social Security’s 2027 cost-of-living adjustment is 3.6%, announced October 14, 2026. The average retired worker’s benefit rises from about $2,095 to about $2,170 a month — an extra $75. A projected Part B increase of $6.60 fits comfortably inside that, so most retirees will still see a net gain in January. For the payment dates and the first COLA checks, see our guide to Social Security’s December 2026 payment dates: https://northchecknews.com/social-security-december-2026-payment-dates-cola/
The hold-harmless rule adds a second layer of protection. For most people whose Part B premium is deducted from their Social Security check, the premium increase cannot exceed the dollar increase in their benefit. That rule does not cover everyone — people new to Medicare in 2027, higher earners paying IRMAA surcharges, and those who pay premiums directly are outside it — but for the typical retiree it caps the damage. The full 3.6% COLA picture is here: https://northchecknews.com/social-security-cola-2027/
What to do before December 7
Open enrollment for 2027 coverage runs from October 15 to December 7, 2026, and any change takes effect January 1, 2027. If you do nothing, your current coverage usually renews automatically — which is exactly the trap this year. Plans are being discontinued in some counties, drug formularies are changing, and the Part D deductible and cap have both moved.
Three things are worth doing now. First, read the Annual Notice of Change your plan had to send by September 30 — it lists your plan’s 2027 premium, deductible and drug costs in plain numbers. Second, price your actual prescriptions in Medicare’s Plan Finder rather than comparing premiums alone; a $36 average drug premium means nothing if your drugs sit on a high tier. Third, if premiums are a stretch, check whether your state’s Medicare Savings Program can pay some or all of your Part B premium — these programs are underused, and the income limits are higher than many people assume. And remember the tax side matters too: the new 2026 tax brackets change what higher earners keep, which is what IRMAA surcharges are based on — https://northchecknews.com/irs-2026-tax-brackets-standard-deduction-rises-to-16100-single-and-32200-joint/
The Part B number will arrive in the next few weeks. When it does, the real question for most retirees is not the headline premium but the gap between that premium, the 3.6% COLA, and what their own plan charges for drugs. That gap is decided plan by plan, and December 7 is the last day to change it.
FAQ: Medicare 2027 costs
What is the Medicare Part B premium for 2027?
It has not been officially announced yet. CMS had not published the 2027 Parts A and B premiums and deductibles as of November 6, 2026. The 2026 Medicare Trustees Report projects a standard premium of $209.50 a month, up from $202.90 in 2026 — but that is a projection, not the final figure. CMS usually announces the official numbers in November.
When does Medicare open enrollment end for 2027 coverage?
December 7, 2026. Open enrollment runs from October 15 to December 7, 2026, and changes take effect January 1, 2027. If you do nothing, your current plan usually renews automatically.
What is the Part D out-of-pocket cap in 2027?
$2,400 a year for covered Part D drugs, up from $2,100 in 2026. Once your out-of-pocket spending on covered drugs reaches $2,400, you pay nothing more for covered drugs for the rest of the year. The highest Part D deductible a plan may charge also rises, from $615 to $700.
How much will Medicare Advantage cost in 2027?
On average, $12.00 a month, according to CMS’s September 28, 2026 projection — down from $14.37 in 2026. That is a national average, not your bill: your plan’s premium depends on where you live and what it covers. The maximum out-of-pocket limit for in-network care in a Medicare Advantage plan is $9,850 in 2027.
Will the 3.6% Social Security COLA cover the Medicare increase?
For most retirees, yes. The average retired worker’s benefit rises about $75 a month in January 2027, while the projected Part B increase is $6.60 a month. The hold-harmless rule also limits the Part B increase to the dollar amount of your COLA increase for most people whose premium is deducted from their Social Security check.
Sources: CMS press release, September 28, 2026, “Medicare Advantage and Medicare Prescription Drug Programs Expected to Remain Stable in 2027”; CMS fact sheet, July 28, 2026, “Medicare Part D 2027 National Average Monthly Bid Amount Information” (base beneficiary premium $41.33); 2026 Medicare Trustees Report, June 9, 2026 (2027 Part B premium projection $209.50, deductible $292); CMS fact sheet, November 14, 2025, 2026 Medicare Parts A & B Premiums and Deductibles (Part B $202.90, deductible $283, Part A deductible $1,736); SSA 2027 cost-of-living adjustment 3.6%, announced October 14, 2026; Medicare.gov, “How much does Medicare drug coverage cost?” (2027 Part D out-of-pocket cap $2,400, maximum deductible $700); CMS memo, July 28, 2026 (Part D Premium Stabilization Demonstration ends after 2026).