Medicare drug changes are coming next year. How to prepare.

Core Insights - Medicare open enrollment for 2026 will introduce higher costs for beneficiaries of Part D prescription drug plans, including increased premiums and out-of-pocket deductibles [1][4] - A significant change is the annual out-of-pocket drug cost cap of $2,100 for covered medications, as mandated by the 2022 Inflation Reduction Act [5] - Beneficiaries must be vigilant as some plans may stop covering certain drugs, and pharmacies may not offer the lowest costs for all medications [1][6] Enrollment Details - The open enrollment period for Medicare this year runs from October 15 to December 7, allowing beneficiaries to modify their coverage [3] - During this period, beneficiaries can switch between Original Medicare and Medicare Advantage, change Medicare Advantage plans, and adjust their Part D prescription drug plans [3] Beneficiary Statistics - Out of 68.8 million total Medicare beneficiaries, 54.8 million are enrolled in Medicare Part D plans operated by private insurers, indicating a large segment affected by the upcoming changes [4] - In 2025, 85% of standalone Part D plans had deductibles, with the maximum annual deductible for 2026 set to increase to $615 from $590 [7]