2027 Medicare Part D Plans: Premiums, Deductible and $2,400 Cap

2027 Medicare Part D plans remain stable. CMS projects a $36 enrollment-weighted average premium for standalone plans, while the maximum standard deductible rises to $700 and the annual out-of-pocket threshold rises to $2,400. Available plans, formularies, premiums and pharmacy networks vary by location, so compare your prescriptions against the plans offered in your ZIP code.

People with Original Medicare often use a standalone Medicare Part D prescription drug plan for prescription coverage. The practical takeaway for 2027 is simple: do not judge the market by one national average—or renew a plan without checking your prescriptions and pharmacies.

How much does Medicare Part D cost in 2027?

CMS projects that the enrollment-weighted average monthly premium for standalone Part D plans will rise by less than $1, from $35.09 in 2026 to $36 in 2027.

An enrollment-weighted average gives more influence to plans with more members. That makes it the best national measure of what current enrollees are expected to pay on average.

Our separate analysis of the CMS landscape file tells a different—but complementary—story. When each distinct plan offering is counted equally, regardless of enrollment, the average listed premium rises from about $62.86 to $84.84. The median rises from $61.70 to $80.30.

There is no contradiction between these measures. Lower-premium plans can account for a large share of enrollment even when many lightly enrolled offerings have higher listed premiums.

What this means for you: Your own plan’s premium may move very differently from the national average. Check the premium shown in your Annual Notice of Change and compare it with 2027 alternatives in your ZIP code.

There are fewer standalone Part D offerings

The updated CMS landscape file lists 323 distinct standalone Part D offerings for 2027, down from 367 in 2026. The number of parent organizations represented in the file fell from 17 to 15.

The premium distribution also shifted:

These are unweighted national counts of offerings. They do not show enrollment and do not tell you which plans are available where you live.

CMS also reports that 88% of beneficiaries without the Low-Income Subsidy will have access to a basic Part D plan costing $10.30 or less, and 93% will have access to an enhanced Part D plan costing less than $6.

What this means for you: Affordable options remain broadly available, but you need to compare locally. A low premium does not guarantee the lowest total cost for your medications.

Is Medicare Part D ending in 2027?

No. Medicare Part D is not ending in 2027. The temporary Part D Premium Stabilization Demonstration ends after 2026, but the Medicare prescription drug benefit continues.

The demonstration provided temporary support while insurers adjusted to the redesigned Part D benefit. Its expiration may affect individual plan premiums differently, but CMS projects that the enrollment-weighted average standalone Part D premium will increase by less than $1 in 2027. See the CMS 2027 Part D bid information for details.

The number of standalone offerings is smaller, but CMS reports that every person with Medicare continues to have access to a standalone prescription drug plan.

What is the Medicare Part D deductible for 2027?

The maximum standard Part D deductible is $700 in 2027, up from $615 in 2026. A plan may set a lower deductible, and some plans cover certain drug tiers before you meet it.

The unweighted average deductible among standalone offerings in the updated landscape file also increased, from about $498 in 2026 to $606 in 2027.

What this means for you: Check whether the deductible applies to your drug tier. A plan with a lower deductible is not automatically less expensive if your prescriptions have higher copays or coinsurance.

What is the Medicare Part D out-of-pocket maximum for 2027?

In 2027, the annual Part D out-of-pocket threshold is $2,400, up from $2,100 in 2026. After you reach the threshold through costs that count as true out-of-pocket spending, you pay $0 for covered Part D drugs for the rest of the calendar year.

The monthly premium does not count toward the $2,400 threshold. Drug spending outside your plan’s covered formulary generally does not count either.

What this means for you: Compare more than the premium and deductible. Estimate what you will pay across the full year for the exact drugs and pharmacies you use.

Listed premiums vary widely by parent organization

The landscape file includes substantial differences in unweighted average listed premiums. The figures below describe available offerings, not what the average member of each organization pays.

Premium alone is not a measure of value. Formularies, drug tiers, pharmacy networks, deductibles and utilization rules can produce very different annual costs.

What this means for you: Avoid choosing a Part D plan solely because it has the lowest premium. Enter your prescriptions and pharmacies in Medicare Plan Finder and compare the estimated yearly drug and premium cost.

What this means if you have Original Medicare and Medigap

Medigap policies do not include outpatient prescription drug coverage. If you have Original Medicare with Medigap, your standalone Part D plan remains a separate policy with its own premium, deductible, formulary and pharmacy network.

Reviewing your Part D plan does not require changing your Medigap policy. In fact, switching from Original Medicare and Medigap to Medicare Advantage is a separate coverage decision with different provider-network and cost-sharing considerations. It should not be treated as a simple response to a Part D premium increase.

If you are considering a broader coverage change, first understand how the change could affect your access to providers, drug coverage and ability to buy a Medigap policy later.

Extra Help may reduce Part D costs

Extra Help is a Medicare program for people with limited income and resources. It can help pay Part D premiums, deductibles, coinsurance and other prescription costs.

People who receive full-benefit Medicaid, help from a Medicare Savings Program or Supplemental Security Income generally receive Extra Help automatically. Others can apply.

For 2027, people who qualify for Extra Help pay a $0 plan premium and $0 plan deductible, subject to Medicare’s program rules. Learn more at Medicare.gov’s Extra Help page.

How to compare 2027 Medicare Part D plans

You can compare 2027 plans beginning October 1. Medicare Open Enrollment runs from October 15 through December 7, 2026. Changes made during this period generally take effect January 1, 2027.

1. Read your Annual Notice of Change. Check your 2027 premium, deductible, formulary and pharmacy network.
2. List every prescription. Include the exact name, dose, quantity and refill frequency.
3. Compare estimated annual cost. Consider premiums and what you may pay for your drugs—not either number alone.
4. Check drug restrictions. Look for prior authorization, step therapy and quantity limits.
5. Compare pharmacies. Preferred in-network and mail-order prices can differ.
6. Check Extra Help. Review current income and resource limits if prescription costs are difficult to manage.

Use Medicare Plan Finder to compare official 2027 plan information. A licensed United Medicare Advisors insurance agent can also help you review Part D options alongside your existing Medicare coverage.

Sources and methodology

Unless identified as a CMS projection or statutory threshold, figures above are UMA calculations from distinct contract-plan records in the CMS landscape files updated September 30, 2026. Calculations are unweighted and do not represent enrollment-weighted beneficiary experience. Landscape data can change as contracts are finalized. Plan premiums, formularies, deductibles and pharmacy networks vary by location and plan.