The Social Security Administration confirmed a 3.6% cost-of-living adjustment (COLA) for 2027, adding roughly $75 a month to the average benefit check starting in January 2027. That $75 starts shrinking the moment higher Medicare drug and premium costs take effect, with the Part B premium deducted directly from the same Social Security check. The Centers for Medicare & Medicaid Services (CMS) finalized a 14% increase to the Part D out-of-pocket drug cap, nearly four times the COLA. A retiree collecting $1,500 monthly could lose up to 46% of that annual raise to higher drug costs alone, even before rent or groceries factor in. Medicare’s annual open enrollment period ends Dec. 7, 2026, leaving beneficiaries seven weeks to compare plans before the changes take effect on Jan. 1, 2027. Also Read: Social Security’s 2027 raise is headed for a reality check Part D thresholds climb nearly 4 times faster than the COLA The annual Part D out-of-pocket drug cap will rise from $2,100 to $2,400 in 2027, a $300 and 14.3% increase. The standard deductible also climbs from $615 to $700, a 13.8% rise and the sharpest percentage increase since Medicare Part D launched in 2006, surpassing the previous 12.5% record set in 2016, CMS confirmed. For a retiree receiving $2,000 monthly from Social Security, the 3.6% COLA adds $72 a month, or $864 across the full year. A retiree hitting the cap in both years faces $300 more in drug spending, which consumes 34.7% of that annual raise without counting other expenses, the SSA confirmed. More Medicare/Medicaid: 20 million Medicare beneficiaries may get a one-time $90 payment Retirees may be ignoring a Medicare blind spot before 2027 Medicare shoppers face a hidden Al problem this open enrollment Juliette Cubanski, director of the Program on Medicare Policy at KFF, told the Associated Press that the enrollment period gives beneficiaries “an opportunity to evaluate the coverage they have and see if there might be better options for them in terms of accessing the care that they need at possibly a lower cost.” The deductible counts toward the $2,400 cap rather than stacking on top of it, and some Part D plans charge no deductible, Medicare.gov noted. Beneficiaries who rely on specialty or brand-name medications could reach that spending ceiling within the first few months of coverage. Vanishing Part D subsidies add pressure to 2027 premiums The Trump administration will end a temporary Part D premium stabilization program after the 2026 plan year, according to CMS. The Biden administration introduced the program in 2024 to smooth pricing disruptions caused by the Inflation Reduction Act’s restructuring of Part D benefits, CMS showed. The program provided insurers an estimated $3.6 billion in 2026, according to the U.S. Government Accountability Office, to cut average monthly premiums by about $16 for enrollees, based on MedPAC’s projection. Ending those subsidies could raise premiums by $11 to $20 per month for roughly 45% of enrollees, The Wall Street Journal reported. The standard Part B premium is projected to climb from $202.90 to $209.50 monthly in 2027, a $6.60 increase, the Medicare Trustees Report indicated. That premium comes directly from Social Security checks, which means the effective monthly raise shrinks from $75 to roughly $68 with drug expenses still ahead. Medicare Part D subsidy cuts could raise monthly drug premiums for millions in 2027, further squeezing retirees as healthcare costs rise. Catherine Delahaye / Getty Images Open enrollment offers a narrow window to compare plans and cut costs The beneficiaries can switch between traditional Medicare and Medicare Advantage during this window, change their Part D plan, or adjust coverage to reflect updated medication needs, Medicare.gov showed. Those who take no action let their current plan automatically renew for 2027, carrying forward any premium, deductible, or formulary changes the plan files for next year, as detailed in each beneficiary’s Annual Notice of Change. Nancy LeaMond, chief advocacy and engagement officer of Community, State, and National Affairs at AARP, said in a statement reported on by AP that Medicare beneficiaries face mounting pressure from rising medical expenses. Higher healthcare costs are making it harder for older Americans to afford the care they need. AARP has urged CMS to publish its full analysis of 2027 Part D premiums so that beneficiaries can make informed comparisons before the deadline. Medicare-negotiated prices will take effect for 15 additional medications in 2027, including the diabetes and weight-loss treatments Ozempic and Wegovy, CMS reported. CMS estimates that the negotiated prices will reduce Medicare Part D enrollees’ out-of-pocket costs by $685 million in 2027. How to protect your 2027 Social Security raise from Medicare cost creep The Medicare Prescription Payment Plan lets beneficiaries spread out-of-pocket drug costs across the calendar year instead of absorbing them early. Beneficiaries still owe the same total, and the plan spreads payments over 12 months so that drug costs do not pile up in January 2027. Medicare’s Extra Help program reduces drug premiums, deductibles, and copayments for beneficiaries who fall below set income and asset thresholds. Medicare’s Plan Compare tool at Medicare.gov allows beneficiaries to enter their specific medications, pharmacies, and doses to estimate total annual spending under each available plan. LeaMond has stressed that comparing Medicare plans is “more important than ever” this year. The annual enrollment period gives beneficiaries a chance to review coverage and costs before choosing a plan. CMS projects that the average monthly premium for stand-alone Medicare Part D plans will rise from $35.09 in 2026 to about $36 in 2027. That relatively small increase suggests the overall premium outlook may be more moderate than the end of the temporary subsidy program alone might imply. Related: Suze Orman warns 390,000 seniors on Medicare plan exit
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