Even if your Medicare plan worked well for you this year, it may not fit as well next year. Every fall, premiums, drug costs, and plan benefits shift, and Open Enrollment is your chance to catch those changes before they reach your wallet. Here's what to look for in New Jersey, and how to tell whether your current plan still fits for 2027.
When Is Medicare Open Enrollment, and What Can You Change?
Medicare's Annual Election Period, better known as Open Enrollment, runs October 15 through December 7 every year, and any changes you make take effect January 1. During that window you can:
- Switch from Original Medicare to a Medicare Advantage plan, or back again
- Move from one Medicare Advantage plan to another
- Join, drop, or change your Part D prescription drug plan
Medigap works differently. Medicare Supplement plans aren't part of the October-to-December switching window. Outside your initial enrollment period, changing Medigap plans usually means answering health questions, and approval isn't guaranteed. New Jersey does offer guaranteed-issue protection to people under 65 who qualify for Medicare because of a disability. If you're weighing Original Medicare plus a Medigap plan, our page on Medicare Supplement plans in NJ explains how the two work together.
If you're already on a Medicare Advantage plan, you get a second chance: the Medicare Advantage Open Enrollment Period runs January 1 through March 31 and allows one additional switch.
What Actually Changes Every Year
Premiums and Deductibles
For 2027, the standard Part B premium is projected at about $209.50 a month, up from $202.90 in 2026, and the Part B deductible is projected to rise to roughly $292. The Part D base premium is projected around $41.33 a month, and the Part D deductible is expected to increase to about $700 from $615. Higher-income beneficiaries may also pay an income-related surcharge (IRMAA) based on their tax return from two years earlier. These are projections, so check Medicare.gov for the final numbers once they're released.
The Part D Out-of-Pocket Cap Keeps Moving
The prescription drug “donut hole” is gone. Part D now has an annual cap on what you pay out of pocket for covered drugs, and it resets every January 1. That cap is projected to rise to about $2,400 in 2027 from $2,100 in 2026, so your costs can change even if your medications don't.
Your Plan Changes Even If You Do Nothing
Medicare Advantage and Part D carriers can adjust premiums, copays, deductibles, provider networks, and drug lists every year. Your plan must mail you an Annual Notice of Change (ANOC) by September 30 that spells out what's different. That letter is worth reading closely, not filing away.
Common Mistakes People Make During Open Enrollment
- Ignoring the ANOC letter and assuming the plan stays the same
- Comparing plans on premium alone, without checking that your doctors, hospitals, and pharmacies are in the network
- Skipping the drug list check, even though formularies change every year
- Assuming a Medigap switch keeps the guaranteed-issue protections you had before
- Missing the December 7 deadline
How We Can Help
The average New Jersey county has around 40 Medicare Advantage plans, with premiums ranging from $0 to over $100 a month, so a side-by-side comparison is worth the time. DGS Benefits offers free Medicare plan comparisons to New Jersey residents year-round, with no pressure and no cost to you.
Ready to check your options? Explore our Medicare Supplement plans, learn about Thomas Murphy and our 35+ years serving New Jersey, or contact us for a free Medicare plan review.