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Medicare Open Enrollment 2026: 

What’s Changing and What You Need to Know

By Ruthanne Monteleone, CFP® & Seth Borders CFP®, CPWA®

It’s that time of year again—Medicare Open Enrollment runs from October 15 through December 7, and if you’re enrolled in Medicare, this is your annual opportunity to make sure your coverage still fits your life. With some big changes coming in 2026, this year’s enrollment period is especially important.

At Plan and Prosper Financial Partners, we know Medicare can feel like a maze. Between rising premiums, shifting drug coverage, and changing provider networks, it’s easy to feel overwhelmed. That’s why we’re here to help you understand what’s new—and why one document in particular deserves your attention: the Annual Notice of Change (ANOC).

What Is the ANOC—and Who Gets It?

If you’re enrolled in a Medicare Advantage (Part C) or Medicare Part D prescription drug plan, your insurance provider is required to send you an Annual Notice of Change by September 30. This document outlines all the changes to your plan that will take effect on January 1, 2026—including updates to coverage, costs, and provider networks.

But here’s an important distinction: Medicare Supplement (Medigap) plans do not send an ANOC. That’s because Medigap plans are standardized and don’t change from year to year. If you have a Medigap policy, your benefits remain the same, although your premiums may still increase. So while you won’t receive an ANOC, it’s still a good idea to review your coverage and costs annually.

What’s Changing in 2026?

Let’s start with the numbers. The Part B premium is increasing to $206.50, up 11.6% from last year. Part D premiums are also rising, with the base rate now at $38.99. Deductibles are going up too—$288 for Part B and $615 for Part D. These changes will affect your monthly budget, so it’s important to plan ahead.

Prescription drug coverage is also evolving. The catastrophic threshold is increasing to $2,100, meaning you’ll pay more before reaching the point where your costs drop significantly. On the positive side, Medicare is negotiating prices for 10 high-cost drugs—including Eliquis, Xarelto, and Imbruvica—which could lead to lower prices for some enrollees.

If you use insulin, there’s good news: your cost will be capped at the lesser of $35, 25% of the fair price, or 25% of your plan’s negotiated price. That’s a meaningful change for many.

However, Medicare Advantage plans are scaling back some of their supplemental benefits. Coverage for over-the-counter medications, transportation, and nutrition services may be reduced. And new rules mean plans can no longer cover non-healthy food, alcohol, tobacco, or life insurance under SSBCI benefits.

Why Your ANOC Is Your Best Friend Right Now

If you’re in a Medicare Advantage or Part D plan, your ANOC is your roadmap. It tells you exactly how your plan is changing—and whether those changes still work for you. Maybe your favorite doctor is no longer in-network. Maybe your prescriptions have moved to a higher tier. Or maybe your monthly premium is going up more than expected.

Here’s what we recommend:

  • Read your ANOC carefully—don’t skim it.
  • Highlight any changes that affect your care or costs.
  • Compare your current plan with others available in your area.
  • Reach out for help if you’re unsure—this is what we’re here for.

If you have a Medigap plan, this is still a great time to review your premiums and make sure your coverage is meeting your needs. While your benefits won’t change, your costs might—and there could be better options available.

Final Thoughts

Medicare Open Enrollment isn’t just a box to check—it’s a chance to protect your health and your finances. The changes coming in 2026 are real, and they’ll impact millions of Americans. Whether you receive an ANOC or not, this is the time to take a closer look at your coverage and make sure it still fits your life.

At Plan and Prosper Financial Partners, we’re here to help you navigate these decisions with confidence. If you have questions about your ANOC, your plan options, or how these changes impact your financial plan, let’s talk. If more in depth coverage review is needed, we can direct you to our network of Medicare Specialists to help review your options.