The Medicare Annual Enrollment Period (AEP) runs October 15 through December 7 each year, with changes taking effect January 1. During AEP you can switch between Original Medicare and Medicare Advantage, change plans, or adjust your Part D drug coverage. Here is exactly what you can do and what is new for 2026.
What you can change during AEP
- Switch from Original Medicare to a Medicare Advantage plan, or vice versa.
- Change from one Medicare Advantage plan to another.
- Join, switch, or drop a Medicare Part D prescription drug plan.
- Enroll in Part D if you did not sign up when first eligible.
What is new for 2026
The Inflation Reduction Act continues to reshape Part D. The annual out-of-pocket cap on covered prescription drugs — $2,000 in 2025 — is indexed upward for 2026, after which you pay nothing more for covered drugs that year. The Medicare Prescription Payment Plan also lets you spread drug costs into monthly installments across the year.
Medicare Advantage plans also adjust premiums, provider networks, and supplemental benefits annually, so reviewing your Annual Notice of Change is essential even if you plan to stay put.
How to compare plans the right way
The best plan is the one that covers your doctors, your prescriptions, and your budget — not the one with the flashiest ad. Check that your providers are in-network, confirm each of your medications is on the plan's formulary, and compare total expected cost, not just the monthly premium. An independent, AHIP- and NABIP-certified advisor can run this comparison across many carriers for you. Explore our Medicare advisory services to get started.