Medicare prescription drug plans change every year. Here is what is new for 2026 and how to compare your options before enrollment closes.
What is new for 2026 prescription drug plans?
For 2026, the annual out-of-pocket cap on covered drugs rises to $2,100, up from $2,000 in 2025. The maximum deductible a plan can charge is $615. The donut hole remains eliminated, insulin stays capped at $35 per month, and recommended adult vaccines are free. The Medicare Prescription Payment Plan continues, letting you pay out-of-pocket costs monthly. Plan premiums, formularies, and pharmacy networks reset each year, so the plan that fit you in 2025 may not be best for 2026.
How do I compare 2026 drug plans?
Compare on total annual cost, not just premium. List your medications and check each plan's formulary, tier placement, deductible, and whether your pharmacy is in-network. A $0-premium plan can cost more if your drugs are on high tiers or need prior authorization. The Annual Enrollment Period runs October 15 to December 7, with coverage starting January 1, 2026. Because every plan files new pricing, reviewing your options each fall can save real money. Our licensed agents at 1-800-MEDIGAP run this comparison for free.