Practical Tips for 2026 Medicare Enrollment

Medicare’s 2026 Open Enrollment (October 15 – December 7) will bring more change than most seniors realize — especially with new negotiated drug prices and plan redesigns taking effect. Whether you’re new to Medicare or a long-time enrollee, here are a few practical ways to make sure you choose wisely this year.

1. Compare Plans — Don’t Just Renew Automatically

Every year, plans change their premiums, copays, and networks — and 2026 is no exception.

Be sure to look beyond the monthly premium. Review your plan’s formulary (drug list) and pharmacy network to confirm your preferred medications and local pharmacies are still covered.

“We see people assume their plan is the same as last year, and that’s where surprises happen,” says Mary Mitchem, licensed Medicare broker with M3 Insurance. “A quick annual review can save hundreds of dollars and a lot of frustration.”

2. Check if Your Medications Are Part of the 2026 Negotiated Drug List

Starting in 2026, Medicare’s first set of negotiated drug prices will take effect. If any of your prescriptions are on that list, you may see a noticeable drop in cost.

“This is a big deal for seniors on expensive brand-name medications,” adds Alexis Mitchem. “It’s worth asking your broker to check whether your meds are among the negotiated drugs so you can plan your budget accordingly.”

3. Pay Attention to Deductibles and Coinsurance Tiers

A low premium might look appealing, but check the fine print. Many 2026 plans will rely more on coinsurance (a percentage of the drug cost) instead of flat copays — especially for brand-name drugs.

A plan that looks cheap upfront could end up costing more if your medications fall into higher tiers.

4. If You Have High Monthly Drug Costs, Look Into Smoothing Options

If you struggle with high out-of-pocket expenses early in the year, the Prescription Payment Plan could help.

This new option lets you “smooth out” your drug costs, paying in monthly installments rather than large lump sums.

Some Medicare Advantage Prescription Drug (MA-PD) plans will also use manufacturer rebates to help lower premiums — a feature worth asking about.

“The new payment-smoothing option is a game-changer for many of our clients,” says Alexis. “It can prevent that January shock when several prescriptions hit all at once.”

Real-World Experience: Terry’s Story

“I don't know what I would do without my Medicare Insurance Brokers, Mary & Alexis Mitchem. Not only do they look for a better plan for me and our residents at Parma Senior Village Apartments, but they also tell us if we should stay with our old plan.They review our meds, one by one, and get us the best plan for our medications. Never had anyone take the time with me and our residents like Mary & Alexis.This service is so needed as Medicare is always changing. We need more people like Mary & Alexis that can help the Senior Citizens. Thank you!”— Terry G., Parma Senior Village Resident

The Bottom Line

Open Enrollment is your one chance each year to make sure your coverage fits your needs — and with all the 2026 changes, it’s worth getting help.

“You don’t have to figure it all out alone,” says Mary. “That’s why we sit down with every client, review their medications, and walk them through each option — whether that means switching or staying put.”

If you’d like a personal review of your 2026 plan options, contact Mary or Alexis at M3 Insurance. A few minutes of expert guidance now can save you money — and headaches — all year long.