FRONT PORCH MONEY · Issue #9
Good morning. Medicare open enrollment ends December 7. That's 26 days from today. Here's a closer look at drug plan costs, in four minutes.
THE BIG ONE: Drug plan premiums barely move for 2027
What changed: The average premium for a stand-alone Part D drug plan is projected to rise less than $1 a month in 2027. It goes from about $35.09 to about $36.
A federal program that helped hold down some of these premiums is set to end in 2027.
What it means for your check: At the average, that's about $11 more a year, or about 2.6%. Your own plan's premium can move more or less than the average.
Most people who don't get Extra Help with drug costs, 88%, can find a basic drug plan for $10.30 a month or less.
The Part B premium is a separate cost. It's $202.90 a month in 2026. Medicare hasn't posted the 2027 amount yet.
What to do: Find the Annual Notice of Change your plan sent in September. It lists changes that start in January.
Then compare plans using your own drugs before December 7. Type medicare.gov into your browser yourself to use the plan finder. Don't use a link from an ad, email or text.
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RATE WATCH
The best safe yields we found this week. The full table comes every Saturday.
Safe yield | Best this week | Where, and as of |
|---|---|---|
Online savings | About $427 a year on $10,000 (4.27% APY) | Peak Bank (online), $100 to open. As of Nov. 10. |
1-year CD | About $465 a year on $10,000 (4.65% APY) | CFG Bank (online), $500 minimum. No minimum: E*TRADE, 4.55% APY. As of Nov. 10. |
6-month Treasury bill | About $430 a year on $10,000 (4.30%) | TreasuryDirect or a brokerage. As of Nov. 9. |
5-year fixed annuity (MYGA) | About $605 a year on $10,000 (6.05%) | Athene, rated A+ by AM Best, $100,000 minimum. As of Nov. 10. Insurance product, not a bank deposit, not FDIC-insured. |
Dollar figures are about one year's interest on $10,000. Rates change often, so check before you open anything. We skip short-term promotions. Annuities aren't bank deposits and aren't FDIC-insured.
ONE SMART MOVE: Switching drug plans? Rejoin the payment plan
The Medicare Prescription Payment Plan spreads your drug costs into monthly bills from your plan. There's no cost to join. It doesn't lower what you owe.
If you change plans, your spot in the payment plan ends. You'd need to sign up again with the new plan.
So if you switch this fall and want monthly bills, call your new plan and ask to join.
SCAM WATCH: Health plan ads that aren't what they seem
The FTC warned about this one on Oct. 29. Marketplace open enrollment runs Nov. 1 to Jan. 15, and health plan ads are everywhere.
How it works: Some plans promise full coverage but offer limited benefits. Some sell medical discount cards as if they were insurance. Others pretend to be the government or a big insurer.
How to spot it: Be wary of pitches by phone, text, search ads and social media. A prerecorded robocall selling health insurance is illegal. That alone is a red flag.
What to do: If you're under 65 and shopping, start at HealthCare.gov or call 1-800-318-2596. Hang up on robocalls. Report bad ads or robocalls at ReportFraud.ftc.gov.
ASK FRONT PORCH
A question we hear a lot: "I like my Medicare plan. Do I have to do anything by December 7?"
No. If you're happy with your coverage, Medicare's yearly review guide says it will continue automatically.
Still, read the notice your plan sent about next year. Costs and covered drugs can change.
For free help, call 1-800-MEDICARE, 24 hours a day. Or call your State Health Insurance Assistance Program (SHIP) for free counseling.
This is general education. Your plan can explain your own coverage.
That's it for today. Hit reply and send us your biggest money question. We read every one. Front Porch Money isn't affiliated with Medicare, Social Security or any government agency.
— The Front Porch Money team
Front Porch Money is general education, not personal financial, tax, legal or investment advice. Some links are from partners who may pay us; see our disclosures.