Medicare 2026

Medicare Annual Enrollment in Fairbanks runs Oct 15–Dec 7

FAIRBANKS, Alaska — The window Medicare beneficiaries wait for all year is open again. From October 15 through December 7, 2026, people with Medicare can review, switch, or drop coverage for the 2027 plan year. Any change you make now takes effect January 1, 2027.

If you live in Fairbanks and you've been putting off looking at your mail from your plan, this is the season to pull it out. A few minutes of review can spare you a year of surprises.

What the Annual Enrollment Period actually lets you do

The Annual Enrollment Period (AEP) is the one time of year almost everyone with Medicare can make changes without needing a special reason. During AEP you can:

• Switch from Original Medicare to a Medicare Advantage plan, or the other way around.
• Change from one Medicare Advantage plan to another.
• Join, drop, or switch a stand-alone Part D prescription drug plan.
• Return to Original Medicare and pick up a separate drug plan.

Changes you make during this window start January 1, 2027. If you make more than one change before December 7, the last choice on file is the one that sticks.

One thing AEP does not cover: guaranteed enrollment into a Medigap (Medicare Supplement) policy. Medigap has its own rules, and in most cases medical underwriting can apply outside your initial six-month Medigap open enrollment window. If you're thinking about Medigap, ask specific questions before you drop other coverage.

Why 2027 is a year to actually read your ANOC

Every fall, your current Medicare Advantage or Part D plan mails an Annual Notice of Change (ANOC). It spells out what will be different next year — premium, drug list, pharmacy network, provider network, and cost-sharing.

Two program-wide figures make 2027 worth a careful look:

• Part D out-of-pocket cap of $2,400 in 2027 (up from $2,100 in 2026). Once your covered prescription costs hit that amount in 2027, you pay $0 for the rest of the year on covered Part D drugs.
• Part D maximum deductible of $700 in 2027 (up from $615 in 2026). Plans can set a lower deductible, but not higher, on standard benefits.

The old "donut hole" coverage gap was eliminated in 2025, so Part D now has three phases instead of four. If a medication was hitting you hard in past years, the math in 2027 may look different — but only if the plan you're in still covers that drug on reasonable terms. That's what the ANOC tells you.

There's also the Medicare Prescription Payment Plan, an optional program that lets you spread your Part D out-of-pocket costs across the calendar year in monthly bills instead of paying big amounts at the pharmacy counter. It doesn't lower what you owe — it just smooths it. You can opt in through your drug plan.

What Fairbanks residents should check before switching

Fairbanks is in the Fairbanks North Star Borough, and Medicare plan availability is set at the county (borough) level in Alaska. Alaska is unusual: the Medicare Advantage market here has historically been much thinner than in the Lower 48, and many Alaskans stay with Original Medicare plus a stand-alone Part D drug plan and, often, a Medigap policy.

Before you change anything, check three things for your borough:

1. Doctors and hospitals. If you're eyeing a Medicare Advantage plan, confirm the providers you use — including specialists at Foundation Health Partners facilities or those you travel to Anchorage or out of state to see — are in-network for 2027. Networks can change year to year. 2. Your prescriptions. Enter each medication into the plan's 2027 formulary. A drug that was covered in 2026 isn't automatically covered in 2027. 3. Travel and seasonal absence. If you spend part of the year Outside, ask how the plan handles out-of-area care. Original Medicare travels with you nationwide; Medicare Advantage rules vary.

The IRMAA reminder for higher-income households

If your income is above certain thresholds, you pay more for Part B and Part D through the Income-Related Monthly Adjustment Amount (IRMAA). For 2026, IRMAA surcharges begin above $109,000 for a single filer (higher for joint filers). Social Security uses your tax return from two years back to set this.

If your income has dropped because of a life event — retirement, loss of a spouse, divorce — you can ask Social Security to reconsider using Form SSA-44. This isn't part of AEP, but fall is a good time to handle it.

Missed December 7? Here's your backup

If December 7 slips by, you're not necessarily stuck for the full year:

• Medicare Advantage Open Enrollment: January 1 – March 31, 2027. If you're already in a Medicare Advantage plan on January 1, you get one chance to switch to a different Medicare Advantage plan or return to Original Medicare (with a Part D plan). This period does not let people in Original Medicare join a Medicare Advantage plan for the first time.
• Special Enrollment Periods. Moving, losing other coverage, or qualifying for Extra Help can open a separate window.