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By Mark McGregor, CRPC®, CFF®

Have you reviewed your Medicare coverage lately? Medicare open enrollment is the perfect time to pause, take stock, and confirm your plan still fits your health needs and financial goals. With so many options available, it can feel confusing—but thoughtful planning now can save stress and unexpected costs down the road.

At McGregor Wealth, we guide clients through Medicare open enrollment with clear, personalized advice. We look at your coverage alongside your broader retirement and financial strategy, helping you make decisions that support your long-term goals.

Taking time to review your Medicare options creates the opportunity to align your plan with your lifestyle, medical needs, and retirement strategy. Our approach keeps your coverage working for you, while giving you confidence that you’re prepared for whatever comes next.

What You Can Do During Open Enrollment

Let’s start by talking about how open enrollment works.

Every year, Medicare main open enrollment is from October 15 to December 7. During this period, you can change your Medicare health plan(s) and prescription drug coverage for the following year.

Keep in mind that open enrollment is not for people who haven't signed up for Medicare yet. If that’s you, the initial enrollment period is determined by your birthday rather than a predetermined day on the calendar.

The open enrollment period affects each Medicare part differently. Here’s what you can do with each part during open enrollment:

• If you currently subscribe to Medicare Parts A & B, you can switch to Part C.
• If you currently subscribe to Medicare Part C, you can switch back to original Medicare (parts A and B) or change to a different Medicare Advantage Plan.
• If you currently subscribe to Medicare Part D, you can switch to a different Part D plan or drop your prescription drug plan altogether.
• You can enroll for the first time in Part C or Part D.

If you don’t make any changes during open enrollment, your current coverage remains the same and rolls over to the following year.

Changes to 2026 Medicare Coverage

Below, I identify three of the bigger changes and coverage for Medicare in 2026. Now is the time to compare your plans and make any necessary adjustments during open enrollment. With significant changes on the horizon, there may be a plan that better fits your needs.

1. $2,100 out-of-pocket spending cap for prescriptions. The first major change you need to know about is that Part D (prescription drug coverage) caps out-of-pocket spending on covered drugs at $2,100 per year. This limit applies to prescription coverage in Medicare Advantage plans as well as standalone Part D insurance. For approved medications, the $2,100 cap covers coinsurance, copayments, and deductibles. It doesn’t apply to meds that aren’t covered by a plan or premiums.
2. Vaccines and insulin could be more affordable. Starting in 2026, all vaccines on the current CDC-recommended vaccines will be free under Part D with zero cost-sharing through 2026, despite changes occurring under the current CDC administration. If you require regular insulin, monthly costs will be hard-capped at $35 or 25% of the negotiated or “maximum fair price” (set by the Price Negotiated Program), whichever is lower.
3. Increasing premiums for Part B and Part D. On the downside, Medicare recipients will see a substantial 11% increase to their Part B base premiums in 2026. Part B base premiums will rise from $185 in 2025 to $206.50 per month, while the Part D initial base premium is expected to increase by 6% from $36.78 to just about $39 per month. It’s important to note that Part D plans are offered by private companies who may not have set next year’s premiums yet, so your actual Plan D premium could be higher or lower. Some Part D plans have $0 premiums, so it may pay to shop around.

We Can Help With Medicare 2026 Enrollment

Navigating Medicare 2026 open enrollment comes with a lot of decisions that can directly affect your retirement finances. The choices you make now can set the stage for your healthcare and financial stability in the years ahead.

At McGregor Wealth Management, we guide clients through the enrollment process, making it easier to understand which plan fits your needs and goals. As a financial advisor, my focus is on helping clients make informed choices that align with what matters most to them. Even with market swings, economic shifts, or policy changes, we provide steady guidance to keep your financial priorities on track.

To explore how we can support you during Medicare 2026 open enrollment or if you’d like to get in touch, call 303.681.0113, email mark@mgswealth.com, or schedule a meeting online.

About Mark

You probably have people helping with your investments, legal matters, and taxes…but who makes sure you are getting all the benefits you’re owed? I do. My name is Mark McGregor. I scour federal, state, local, and corporate databases to find benefits you are owed but NOT receiving. That’s what I do. Yes, we do all the other things as well, such as providing investment management, tax planning, long-term care planning and other services. Those are the big things, but I also help to make sure the little unknown things are taken care of for you. It’s also making sure that the little things don’t become big problems for you down the road.

I got into this business to fill a void I noticed after the passing of one of my friends’ parents who was experiencing hardship due to poor planning. I saw the issues they had to deal with firsthand, and this left me feeling that there were lots of financial salespeople, but not many true advisors making sure people were getting all the available benefits they had worked so hard for. I use the skills I gained from my bachelor’s degree from California Polytechnic State University and 24 years of industry experience to get all the benefits my clients are owed. I live in Castle Rock, and we are actively involved in sports and charitable organizations, such as Unbound, which provides personal attention and direct benefits to children, youth, the aging, and their families so they may live with dignity and achieve their desired potential and participate fully in society.

Investment Advisory Services offered through Retirement Wealth Advisors, Inc. (RWA) an SEC Registered Investment Advisor. McGregor Wealth Management and RWA are not affiliated.

Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional.