I Saved $1,448 on My Medicare Drug Plan. You Might Save Big, Too.

OctobeMedicare open enrollment is here. A little comparison shopping could save you a bundle—and help you avoid some nasty surprises.

October 16, 2026 — I got some bad news in the mail last week. My Medicare Part D prescription drug plan, SilverScript, informed me that my premium for 2027 would be increasing from $98.30 to $126 a month. That would now cost $1,512 a year, plus a hefty deductible. Ouch!

Fortunately, I didn’t just accept the increase. I did a little comparison shopping, and what I discovered amazed me.

I found another Part D plan that will cost me just $63.60 a year in premiums. That’s a savings of $1,448!

How I found a much cheaper plan

My situation is a little unusual. I take four prescription drugs, the most expensive being Eliquis, a blood thinner. Fortunately, as a veteran I can get my prescriptions through the VA at very little cost.

But I still want Medicare Part D coverage. If a civilian doctor or hospital prescribes something new, particularly in an emergency, I don’t want to be stuck with a huge pharmacy bill.

So when my SilverScript notice arrived, I decided to investigate.

I asked my friend ChatGPT to help me find some less expensive alternatives. After considering my ZIP code in Florida, the medications I take, and my preferred pharmacies, it came up with several possibilities.

The most interesting was Wellcare Value Script, which has a 2027 premium of just $5.30 a month in my area.

Here’s the comparison:

	SilverScript	Wellcare Value Script
Monthly premium	$126.00	$5.30
Annual premium	$1,512.00	$63.60
Annual premium savings		$1,448.40

Wow! That was an easy decision for me, particularly since I normally get my prescriptions through the VA.

Of course, your situation might be completely different. If you depend on Part D for all your prescriptions, the cheapest premium might not be the best deal. You need to compare deductibles, copays, covered medications, and pharmacies to find the plan with the lowest total annual cost.

Don’t take ChatGPT’s word for it

ChatGPT was helpful in narrowing down my choices, but I wasn’t about to switch insurance plans on its word alone.

My insurance agent recommended the same next step: Go to Medicare’s official Plan Finder.

It’s surprisingly easy to use. Enter your ZIP code, prescriptions, and preferred pharmacy, and you can compare the estimated annual costs of available plans.

You don’t even need to log in, although having a Medicare account makes the process easier because you can save your information.

In my case, the comparison confirmed that switching made sense. So I enrolled in the Wellcare plan.

I wish every financial decision were this easy!

Medicare Advantage members: You need to check your plans, too

If you have Medicare Advantage (Part C), you have another reason to pay attention during open enrollment.

Insurance companies can change their premiums, benefits, drug coverage, and networks of doctors and hospitals every year. Some are even pulling out of certain markets altogether.

That could mean the doctor or hospital you have relied on for years will no longer be in your plan’s network. Or your plan might disappear entirely.

The New York Times recently highlighted the unpleasant surprises that can result when patients discover too late that their doctors or hospitals are out of network. The result can be unexpectedly large medical bills. The Times article, “Medicare Advantage Plan Finder Is Easier But Flawed”, is very helpful.

And this year, the issue is particularly important. Millions of Medicare Advantage enrollees are facing plan disruptions as insurers discontinue plans or withdraw from some areas. The Times reports that: “as many as five million members will have to find new coverage for next year because of a record number of plan cancellations.”

Don’t assume that because your doctor or hospital was covered this year, it will be covered in 2027.

Check your plan’s Annual Notice of Change, compare alternatives, and verify directly with both the insurer and your providers that they will participate in the specific plan you are considering. Another helpful resource is Medicare’s State Health Insurance Assistance Programs (SHIPs) provide free, unbiased Medicare counseling.

You can compare Medicare Advantage plans using the same Medicare Plan Finder.

Don’t miss the December 7 deadline

Medicare’s annual open enrollment period began October 15 and ends December 7, 2026. Any changes you make during this period generally take effect January 1, 2027.

If you switch to another standalone Part D plan, you don’t have to separately cancel your existing plan. Enrollment in the new plan automatically replaces the old one.

The bottom line? Don’t just toss that Medicare notice in a drawer and let your coverage automatically renew.

I saved almost $1,450 in annual premiums by taking the time to compare plans. You might save a little, a lot, or nothing at all. But at least you’ll know you’re getting the coverage that’s right for you.

My advice: Spend a few minutes checking your Medicare plan before December 7. It could be some of the most profitable time you spend this year.