Medicare Part D in Florida: 2027

Current as of October 23, 2026, based on CMS's final CY 2027 Rate Announcement, CMS's July 28, 2026 Part D fact sheet, Medicare.gov, and the CMS 2027 Medicare Advantage and Part D landscape file (data updated September 2026).

For 2027, the Medicare Part D deductible can be no higher than $700, and the yearly out-of-pocket cap rises to $2,400. In Florida, CMS lists 11 stand-alone Part D plans for 2027. You can compare and switch plans from October 15 to December 7, 2026, and a new plan starts January 1.

Part D is the part of Medicare that pays for prescription drugs. Plans can change their prices, drug lists, and pharmacy networks every year, so the plan that worked for you in 2026 may not be the right fit in 2027. This guide walks through what is changing, how Florida's 2027 plan choices are organized, and how to compare them without getting lost.

What changes in Medicare Part D for 2027?

Sources: CMS CY 2027 Rate Announcement (Attachment V, Table V-2), Medicare.gov, and CMS's July 28, 2026 Part D fact sheet.

The deductible is what you pay for covered drugs before your plan starts sharing the cost. After it is met, you generally pay 25% of the cost of covered drugs until you reach the out-of-pocket cap. Once you reach the cap, Medicare.gov says you won't pay anything out of pocket for covered Part D drugs for the rest of that calendar year. Plans set their own deductibles within the $700 limit, and some have none.

One more change worth knowing: CMS announced it will end its Part D Premium Stabilization Demonstration after 2026, returning the program to what it calls traditional market conditions in 2027. In plain terms, check your plan's actual 2027 premium instead of assuming it will match this year's.

Key takeaway: In 2027 the most any Part D plan can ask you to pay before it starts helping is $700, and your covered drug costs stop at $2,400 for the year, but your monthly premium and drug list still vary a lot from plan to plan.

How many Part D plans are in Florida for 2027?

Florida is a single drug-plan region, so the same 11 stand-alone Part D plans (PDPs) are offered statewide, according to CMS's 2027 landscape file. Premiums, deductibles, drug lists, and pharmacy networks differ from plan to plan, so Medicare's own Plan Finder is the best place to see what your specific medications would cost on each plan.

Key takeaway: Florida has 11 stand-alone Part D plans for 2027, so comparing your own medications across plans matters more than picking on premium alone.

Should I choose a stand-alone Part D plan or a Medicare Advantage plan with drug coverage?

It depends on how you get your Medicare. If you have Original Medicare (with or without a Medigap plan), you need a stand-alone Part D plan for drug coverage, because Medigap plans do not include it. If you choose a Medicare Advantage plan, drug coverage is usually built in. We compare the two approaches in Medicare Advantage vs. Medigap.

For a sense of the Medicare Advantage side, CMS lists 41 standard (non-Special Needs) Medicare Advantage plans in Miami-Dade County for 2027. Of those, 34 include Part D drug coverage. Medicare Advantage plans have their own premiums, copays, and networks on top of drug coverage, so compare the whole plan. See our guide to which Medicare plan has lower out-of-pocket costs for the bigger picture.

What does Part D actually cost you?

Medicare.gov describes four kinds of cost. A premium is the monthly amount you pay for coverage whether or not you fill a prescription. A deductible is what you pay each year for covered drugs before the plan starts paying. A copayment is a fixed amount you pay for a drug at the pharmacy, and coinsurance is a percentage. Your total depends on all four, plus which tier your drugs are on.

If a lump of drug costs early in the year is hard to budget for, the Medicare Prescription Payment Plan is an optional way to spread your out-of-pocket costs across the calendar year. Medicare says it does not lower what you pay for drugs, it just changes when you pay. People with limited income may also qualify for Extra Help; see our guide to Extra Help for Medicare prescription drugs.

What happens if I skip Part D?

If you go 63 or more days in a row without Medicare drug coverage or other creditable drug coverage after your Initial Enrollment Period ends, a late enrollment penalty can be added to your premium. According to Medicare.gov, it is 1% of the national base beneficiary premium for each full month you were eligible but did not have coverage, rounded to the nearest $0.10, and it is added for as long as you have Medicare drug coverage. The base premium is $38.99 in 2026 and $41.33 in 2027. If you get Extra Help, you don't pay the penalty.

Illustration only: a 14-month gap would mean a 14% penalty. On the 2027 base premium of $41.33, that works out to about $5.80 a month, added permanently. You can estimate your own with our Part D penalty calculator.

How do I compare Part D plans for 2027?

1. List your medications and doses. Include brand or generic, and how often you take them.
2. Note your pharmacy. Plans have pharmacy networks, and some pharmacies cost less on some plans.
3. Check each plan's 2027 drug list. Look for the tier each of your drugs is on and any restrictions, such as prior authorization or quantity limits.
4. Compare the full yearly cost, not just the premium. Add premiums for the year to what you would pay for your drugs given each plan's deductible and cost sharing.
5. Use Medicare's Plan Finder at Medicare.gov, or ask a licensed broker to run the comparison with you.
6. Act by December 7. That is the deadline for a request to join a plan to reach it for a January 1 start.

When can I change my Part D plan?

Medicare Open Enrollment runs October 15 to December 7, 2026. During it you can join, switch, or drop a Medicare drug plan, and changes take effect January 1, 2027. If you are in a Medicare Advantage plan with drug coverage, you can also change plans during this window. For the basics of how drug coverage fits into Medicare, start with our Part D prescription drug plans guide.

Need a second set of eyes on your 2027 drug coverage?

A licensed Medicare broker can check your medications and pharmacy against the 2027 plans available where you live, at no cost to you. If you are in South Florida, see our Medicare broker in Miami page or schedule a needs assessment.

Frequently Asked Questions

How much is the Medicare Part D deductible in 2027?

No Medicare drug plan may have a deductible higher than $700 in 2027, up from $615 in 2026. Plans set their own deductibles within that limit, and some plans have none.

What is the Part D out-of-pocket cap in 2027?

$2,400, up from $2,100 in 2026. Once your covered Part D drug spending reaches the cap, you pay nothing more for covered drugs for the rest of that calendar year, according to Medicare.gov.

How many stand-alone Part D plans are in Florida for 2027?

CMS lists 11 stand-alone Part D plans in Florida's single statewide drug-plan region for 2027. Medicare Advantage plans that include drug coverage are listed separately and vary by county.

When can I change my Part D plan for 2027?

During Medicare Open Enrollment, October 15 to December 7, 2026. Changes take effect January 1, 2027, and your request to join a plan must reach the plan by December 7.

What is the Part D late enrollment penalty?

If you go 63 or more days in a row without Medicare drug coverage or other creditable drug coverage after your Initial Enrollment Period, a penalty is added to your monthly premium for as long as you have Part D. It is 1% of the national base beneficiary premium ($41.33 in 2027) for each full month you were without coverage, rounded to the nearest $0.10. If you get Extra Help, you don't pay it.

Sources

• CMS: Announcement of Calendar Year (CY) 2027 Medicare Advantage and Part D Rate Announcement (Attachment V, Tables V-2 and V-6)
• CMS fact sheet: Medicare Part D 2027 national average monthly bid amount information (July 28, 2026)
• CMS: 2027 Medicare Advantage and Part D landscape (state fact sheets and landscape file, data updated September 2026)
• Medicare.gov: How much does Medicare drug coverage cost?
• Medicare.gov: Part D late enrollment penalty
• Medicare.gov: Joining a plan
• Medicare.gov: What's the Medicare Prescription Payment Plan?

This article is general education, not individual advice. Plan details can change, so confirm everything on Medicare.gov or at 1-800-MEDICARE before you enroll. A&E Insurance Agency is not affiliated with or endorsed by the federal Medicare program or any government agency.