The 3.6% raise is coming in January, but how much of it actually reaches your bank account may depend on a decision you make in the next few weeks. Medicare’s annual open enrollment period runs until Monday, December 7, 2026, and for millions of retirees the plan they choose affects the net amount of their Social Security deposit.
The reason is simple: most beneficiaries have their Medicare premiums taken directly out of their monthly Social Security payment. If you want to understand how that deduction interacts with next year’s increase, read our explainer on the Part B premium and the 2027 COLA. Here is what is at stake before the deadline.
What can you change before December 7?
Open enrollment began on October 15. Until December 7, people with Medicare can:
- Switch from Original Medicare to a Medicare Advantage plan, or the other way around.
- Move from one Medicare Advantage plan to another.
- Join, drop or switch a Part D prescription drug plan.
Any change you make takes effect on January 1, 2027. If you do nothing, you will generally stay in your current plan, even if its costs or covered drugs change next year.
Why does this affect your Social Security check?
The Social Security Administration (SSA) deducts the standard Part B premium from the benefits of most enrollees. In 2026 that premium is $202.90 a month. Many people also choose to have their Part D or Medicare Advantage premiums withheld from their checks.
That means a more expensive plan leaves you with a smaller deposit every month. On the other hand, some Medicare Advantage plans offer a “Part B giveback,” which reduces the premium taken out of your payment and can slightly increase your net check. Compare the full cost, not just the premium: deductibles, copays and drug coverage can matter much more.
How will you know your new net amount?
The SSA will tell you your 2027 benefit, along with your Medicare deductions, in your annual COLA notice. Most people will receive it by mail in December, and it will also appear in the Message Center of their online account if they created it by November 18. We explain how to find it in our guide to getting your COLA notice through my Social Security.
According to the SSA, the average retired worker’s benefit will rise from about $2,095 to about $2,170 a month in January. Your own net amount will depend on the premiums you pay.
What happens if you miss the deadline?
After December 7, your options become much more limited. People already enrolled in a Medicare Advantage plan get a second window from January 1 to March 31, 2027, but it only allows one change: switching to another Advantage plan or returning to Original Medicare.
Outside those windows, you generally need a special enrollment period, for example after moving or losing other coverage.
How to compare plans
You can review and compare plans on the official Medicare Plan Finder or by calling 1-800-MEDICARE (1-800-633-4227). Have your list of medications and preferred pharmacies at hand.
If your income is limited, ask about the Extra Help program, which lowers drug costs. You can apply through the SSA’s Extra Help page.
