What is the average Medicare Part D premium for 2026?

According to the Centers for Medicare & Medicaid Services, the average total premium for a stand-alone Medicare Part D prescription drug plan is projected to be $34.50 per month in 2026, down from $38.31 in 2025.

Key points about 2026 Part D premiums

• Stand-alone drug plans. The average total premium falls by $3.81, from $38.31 in 2025 to $34.50 in 2026.
• Drug coverage inside a Medicare Advantage plan. The average Part D portion of the premium is projected to drop from $13.32 in 2025 to $11.50 in 2026, which is why so many Medicare Advantage plans that include drug coverage advertise a $0 premium.
• Base beneficiary premium. The 2026 Part D base beneficiary premium, the figure used to calculate late-enrollment penalties and income-related adjustments, is $38.99.
• Premium stabilization. CMS is continuing its voluntary Part D premium stabilization demonstration in 2026, with a $10 reduction to the base beneficiary premium for participating plans and a cap of $50 on any year-over-year increase.
• Extra Help. These averages exclude the large number of people who pay no premium at all through the Low-Income Subsidy, known as Extra Help.

An average is not your premium

Part D premiums vary widely by plan and by state, and the cheapest premium is often not the cheapest plan overall once your own prescriptions, the plan deductible and the pharmacy network are taken into account. In 2026 no plan may charge a deductible above $615, and your out-of-pocket spending on covered drugs is capped at $2,100. For 2027 CMS has set those figures at $700 and $2,400.

Talk to a licensed iHealthAgents advisor

We can walk you through what these amounts mean for your own coverage and compare every plan available where you live.

Book a time with a licensed advisor, or call Illinois 312-726-6565 or Texas 972-666-0578.

This article is for educational purposes only and is not a substitute for advice about your specific situation. Figures shown are the 2026 and 2027 amounts published by the Centers for Medicare & Medicaid Services.