Open enrollment is your yearly chance to reexamine and adjust your health insurance. But are you thinking about the right issues when assessing your protection? Consider these six questions when reviewing your options for 2025:
When is my window?
For 2025, Medicare open enrollment runs from October 15 to December 7, 2024. Many private employers have similar enrollment periods. Marketplace open enrollment starts November 1 and ends January 15, but you must enroll by December 15 for coverage to begin January 1.
What care will I need?
If you might need surgery or ongoing treatment, consider a plan with a lower deductible or higher reimbursement percentage. If not, consider a high-deductible plan with lower premiums.
Should I use an HSA or FSA?
Both a health savings account and a flexible spending account can help you save money on taxes. An HSA allows you to save and invest long-term and can only be paired with a high-deductible health plan. An FSA allows you to save money on next year’s out-of-pocket costs (excluding premiums).
Is my plan changing?
Deductibles and out-of-pocket maximums may increase, prescription options may narrow and reimbursement rates may drop. Check your specific plan while you still have time to change things if needed.
Will my providers still be in network?
Verify that your favorite providers will accept your chosen plan next year, even if you’re keeping the same coverage.
What’s my worst-case financial scenario?
Check your plan’s out-of-pocket maximums. If they’re unaffordable, consider a more robust plan or a dedicated savings account for medical expenses.
Choosing health insurance can be easier with expert help. Whether you have questions or need help finding a plan, contact us anytime.