Fall marks the start of health insurance renewal season for most. If you are a client, we will be reaching out to you directly to assist you in evaluating the various plan options available to you to identify the best solution for you and your family given how your circumstances have changed over the past year. In the meantime, we wanted to provide some additional information to help point you in the right direction.
This is typically the time of year for employer open enrollment and employees can select their benefit packages for the year ahead. It is important to review the plans available to you on an annual basis to evaluate changes – both within the plans being offered and relating to you and your family.
Consider whether your doctor is part of the network and the implications of being in an HMO vs. PPO. It is also an ideal time to think about the year ahead and whether to contribute to a Health Savings Account (for those in High Deductible Health Plans) or a Flexible Spending Account.
Beyond health insurance, there are many other voluntary benefits available through your employer that you may sign-up for during this period. Be sure to evaluate all the options and coordinate with your spouse to ensure you take advantage of the best options available through either employer.
Medicare open enrollment is from October 15th through December 7th – this is the time to review your coverage via supplemental plans and Part D prescription drug coverage.
To begin reviewing supplemental and Part D plans we suggest going through the Medicare Plan Finder’s “Personalized Search” which can be found through the following link - https://www.medicare.gov/find-a-plan/questions/home.aspx. Make sure to have your Medicare card, zip code, list of prescription drugs (including dosage and amount), and pharmacies readily available to get the most out of this process.
Marketplace & Individual Health Insurance Plans
Beginning this year, open enrollment for marketplace and individual health insurance plans runs from November 1st through December 15th – in previous years open enrollment lasted three months from 11/1 – 1/31. If you obtain your health insurance through marketplace plans then make sure you are aware of these enrollment period changes.