It’s fall, which means it is likely the time of year for you to review your health insurance coverage.  Whether you are covered via work, Medicare, or an individual plan you should take this time to analyze your coverage and ensure you have the right plan in place for your needs going forward.

Medicare Open Enrollment

Medicare Open Enrollment began last week on October 15th and runs through December 7th.

For those already enrolled in Medicare, you have decisions to make on your supplemental plan selection and Part D (prescription drug) coverage for 2020.   If you are a client of SPP, we will be reaching out to you over the coming weeks to gather the information needed from you to help make those decisions.

Even if you’ve been happy with your plan in previous years, plan options are modified each year resulting in the need to reevaluate your choices during open enrollment.

Also, the final 2020 premium amounts for Part B have yet to be officially released but increases are expected.

Workplace Insurance Coverage

Many employers also have their benefits open enrollment this time of year as well, where employees can elect changes to their benefits for the upcoming year.  Even if you’ve been happy with your plan, it is important to review the plans offered by your employer and your family’s situation,  as there may be changes to both.

Considerations include whether your providers are “in-network” and the type of plan to select, such as an HMO or PPO.  Additionally, your employer may offer a Health Savings Account (for those in High Deductible Health Plans) or a Flexible Spending Account that you may want to consider.

Beyond health insurance, there are many other voluntary benefits available through your employer that you may also sign-up for during this period.  Coordinating with your spouse may be helpful to ensure you are taking advantage of the best options available through either employer and are meeting the needs of your household.

Individual Health Insurance Plans

Lastly,  open enrollment for individual health insurance plans (Obamacare Plans or in MA the MA Health Connector) runs from November 1st through December 15th.  If you don’t have coverage via an employer or Medicare, you are able to obtain an individual or family plan via the marketplace created in the Affordable Care Act.  These plans should also be reviewed on an annual basis for changes in coverage.