Healthcare costs continue to rise, and open enrollment season is your annual opportunity to make smart choices. Yet many people—whether covered through an employer, self-employed, or on Medicare—simply renew last year’s plan without asking if it still fits their needs.
That quick decision can be costly. Here are a few things to consider this enrollment season:
Look Beyond the Premium
The monthly premium isn’t the only number that matters. Review deductibles, co-pays, and out-of-pocket maximums to ensure the plan makes sense for your current health and financial situation.
Medicare Considerations
For those on Medicare, open enrollment is the time to evaluate whether your Part D prescription drug plan or Medicare Advantage plan is still the best fit. Formularies and provider networks change—so what worked last year may not be ideal this year.
Leverage Tax-Advantaged Accounts
If you’re eligible, Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) can provide significant tax savings. HSAs, in particular, offer a triple tax advantage and can even serve as a supplemental retirement savings tool.
Factor in Lifestyle Changes
Have you had a major life change—retirement, new medications, more travel, or increased healthcare needs? These shifts often require revisiting your coverage to avoid unexpected costs later.
Don’t Set It and Forget It
The biggest mistake people make is auto-renewing coverage without review. A little time spent comparing options can help protect both your health and your wealth.
✅ Whether you’re choosing employer benefits or reviewing Medicare options, being proactive during open enrollment can save you money, reduce stress, and give you confidence heading into the year ahead.