The fourth quarter, each year, presents a number of important insurance items for individuals and families to review.
Some have to do with making sure you are getting the most out of your plan this year while others have to do with changes for 2024.
Group – If insured under an employer provided group plan most are on a calendar year basis meaning your deductibles and out of pocket requirements start over on January 1st each year.
If you’ve met your deductible this year you should try to get any additional healthcare expense items completed by year end to have the plan pay most or all of those costs.
Individual – If you have individual or family coverage (not provided by an employer) you are likely also on a calendar year plan and should also try to get expenses in by year end if you’ve met your deductible.
Individual & family coverage is also typically renewed in the fourth quarter each year.
Check your renewal notices carefully as plan design features can change in addition to rates. Make sure you are aware of any plan design changes in the renewal offering. Carriers are not required to continue to offer the exact same plans year after year.
Health Savings Accounts – If you are insured under an individual/family or group plan that is an HSA eligible plan don’t forget about the tremendous tax advantages.
For 2023 the tax-deductible contribution limits are $3,850 for individuals, $7,750 for families, plus an additional $1,000 for insureds over age 55.
Medicare – October 15 – December 7 is Medicare open enrollment. This is the annual window for anyone on Medicare to evaluate their current coverages, options, and elect any changes to be effective 1/1/24.
This applies to those under traditional Medicare as well as those under Medicare Advantage plans. The most common changes are to Part D (Rx) plans and to Medicare supplement (Medigap) plans.
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