October often marks the beginning of an important financial planning season. Many employers begin annual benefits enrollment in the fall, while Medicare Open Enrollment officially begins October 15th and continues through December 7th.¹
It can be tempting to simply select the same coverage you had last year. But your health needs, family circumstances, income, and financial goals may have changed. Your benefits may have changed too.
Taking time to review your options can help ensure the coverage you select for the coming year continues to work alongside the rest of your financial plan.
Your Benefits Are Part of Your Financial Plan
Health insurance is often viewed as a separate decision from retirement and investment planning, but the two can be closely connected.
Premiums, deductibles, prescription costs, Health Savings Account contributions, and other out-of-pocket expenses all affect your cash flow. For those approaching or living in retirement, health care costs can also influence how much income you need from your portfolio.
Open enrollment provides an opportunity to look beyond the monthly premium and consider the complete financial picture.
Look Beyond the Premium
The plan with the lowest monthly premium is not necessarily the plan with the lowest overall cost.
When comparing your options, consider the deductible, copayments, coinsurance, prescription coverage, provider network, and maximum out-of-pocket costs.
Think about how you used health care during the past year. Did you begin taking new medications? Are you seeing a specialist? Do you anticipate a procedure or significant medical expense next year?
Your expected health care needs can help provide context when comparing plans.
Do Not Overlook Your HSA
If you are eligible for a Health Savings Account, open enrollment is also an opportunity to review how much you are contributing.
For 2027, the HSA contribution limit increases to $4,500 for self-only coverage and $9,000 for family coverage. The minimum deductible for an HSA-eligible high-deductible health plan increases to $1,750 for self-only coverage and $3,500 for family coverage. ²
An HSA can be more than a way to pay this year’s medical bills. The balance can roll over from year to year, and funds used for qualified medical expenses can receive favorable federal tax treatment. ³
For those who can afford to pay some current medical expenses from other resources, an HSA may also become part of a longer-term strategy for future health care costs.
Review the Rest of Your Benefits
Health insurance may receive most of the attention during open enrollment, but it should not be the only benefit you review.
This can be a good time to revisit your life insurance, disability coverage, dental and vision benefits, and other employer-provided options.
Consider whether your family or financial circumstances have changed. A marriage, new child, change in income, approaching retirement, or significant increase in assets can all be reasons to reconsider whether your current elections still make sense.
Beneficiary designations are also worth reviewing. Make sure the people listed on applicable employer benefits and retirement accounts continue to reflect your wishes.
Medicare Open Enrollment Begins October 15th
For those already enrolled in Medicare, fall brings a different enrollment decision.
Medicare Open Enrollment runs from October 15th through December 7th, with changes generally taking effect January 1st. During this period, eligible individuals can make certain changes to Medicare Advantage and Medicare prescription drug coverage. ¹
Even if you are satisfied with your current coverage, Medicare recommends reviewing notices from your plan because costs and benefits can change from year to year. Changes in your health, medications, or providers may also affect whether your existing coverage continues to meet your needs. ⁴
Consider How Health Care Fits into Retirement
Open enrollment is ultimately about more than choosing an insurance plan.
Your selections can affect your monthly cash flow today and potentially your retirement strategy in the future. Health care premiums and out-of-pocket expenses need to be considered alongside retirement income, investments, taxes, insurance, and long-term care planning.
For someone approaching retirement, this can be particularly important. Moving from employer coverage to Medicare can change both your coverage and your expenses, making it worthwhile to understand those changes before you leave the workforce.
Use Open Enrollment as an Annual Financial Checkup
You do not need to make a change simply because open enrollment has arrived.
Instead, use the opportunity to make sure your existing choices still make sense.
Review what changed during the past year, what may change next year, and how your benefits fit into your broader financial strategy. A few thoughtful decisions now can help you enter the coming year with coverage that better reflects your needs and priorities.
Open enrollment can come with a lot of choices, and we know it is not always easy to determine what makes the most sense for you and your family. If you have questions as you review your benefits or Medicare coverage, give us a call. We are always here to help.
Golf Tip of the Week
Lighten Your Grip
Many golfers hold the club too tightly, especially when they feel pressure during a round. A tight grip creates tension in the arms and shoulders, which can limit clubhead speed and lead to inconsistent contact.
Instead, aim for a light but secure grip—often described as about a “5 out of 10” in pressure. This allows your wrists to hinge naturally and helps the club move freely through the swing.
A simple practice check is to waggle the club slightly before starting your swing. If the club feels stiff or rigid in your hands, your grip is probably too tight.
Relaxed hands promote better tempo, smoother swings, and more consistent ball striking.
Golf Tip adapted from Golf Digest. Read the full article here: This simple grip-pressure test will tell you if you’re leaking swing speed
Recipe Tip of the Week
Lemon Ricotta Pancakes
Ingredients
- 1 cup all-purpose flour
- 1 tbsp sugar
- 1 tsp baking powder
- ¼ tsp salt
- ¾ cup ricotta cheese
- 2 large eggs
- ½ cup milk
- Zest of 1 lemon
- 1 tbsp fresh lemon juice
- ½ tsp vanilla extract
- Butter for cooking
Instructions
In a bowl, whisk together flour, sugar, baking powder, and salt.
In another bowl, mix ricotta, eggs, milk, lemon zest, lemon juice, and vanilla until smooth.
Gently fold the dry ingredients into the wet mixture until just combined.
Heat a lightly buttered skillet over medium heat. Pour about ¼ cup batter for each pancake and cook until bubbles form on the surface, then flip and cook until golden.
Serve warm with fresh berries, maple syrup, or a light dusting of powdered sugar.
Tip of the Week
Ricotta cheese keeps the pancakes extra light and fluffy while adding a subtle richness that pairs perfectly with lemon.
Recipe adapted from Bon Appétit. See full recipe here: Lemon Ricotta Pancakes
Travel Tip of the Week
Santa Fe, New Mexico: Experience the Beauty of Fall
October is a beautiful time to visit Santa Fe. Cooler daytime temperatures and crisp evenings make it comfortable to explore the city, while changing leaves add fall color to the surrounding high desert and mountain scenery.
Santa Fe offers a unique combination of art, culture, history, and seasonal events. Spend the day exploring galleries along Canyon Road, walking through the historic downtown area, discovering local shops and restaurants, or taking in the colorful fall scenery surrounding the city.
October also brings a variety of arts, cultural, and community events, giving visitors even more ways to experience the character of Santa Fe during the fall season.
Why It’s Great in October
- Cooler temperatures and crisp fall evenings
- Beautiful fall foliage
- Arts and cultural events throughout the month
- Historic architecture, galleries, and museums
- Southwestern cuisine and local shopping
Travel Tip
Pack layers. Santa Fe’s high desert climate can mean comfortable afternoons followed by much cooler evenings, so having a light jacket or sweater makes it easier to enjoy the city from morning through dinner.
Travel tip adapted from Santa Fe The City Different. Read the full article here: Fall For these 10+ October Events in Santa Fe
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No representation is being made that any account will or is likely to achieve future profits or losses similar to those shown. You should not assume that investment decisions we make in the future will be profitable or equal the investment performance of the past. Past performance does not indicate future results.
Sources
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- Medicare.gov – Medicare Open Enrollment
- HealthCare.gov – 2027 HSA Eligible Plan Limits
- Internal Revenue Service – Health Savings Accounts and Other Tax Favored Health Plans
- Medicare.gov – Remember Key Medicare Dates
