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 decisions can affect more than your health coverage. They can influence your cash flow, taxes, retirement savings, and future health care costs. If you are looking for a financial plan that brings these decisions together, schedule a conversation with our team to learn how comprehensive planning can help you prepare for the years ahead.
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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
