As the daylight hours are dwindling, we can look forward to fall and checking off those year-end tasks. Medicare and the HealthCare.gov marketplaces have overlapping open enrollment periods to obtain coverage starting January 1st of the following year. Those experiencing qualifying events may be subject to a special enrollment period outside of the following dates.
The open enrollment dates are:
Medicare: October 15th – December 7th
HealthCare.gov: November 1st – December 15th
While open enrollment is a good time to enroll in coverage for the first time if you haven’t already, it is also a great opportunity to review your current coverage and determine if any changes are needed for the upcoming year. For example, there may be more cost-effective coverage options, or you may have a new medication need that is not covered by your current plan.
You may have existing coverage through either program, but it is important to note that not all healthcare.gov plans automatically enroll you for the following year whereas all Medicare plans continue coverage. It is best practice to log into healthcare.gov to choose your existing coverage or enroll in a new plan.
We encourage you to make your health insurance review part of your annual fall to-do list. If you do find your insurance costs are increasing, remember we expect that in your financial planning. Let your team know if the changes are impacting your budget.
Caitlin Gohr
Associate Financial Advisor
Alaska Wealth Advisors is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Alaska Wealth Advisors’ investment advisory services can be found in its Form ADV Part 2, which is available upon request.
