Four Tips to Handle Open Enrollment

Open enrollment season has begun which often means change, stress, and confusion. 

This “day of reckoning” gives us the chance to compare benefits and prices, change to a new plan or enroll for the first time. 

Key Points

• Do a checkup on your current coverage, especially your prescription plan.  Drug prices and benefits often change from year to year. 
• Don’t put it off.  It’s important to know dates and deadlines so that you don’t miss the chance to get the best benefits for you and your family. 
• This is probably the only opportunity to improve your health plan for 2024 unless you have a major life change.   
• Get up-to-date information any way you can.  In-person or online resources can all be very helpful in understanding your options. 

Know Your Dates and Deadlines

Don’t wait until the last minute to figure out your coverage. 

Employer open enrollment usually starts between October and November and typically lasts between two to six weeks. Check with your employer for the exact dates.

For Medicare recipients, it runs from Oct. 15 to Dec. 7.  Changes go into effect on Jan 1, 2024, if the plan gets your request by Dec. 7, 2023.  

For Marketplace health plans, the enrollment period is Nov. 1 through Jan. 15 (or Jan. 16 in some states because of the federal holiday.) However, December 15 is still the deadline for a January 1 effective date.   

Look at Your Choices

• Review all the documents you receive during open enrollment.
• Look at the co-pay amounts or deductibles.
• Are your healthcare providers still in-network? Will your medications still cost the same?  If not, you may want to switch your plan. 

“No matter the source of your coverage — private employer, self-purchased or Medicare — open enrollment is “your opportunity to really just check and make sure you’ve optimized your coverage,” said Louise Norris, health policy analyst for healthinsurance.org and medicareresources.org.

She further explains that people’s biggest mistake is inertia, or sticking with what they have.

“If you do that, you are potentially leaving money on the table, potentially missing out on benefits that could really help you,” she said.

Get Help to Avoid a Crisis of Confusion

It’s easy to be paralyzed by the choices you have to make.  

• Is it better to go with the cheapest option? 
• Should you buy life insurance through your employer? 
• What is a flexible spending account?
• Which health-care plan is right?

According to experts, nearly 6 in 10 Americans don’t know how to really use their health coverage, which  often puts them on the hook for higher costs.   

Medicare has an online tool to help navigate the choices. Go to medicare.gov and click on Find Health and Drug Plans to get information on different plan options for 2024. You can also get guidance from Medicare by calling 1-800-633-4227. TTY users can call 1-877-486-2048.

At healthcare.gov you can preview 2024 Marketplace health plans and get estimated prices.  

If the online tool is confusing, you can work with a broker, according to Norris.  

For employer coverage, tap into information sessions, bulletins, or online resources that your company offers. 

Learn How FSAs and HSAs Can Save You Money 

Look into flexible spending accounts (FSA) or a health savings account (HSA) to help with out-of-pocket expenses using pretax money deducted from your paycheck.

The higher your tax bracket, the more you’ll save. 

You can use HSA and FSA funds to pay for deductibles, copayments, some prescription drugs, medical devices and other qualified medical expenses.  

More Resources

For more information on how to renew, change, update or cancel your health plan, check out the following sites:

Keep or Change Your Health Plan from Healthcare.gov

What to Watch in the ACA 2024 Open Enrollment

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