With the end of the year approaching, there are important dates to keep in mind regarding health insurance and other employer benefits. Below are some important dates and considerations, regardless of your health insurance situation.

Open Enrollment with Employer plans

If you are covered under an employer plan, end of year is a common time for Open Enrollment within companies. This is the time each year you are allowed to make changes to various benefit plans. We recommend evaluating all benefits during open enrollment, not just health insurance. Human Resources should be able to provide a summary of current benefits. This is a great time to review retirement plan contributions, life insurance and disability coverage as well.

Here are some specific areas to review:

• Retirement plans – Are you set to maximize your contributions (including any catch-up amounts if you’re over 50)?
• Health insurance – If you or your family’s medical needs have changed during the year, a different health plan may be a better fit. High deductible plans with an HSA (Health Savings Account) option are becoming more widely available from employers. Depending on your situation, these can be a good fit and provide additional savings.
• Flexible Spending Accounts (FSAs) – This is a good time of year to make sure to use the funds in these plans since they are “use-it-or-lose-it” by December 31^st. Determine if it makes sense to participate in 2024 based on actual 2023 expenses and known changes.
• Life and disability insurance – If these coverages are offered through your employer, year-end is a good time to determine if any should be added, dropped or changed.
• Fringe benefits – Explore other benefits your employer may offer to ensure you take advantage of any that are applicable. Some examples are student loan assistance, legal plans, travel discounts and mental health counseling.

The above are just a few of the items that might apply during a benefits review. Since all benefit plans are different and every client has unique goals, we recommend consulting with your advisor when open enrollment comes around. We are happy to review your current benefits and recommend any changes that may be needed.

Medicare Open Enrollment

Annual Medicare Open Enrollment is October 15^th to December 7^th. Open enrollment is the period each year when you are allowed to enroll in a Medicare Advantage plan for the first time, change to a new Medicare Advantage plan, join a prescription drug plan or change your current prescription drug plan. Even if you are happy with your current coverage, this is a great time to review your plan and take notice of any changes being made for next year. Your current plan should send out their Annual Notice of Change (ANOC) this month detailing any changes to the plan starting January 2024.   

Whatever your situation, we would be happy to help you evaluate your options or refer you to an independent insurance agent for assistance.

Mary McCraw, CFP®

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The Arkansas Financial Group, Inc. is a Fee-Only Financial Planning Firm located in Little Rock, AR serving clients in Arkansas and throughout the country.

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