It’s open enrollment season! Whether you’re covered by Medicare, or an employer plan, this is an important time to review your benefits and make any changes for the coming year.
Medicare:
Starting in 2025, out-of-pocket prescription drug costs are capped at $2,000, and the copay for insulin is capped at $35. This is great news! However, your Medicare Part D premiums may rise as a result, and your employer-sponsored plan may no longer be a sufficient alternative.
During open enrollment, check the cost of your Medicare plan. If it has gone up significantly, it’s worth shopping around to see if another plan would be a better fit. Similarly, your employer-provided plan may no longer meet or exceed Medicare coverage requirements, in which case you will need to enroll in Medicare Part D, or face a penalty. If this is the case, your employer is required to inform you.
The attached flow chart will help you think about whether you should make a change to your Medicare coverage. Have more questions? Reach out, and we’d be happy to talk to you about your specific situation.
Employer Benefits:
Employer benefits can be a valuable part of your financial plan. During open enrollment, it’s beneficial to review and understand the scope of your benefits, and how they fit with your long-term financial plan. For example, group disability and life insurance are cost-effective ways to protect your family from financial hardship, and FSAs and HSAs are effective ways to lower your tax bill.
Click here for an interactive checklist, which outlines a few things to consider when reviewing your employer benefits. While this checklist can give you a framework with which to look at your employer benefits, we are always available to meet with you to help you identify which opportunities best fit with your finances and goals.
To discuss this in more depth, or to talk about something else that’s on your mind, please schedule a time to get together via our Calendly.