An apple a day keeps the doctor away? Why would we want to keep the doctor away? 🧑⚕️🚫 Oh, he’s Dr. Jekyll? Carry on, then. 🏃
Spooky season is just weeks away and so is open enrollment. This short window of time allows you to make changes to your health insurance plan, so it pays to make the most of it. 💰 Not sure what to do? Keep reading! 👇
Here’s Five Fast Facts on how to prep for open enrollment:
- 📈 High Times - Health insurance costs are on the rise. Although companies typically cover 75-85% of health plan expenses, experts say those costs could jump as high as 9% in 2026. In other words, everyone will feel the burn.
- 🏎️ Express Lane - Many people breeze through open enrollment without digging in. One 2024 study showed that around a third of those enrolled in health insurance plans spent less than 30 minutes reviewing things. Another study from last year showed that 48% of millennials blindly chose their plans because they didn’t understand them.
- 🧪 Pick Your Poison - When it comes to health insurance, there are two common flavors. On one side, we have plans with higher upfront premiums that allow you to pay less when you need care. On the other, we have high deductible plans which are cheaper each month, but you’ll pay considerably more for services. Choose wisely based on your budget and needs.
- 💳 Funkmaster Flex - If your company offers a Flexible Savings Account (FSA), it could come in clutch for out-of-pocket health care costs. You’ll fund it with pre-tax dollars from your paycheck and can use it to pay for copays, meds, and more. The catch? You’ll need to spend most of the money by the end of the year or kiss that cash goodbye.
- 💸 Health Wealth - A Health Savings Account (HSA) might also be something to pick up. It’s similar to an FSA, but it doesn’t have the same “use it or lose it” attached. An HSA is like a long-term emergency fund just for health care expenses. Plus, your money grows tax-free.
🔥Bottom line: Choosing the right health insurance is a delicate dance. Make sure you’re looking at things from all angles before hitting that “submit” button. Speaking of health insurance, a trip to the ER could wind up costing you an arm and a leg (pun intended). To save your credit score (and your sanity), read this article!
Making changes to your health insurance this year?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
BTW, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
