It's that time of year againâOpen Enrollment for 2024 is just around the corner! You spend your days taking care of others, but it's equally important to take care of yourself, especially when it comes to your health and finances. Open Enrollment is your opportunity to review and adjust your benefits, ensuring they align with your personal and financial goals. Hereâs what you need to know to make the most of it this year.
1. Key Dates for Open Enrollment 2024
Mark your calendars! Open Enrollment for most health insurance plans in 2024 runs from November 1 to December 15, 2023. However, specific dates can vary depending on your employer or state, so be sure to double-check with your HR department. For my work, it's now open and I can change my benefits.
2. Evaluate Your Health Needs
You know how important it is to anticipate future health needs. Whether you're planning for a major life change, like starting a family, or just want to ensure you're covered for unexpected medical expenses, now is the time to reassess your current health insurance plan. Ask yourself:
- Did I use my benefits effectively last year?
- Am I satisfied with my network of doctors and hospitals?
- Do I anticipate any major health changes (e.g., surgeries, pregnancy, or ongoing treatments)?
If your current plan doesnât cover your needs or feels too expensive, this is your chance to switch to a more fitting option.
WHY I AM SWITCHING OUR INSURANCE: Our family has been fairly healthy all year (thank goodness) and we rarely went to the doctors. We will be switching to a high deductible health plan to lower down our premiums. (see below the difference of health plans) and so we can also start contributing to a Health savings account.
3. Understand Your Plan Options
Most employers offer multiple plan types, but understanding the differences is key:
- HMO (Health Maintenance Organization): Generally lower premiums but requires you to stay within a network.
- PPO (Preferred Provider Organization): Higher flexibility in choosing providers but often comes with higher premiums.
- High Deductible Health Plans (HDHP): Lower premiums but higher out-of-pocket costs, often paired with a Health Savings Account (HSA).
Knowing these options can help you select a plan that balances cost and coverage, especially if you're trying to save more for your financial goals, such as early retirement or side hustles.
READ: How health insurance works
4. Maximize Your Health Savings Account (HSA) or Flexible Spending Account (FSA)
If you have access to an HSA or FSA, donât overlook these tools! Both allow you to set aside pre-tax money for medical expenses, but there are key differences:
- HSA is available if you have a high-deductible health plan. Contributions are tax-deductible, and funds roll over year after year. This can be an excellent way to invest for future healthcare needs, especially as it grows tax-free.
- FSA is available with most employer-sponsored health plans, but the funds usually need to be used within the plan year, making it essential to budget accordingly.
5. Consider Vision and Dental Plans
Vision and dental coverage are often separate from your primary health insurance, so donât forget to review these options during open enrollment. If you're planning to get glasses, contacts, or major dental work in 2024, make sure your plan covers these services, or explore an option that better fits your needs.
6. Review Your Life Insurance and Disability Options
Itâs easy to overlook life insurance or disability coverage when thinking about health insurance, but these are critical components of your financial safety net. Open Enrollment is a good time to assess whether your current coverage is sufficient to protect you and your family should anything unexpected happen.
If you want to learn more about my take on life insurance, check out my more detailed post on: Open Enrollment 2024 @ Nursing Flowsheet
7. Plan for the Future: Retirement Contributions
Many employers allow you to adjust your retirement contributions during open enrollment as well. If you're looking to increase your 401(k) contributions or take advantage of employer matching, this is the perfect time to make those changes. Remember, maximizing your retirement contributions helps you on your path to financial freedom.
8. Look for Wellness Benefits
Some employers offer wellness programs that reward you for taking steps to improve your health, such as smoking cessation programs, fitness reimbursements, or mental health support. Donât overlook these benefitsâthey can improve your well-being while saving you money!
In Summary:
- Know your Open Enrollment dates and review your health needs.
- Understand your plan options and adjust them according to your lifestyle.
- Donât forget about your HSA or FSA.
- Consider updating life insurance, disability, and retirement contributions.
As healthcare providers, you understand the value of good coverage more than most. Use this Open Enrollment period to take care of yourself and your future!
Take charge of your benefits this season, and set yourself up for a healthy and financially secure 2024.
3 Stock Market News This Week đ
- Goldman Sachs reported a 45% increase in third-quarter profit, fueled by a resurgence in investment banking and equity trading.
- Walgreens Boots Alliance announced plans to shutter 1,200 stores over the next three years as part of a restructuring effort. The move comes as the pharmacy chain faces declining consumer spending and pressure from low drug reimbursement rates.
- Performance The S&P 500 and Dow Jones Industrial Average both hit fresh record highs, reflecting strong investor sentiment. 5,861.78 +19.31 (0.33%)today
2 Actions To Do Today đą
- MONEY: Start your holiday sinking fund. If you're like me, I love giving gifts during the holiday but if you're not prepared, this could break your bank. What is a sinking fund? It's a specific "bucket" you put your savings in for a specific purpose. You can do buckets in ALLY BANK! this is why I love using this bank for High Yield Savings.
- LIFE: This is your sign to learn about meditation. Meditate for 5 minutes. You can youtube a meditation you can do for 5 minutes.
ONE Quote to be Inspired â¨
Bob Dylan on the advice his father gave him:
Even if you don't have all the things you want, be grateful for the things you don't have that you don't want."
Source: Chronicles, Volume Oneââ
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People who are the happiest are the ones who live in the moment and are grateful.
Have a great week ahead!, Ellaine
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