Open enrollment is here again Jill on Money
As I write this, the election results are not known, so let's concentrate on something you can control: open enrollment season for health coverage. I hear you groaning, but this is your not-so-gentle nudge to pay attention, because there is serious money on the line. For the 157 million Americans who receive their health insurance benefits through their employers, workers will shell out
To get started, review your existing coverage and what you spent this past year.Then try to project what your health care costs will be in 2021. That may sound crazy amid a health pandemic, but do your best. Then compare available plans to see what they cover; how much they cost, including co-pays and deductibles; and whether your doctors are in the network. Don't forget to factor in regular medications that you take and make sure that the plan covers them.
You may want to consider a High Deductible Health Plan (HDHP), which offers lower premiums and is paired with tax-advantaged Health Savings Accounts (HSAs). If you're generally healthy and want to save for future health care expenses, the HDHP/HSA may be an attractive choice. Or if you're near retirement, it may make sense because the money in the HSA can be used to offset costs of medical care after retirement. The maximum contribution for 2021 is
Amid COVID-19, the
Many companies also offer Flexible Spending Accounts (FSAs), which allow you to set aside
Medicare: Open enrollment has begun for the nation's health care plan for those over age 65 and runs through
Affordable Care Act (ACA): The 2021 ACA Open Enrollment Period has started and runs to
Republicans, Democrats Split On Health Care Issues, Could Delay Reform
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