It’s Open Enrollment Season: What You Need to Know
- Matthew D. Davis, CFP®, APMA®
- 25 minutes ago
- 3 min read
It’s that time of year again when individuals and employees across the country must select or renew their health insurance and group benefits. Here are a few key updates and reminders to help guide your decisions, especially in light of recent government changes affecting the insurance landscape.
HealthCare Marketplace (Including Covered California)
Open enrollment for the HealthCare Marketplace runs November 1 through January 31, and you can apply at HealthCare.gov.
When comparing plans, remember that Bronze plans are typically the least expensive but come with high deductibles. Many Bronze or High Deductible Health Plans (HDHPs) are HSA-eligible, which can provide significant tax advantages. Contributions to an HSA (Health Savings Account) are tax-deductible, and withdrawals are tax-free when used for qualified medical expenses.
For 2026, HSA contribution limits are:
$4,400 for individuals
$8,750 for families
Plus an additional $1,000 catch-up contribution if you’re age 55 or older
Insurance premiums are expected to rise this year, and with federal subsidies now eliminated—the primary reason for the current government shutdown is over the removal of these subsidies—many people will see significantly higher premiums.
Medicare
Open enrollment for Medicare runs from October 15 through December 7. Eligibility generally begins at age 65.
While Medicare is a government program, private insurers offer supplemental options, including Advantage Plans (Part C) and Medigap (Supplemental) Plans.
Advantage Plans are often low-cost and may include extra benefits like vision or dental coverage, but they usually have smaller provider networks and can include deductibles or copays.
Supplemental (Medigap) Plans typically have higher premiums but provide the broadest provider access and often have no deductible, offering more predictable costs.
Advantage plan providers have been reducing the size of their networks. Carefully review your current plan’s changes and compare coverage before making your election.
Workplace Open Enrollment
For those covered through an employer, open enrollment is your annual opportunity to review and adjust your health, life, disability, and long-term care insurance selections.
Most employers provide basic life and disability coverage automatically, but if you have dependents, consider increasing your coverage. Life insurance should be enough to cover all debt and replace your income through retirement to ensure your dependents’ financial security.
If offered, choosing a High Deductible Health Plan (HDHP) paired with an HSA can be a powerful long-term tool. Many employers contribute additional funds to employee HSAs, further enhancing this benefit.
Dependent Care FSA: The latest tax bill has significantly increased the contribution limits for Dependent Care Flexible Spending Accounts (FSAs). Starting in 2026, individuals can contribute up to $3,750, while married couples filing jointly can contribute up to $7,500. Contributions are made through payroll deductions, which means they are deductible for federal, state, and employment taxes. You can find a list of qualified eligible expenses here.
Summary
This open enrollment season, take time to review your benefits carefully. Even small adjustments can have a significant financial impact over time. Prioritize tax-efficient coverage, adequate protection for dependents, and plans that align with your long-term health and financial goals.
At Eureka Wealth Management, I assist my clients in choosing the best plan for themselves and their families. You're welcome to share your group benefits details so I can assist you in making a choice. I also handle retirement plans and estate/tax strategies. Contact me for a complimentary initial consultation at (760) 537-0791 or schedule online at eurekawealthmanagement.com.
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