Fall: Pumpkin spice, colorful leaves and open enrollment

You can use Medicare’s plan comparison tool to input which medications you take and your preferred pharmacies to ensure they're in-network. When comparing plans, consider the premium as well as out-of-pocket costs (such as co-pays and deductibles). You may also want to compare the star ratings of plans, which is an indication of members’ experiences with the plan.

You can change your Advantage plan either during Medicare open enrollment (Oct. 15 to Dec. 7) or during Medicare Advantage open enrollment (Jan. 1 to March 31). We recommend reviewing plans during the first open enrollment period so any elections are effective Jan. 1. The second enrollment period offers some flexibility if the plan you selected isn’t meeting your needs.

Most people don’t need to review their Medigap plan annually. If you’re comfortable with any price increases, you don’t need to do anything.

Open enrollment also offers the opportunity to change between Original Medicare and Medicare Advantage. However, there are meaningful differences between the two programs, and potentially significant implications to switching including difficulty switching back to Original with a Medigap plan once you’ve opted for Advantage. Each state has a State Health Insurance Assistance Program (SHIP) to help individuals and families understand Medicare coverage and options, so they can serve as a good starting point for helping with this decision.

Some employers offer multiple choices for health, dental and/or vision insurance, so be sure you take some time to understand which may be best for you. Additionally, couples may want to explore spousal/domestic partner benefits and even compare benefits across employers (keeping in mind that some employers charge a penalty for partners who have access to their own employer coverage). Compare differences in provider networks, prescription coverage, benefits, cost, and access and employer matches to a health savings account (HSA). Different plan selections can result in thousands of dollars of difference in health care costs.

Many employers also allow you to purchase additional life insurance coverage beyond the basic coverage in your plan. If you’ve never given much thought to how much life insurance to have, or if you’ve had a major life event since you last elected (e.g., marriage, divorce, birth/adoption), you may want to make sure you have enough insurance. You can use our Life Insurance Calculator or consult with your financial advisor.

Most individuals should have both a short-term and long-term disability policy. If your workplace offers these benefits, they’re worth considering.

Health care savings accounts allow you to use pretax dollars to pay for qualified medical expenses, with the two most common being Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs).

• FSAs are use-it-or-lose-it accounts, and you generally can’t change your contributions outside of open enrollment unless you have a qualifying life event. Plan carefully to avoid contributing more than you expect to spend for the year. Some are general health accounts that can be used for any qualified medical expense, while others are for special purposes like only dental and vision expenses.
• HSAs generally have more favorable characteristics, but you can only contribute to one if you have a qualified high-deductible health care plan. If you can contribute, the contribution limits are higher, you keep what you don’t use (making it a powerful savings vehicle), and you can change how much you’re contributing at any time. To learn more, ask your Edward Jones financial advisor for the report Five Things to Know about HSAs.

If you have a dependent who needs care while you work, find out if your employer offers a Dependent Care Flexible Spending Account (DCFSA). These are tax-advantaged accounts that allow you to use pretax dollars to pay for qualified dependent care expenses. Like FSAs, they’re use-it-or-lose-it, so plan carefully for how much you save. Additionally, most people who use a DCFSA won’t qualify for the Child and Dependent Care tax credit, so you may want to consult with a tax professional to determine which is more advantageous (typically DCFSAs become more advantageous the more money you make). If you have a spouse who also has access to a DCFSA, make sure you’re not exceeding the limits if you both contribute.