Open Enrollment Reminders

Open Enrollment Reminders

By Lis McNealey Davies, CDFA®
Owner, Financial Advisor

Preparing for open enrollment and evaluating available plans can be a daunting task. Many clients can be confused by the variety of options available. It is our goal to help you cut through the clutter and identify key tasks to make your open enrollment process a smooth one.

Don’t miss the deadline
If you have healthcare through your employer, your benefits or HR department can let you know when your open enrollment period begins. For those who have an individual or family plan through ACA or another individual healthcare open market, the open enrollment period typically starts Nov. 1. Medicare's open enrollment period is from Oct. 15 to Dec. 7.

Evaluate your current plan
It may seem easy to go along with the same plan you had last year but open enrollment provides an opportunity to find plans that could offer additional benefits based on your current needs. Taking the time to evaluate your options and asking questions may help you reap additional financial benefits. It’s likely that your options could have changed with the new enrollment plan or your lifestyle has changed, so you should consider aligning your future plan with your current lifestyle/healthcare needs.

Pros and cons of available plans
There are three basic types of health insurance plans, including Preferred Provider Organization (PPO), Health Maintenance Organization (HMO) or High Deductible Health Plan (HDHP). Each type of plan has pros and cons.

For example, PPO plans typically offer the most flexibility but they can cost twice as much in monthly premiums as other plans. It’s important to weigh the benefits of each plan and make a decision that will give you the best combination of advantages for your physical and financial health.

Our team is experienced in helping provide guidance during open enrollment. Please contact us if we can be of assistance.

Lis McNealey Davies is owner of The Arlington Group Investment Consulting. A leader in the female focused financial advisory niche, Lis builds upon the group’s strong foundation and core offerings to drive growth and champion the group as an emerging advisory company in the divorce, widowed and life transition niches. As a previous divorcee and mom to three wonderful daughters, Lis understands firsthand the importance of financial confidence.

The use of the CDFA® designation does not permit Wells Fargo Advisors or its Financial Advisors to provide legal advice, nor is it meant to imply that the firm or its associates are acting as experts in this field. Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN), Member SIPC. The Arlington Group Investment Consulting, LLC is a separate entity from WFAFN.