It’s Open Enrollment Season

Consumers gathered around a dining room table, and the conversation eventually turned to health insurance and open enrollment. It was no surprise that the cost of their health care coverage was a concern, as well as provider networks and satisfaction levels. The table included:

Small business owners. They purchased a health plan for themselves and their employees through a local insurance broker. Employees would re-enroll in the health plan during November for 2024. The business owners did not want to pass any price increases on to their employees given the tight employment market.  

Family of four. They were covered through the spouse’s employer-sponsored insurance. The spouse re-enrolled in the same health plan, despite the price increase, during the employer’s open enrollment in October. The health plan’s provider network included their pediatrician, which meant it was “worth it.”

Grandparents in their 70s. They were covered by Original Medicare and a supplement plan after retiring. They were not planning to make any changes during the Medicare open season (October 15-December 7). Despite concerns about cost increases, they were satisfied with their current benefits and providers.

Sole proprietor. He was covered through a federal marketplace plan. Given his income, he paid “full price” for coverage and shopped every year for the best plan and price. The ACA’s open enrollment period is November 1 through December 15.

Young adult. She was covered by her parent’s health plan while attending graduate school. Her parent’s employer held open enrollment in October, and she would be re-enrolled in “whatever my dad does.” While cost was of no concern at this time, it will be when she turns 26 next year and needs to buy her own coverage.

At this dining room table, everyone was subject to their health insurance system—ACA, employer-sponsored insurance, or Medicare—and cost increases for 2024. But they used open enrollment to make informed choices that met their personal and financial needs. In other words, they were Mastering Health Insurance.

Source: KFF (2022 data)

Photo: Halloween in Chicago (2023)