November Tax & Financial Deadlines
Time to pick your NEW...HEALTH INSURANCE plan!
November 1st 2022 is the start of:
HEALTH INSURANCE OPEN ENROLLMENT!
Want to UPGRADE or DOWNGRADE your Health Insurance??
This is the time to do it!!
As a small business owner, this is likely a high cost depending on where you live so it is even more important to review the plans available to you.
Want coverage to Start on 1/1/23??
Then your enrollment period for most states is: November 1st - December 15th.
Be aware...
...you will see that enrollment goes until January 15th.
That is true...HOWEVER...if you want to have NO LAPSE in coverage, and want your plan to start JANUARY 1st...
Then your deadline is DECEMBER 15th!
The January 15th deadline is for your plan to start 2/1/23...meaning you have no insurance for 1 month!!
HOW TO CHOOSE A PLAN:
When choosing a plan, the top priority should be checking that your doctors and hospitals are IN-NETWORK.
The second priority should be seeing if the medical costs were tax advantageous or not.
IMPORTANT NOTE:
There are a lot of advantages of using a Health Savings Account (HSA). And next week I will have an email dedicated to this topic.
If you need help with plan selection, please reach out to me and I can help you.
2nd deadline is for Medicare:
The other November reminder is Open Enrollment for Medicare Part D Prescription Plans
It began October 15th & ends December 7th 2022…coverage will begin on new plan for January 1st 2023.
Need help picking a Health Plan?
My team can help!
Best
Pat
Disclaimer: This is meant to be educational only. This is NOT advice for your specific situation. Please consult a qualified financial professional before making changes to your financial plan.