It’s open enrollment season — make Medicare or employer benefits changes

October is recognized as National Financial Planning Month (at least according to certified financial planners).

October is also traditionally the start of open enrollment season, a time when people on Medicare can change their health plan and employees can make elections on their employer’s benefits package. Whichever camp you fall into this fall, these fall enrollment decisions are among the most important financial planning choices you’ll make all year. Take the time to carefully research your options.

Let’s start with Medicare. Open enrollment runs from Oct. 15 through Dec. 7. Participants have the opportunity to examine their coverage and see if the plan still suits their circumstances. For example, during open enrollment you can switch from original Medicare (Parts A and B) to a Medicare Advantage plan (Part C). (Technically you can go the other way, but practically, the cost of the shift is prohibitive.) You can exchange one Advantage plan for another and shop for a new Part D prescription drug plan.

Researching your Medicare options is always a good idea since plan providers often adjust benefits, while your health and life circumstances might have changed during the past year. However, evaluating Medicare options will be particularly important this year. Providers are raising prices, dropping plans, reducing Advantage added benefits and adjusting pharmaceutical plans.

The employer’s open enrollment period usually falls sometime between October and December. Considering how busy everyone is at work and at home, it’s easy to not pay enough attention to employer benefit options. Big mistake. Instead, start by asking what has changed in your life. A new baby? The onset of a chronic condition? A spouse’s job change? Household changes like these usually call for a new mix of benefit choices.

At the top of the list: Carefully compare health plan options. A lower-premium plan might look attractive, but if you expect more medical bills next year, one with a higher premium and lower deductible might save you money overall. Don’t stop asking questions and running scenarios on health insurance. Open enrollment is an annual reminder to revisit 401(k) contributions, life insurance, disability coverage and much more. Bumping up your retirement savings by, say, 1% will make a difference in time, thanks to the power of compounding.

Open enrollment season is a time for those who are eligible to shore up the foundation of household finances and better prepare for whatever money challenges might come in 2026.