Open enrollment for health insurance starts soon with key dates for 2024

Open enrollment for health insurance is approaching, allowing individuals to sign up, change, or cancel their plans. For most states, the period runs from November 1, 2024, to January 15, 2025, while Medicare's enrollment is from October 15 to December 7, 2024. High Deductible Health Plans (HDHPs) offer lower monthly premiums but require higher out-of-pocket costs before coverage begins. They may be suitable for healthy individuals expecting minimal medical needs. However, those anticipating significant medical expenses may want to consider other options. Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) provide tax advantages for medical expenses. FSAs are employer-owned and typically must be used within the plan year, while HSAs are employee-owned and can accumulate funds over time, remaining with the individual even after job changes.