Mark your calendar! The Open Enrollment Period for the Health Marketplace concludes on Saturday, Dec. 15, 2018. If you miss this window, you can't secure 2019 coverage unless you qualify for a Special Enrollment Period. Coverage starts on Jan. 1, 2019, for plans purchased during this time.

Open enrollment is here, and if you're exploring the Health Marketplace, time is of the essence. This weekend marks the end of enrollment in many states. (Check out the full list of deadlines here.) We know that savvy shoppers like you stay informed about health plan updates, but with enrollment numbers down this year, consider this your friendly reminder.

Let's cover the essentials of open enrollment and help you choose the health plan that best fits your needs.

Understanding Open Enrollment

To enroll in the Health Marketplace, you must do so by Dec. 15 for coverage beginning Jan. 1, 2019.

Conversely, employer open enrollment can happen at any time, typically around the contract renewal date, usually starting on Nov. 1. This period allows you to modify your health insurance without a qualifying life event. Such events include significant changes like having a baby, adopting a child, getting married, or going through a divorce.

Regardless of your reason for changing plans, follow these steps before committing to another year.

Key Points About the Marketplace

  • Eligibility is crucial. You must reside in the U.S., be a citizen or national, and meet other requirements.
  • There are two coverage types based on income levels. Discover your potential savings.
  • Marketplace plans include essential benefits, cover pre-existing conditions, and provide preventive services.
  • You can evaluate costs before logging in, just like any savvy shopper would.

Review Last Year's Health Care Costs

Analyze your health expenses from the previous year. Aside from significant one-time medical costs, your spending is likely to be similar this year. Use this information to identify the services you utilized and their costs, helping you choose the most cost-effective plan.

Check Your Doctors' Network Status

This is vital. If you have a preferred doctor, confirm they remain in-network this year. Providers occasionally change their plan affiliations, and you don't want to discover this during your next visit. Verify that your regular medications and services are still covered by your plan. If not, it's time to leverage your shopping skills to find a better health insurance option!

Evaluate High-Deductible Plans and HSAs

High-deductible health plans come with increased deductibles but lower monthly premiums. More employees are finding these plans offered. When combined with HSAs—health savings accounts—you benefit doubly: HSAs allow you to save for healthcare costs. Plus, HSAs offer three tax advantages: contributions are pre-tax, your savings grow tax-free, and withdrawals for qualified expenses are tax-free.