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6 Things to Know About 2022 Open Enrollment

Posted September 29, 2021

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The leaves are changing, temperatures are dropping, pumpkin-flavored everything is everywhere, and the candy is lining the shelves— this can only mean one thing- open enrollment is just around the corner.

Okay, maybe that’s not what your primary focus has been on with this change of season, but it is something you should be aware of and prepare for over the next few weeks. At Thayer Financial, our goal is to help you achieve your financial goals, and one way we’re doing this is by helping you understand what open enrollment means for you.

Here are six things everyone should know about the 2022 open enrollment season.

When Is Open Enrollment?

Open enrollment is a chance for you to enroll in a health insurance plan for the upcoming year. It takes place during the fall and winter months to elect the next calendar year’s coverage. It begins on November 1, 2021, and will go through January 15, 2022. However, depending on when you enroll, this will affect when your coverage begins.

If you enrolled on or before December 15, 2021, your coverage would begin on January 1, 2022, but if you enroll between December 16 and January 15, 2022, your coverage will not start until February 1, 2022 (Source). 

What Plans and Benefits Are Available?

You may be wondering what you will be signing up for during open enrollment. There are ten essential health benefits that insurers must provide: preventative care, COVID-19 diagnostic tests, emergency services, prescription drugs, maternity care, mental health, substance abuse services, and pediatric care.

No matter what services you will receive, the maximum out-of-pocket amount you will pay as an individual is $8,700, and the maximum you will pay for families is $17,400.

Should I Open a Health Savings Account (HSA)?

It may be a good time to ask if you should open a Health Savings Account (HSA) during open enrollment. An HSA is a savings account that allows you to put money away for healthcare-related expenses tax-free. Think of it as your special piggy bank, envelope, secret stash, or specialized savings account that only holds money designated for medical expenses. For 2022, you can contribute up to $3,650 for self-only coverage and up to $7,300 for family coverage.

What Other Benefits / Policies Should I Consider?

While you are setting up your health insurance benefits during the open enrollment, you may also want to consider other types of insurance such as dental, vision, life, or long-term disability and short-term disability.

What Happens If I Miss Open Enrollment?

If you do not enroll during the open enrollment period from November 1, 2021, to January 15, 2022, you could lose coverage for the upcoming year. An exception to this is if you have a life-changing qualifying event such as getting married or divorced, having or adopting a child, or losing eligibility for other health coverage. At which point, you will be able to enroll in health insurance throughout the year.

How Can Thayer Financial Help?

Thayer Financial is a fee-only registered investment advisor and can help you make the right decision for yourself and your family during the open enrollment period. Whether you will be enrolling in Medicare in the upcoming months, need help navigating HSAs, or have questions about the right plan for you, our team has your best interest in mind. We act as a fiduciary 100% of the time, so you can rest assured that you receive honest and transparent advice.

Thayer Financial is ready to advise you on your open enrollment options from the perspective of comprehensive financial planning. As financial advisors in Hickory, North Carolina, Thayer Financial is your dedicated resource for fee-only, fiduciary advice. Schedule an appointment or call us today.


Thayer Financial, L.L.C. (“Thayer Financial”) is a registered investment adviser offering advisory services in the State of North Carolina and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. This website’s presence on the Internet shall not be directly or indirectly interpreted as a solicitation of investment advisory services to persons of another jurisdiction unless otherwise permitted by statute. Follow-up or individualized responses to consumers in a particular state by Thayer Financial in the rendering of personalized investment advice for compensation shall not be made without our first complying with jurisdiction requirements or according to an applicable state exemption.

All written content on this site is for information purposes only. Opinions expressed herein are solely those of Thayer Financial, L.L.C., unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to other parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.


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