01/07/2026
*stole from a pharmacy tech*
The new year brings changes to insurance, often with calendar-year plans resetting deductibles and out-of-pocket maximums on January 1st, requiring you to understand new provider networks, drug formularies, and costs like copays/coinsurance. It's a key time to review your health, life, or business policies due to life events (marriage, new baby, new job) or plan updates, and to check for ACA subsidy changes that might affect your Affordable Care Act plan costs significantly in 2026.
For Health Insurance (ACA Marketplace & Employer Plans)
Deductible/Max Reset: Most plans reset deductibles and out-of-pocket maximums to zero on Jan 1st, meaning you pay more upfront initially.
Network & Formulary Changes: Insurance companies update provider networks and drug lists (formularies) annually, so verify your doctors and prescriptions are still covered.
Open Enrollment: If you're on the ACA Marketplace, the deadline for coverage starting Feb 1st is January 15th.
ACA Subsidies: Be aware of expiring subsidies (like in 2026) that can drastically increase premiums if you're on the Marketplace.
For Other Insurance Types (Life, Auto, Home)
Life Events: Marriage, divorce, new home, or a new baby are triggers to review life insurance, auto, or home policies for adequate coverage and potential discounts.
Business Insurance: For business owners, review liability, property, and other policies as your business grows or changes.
Action Steps for the New Year
Review Policy Documents: Understand your new deductible, copays, coinsurance, and out-of-pocket limits.
Verify Providers: Check if your doctors, specialists, and pharmacies are still in-network.
Check Drug Costs: Look at the new prescription drug formulary.
Assess Your Needs: Consider any health changes or life events that impact your coverage.
Contact Your Agent: Talk to your insurance agent or broker to ensure your policies meet your current needs!
