What to Know:

• Health insurance plans can change from year to year, including which doctors, prescriptions, and services are covered.
• High-deductible health plans may offer lower monthly premiums, while health savings accounts provide valuable tax advantages.
• Affordable Care Act premiums are expected to rise again, making it especially important to compare coverage options and out-of-pocket costs.

Open enrollment season is approaching, giving millions of Americans an opportunity to review their health insurance coverage and make decisions that could affect both their healthcare and their finances in the coming year.

But with rising premiums, changing benefits, and a growing list of coverage options, choosing the right plan isn’t always straightforward. And one of the biggest mistakes consumers can make is simply sticking with the same coverage they had last year without checking whether it still meets their needs.

CBS News Business Analyst Jill Schlesinger says taking the time to compare plans, understand potential out-of-pocket expenses, and explore additional benefits could help consumers avoid costly surprises while making the most of their health insurance dollars.

Here’s the full transcript of an interview we did with Jill earlier this week.

WKMG-TV: Open enrollment season is just around the corner, and for millions of Americans, it’s time to take a closer look at their health insurance coverage. CBS News Business Analyst Jill Schlesinger is here to help guide us through the process.

Jill, more than 150 million Americans purchased health insurance through their jobs. Where should they start?

Jill Schlesinger: Try to avoid making the mistake that most people make, which is they just choose whatever they did last year. And the reason that’s a mistake is that you’ve got to make sure your doctors and your prescriptions are still covered under your current plan. These plans change every single year.

While you’re at it, you may want to investigate a high-deductible health plan – you’ll have a higher deductible, that’s true, but you’ll get a lower monthly premium in exchange.

To pay for that higher deductible, these plans are paired with health savings accounts. And the cool thing about a health savings account is their triple tax advantage:

• That the money that goes into the account goes in pre-tax.
• The earnings within the account, they grow without taxation.
• When you pull the money out down the line for your healthcare costs, no tax due.

And the other benefit is these plans travel with you. They’re not tied to the employer, so you can take it to your next job or even into retirement.

WKMG-TV: What other benefits should workers focus on?

Jill Schlesinger: I think a lot of people are familiar with flexible and dependent care spending accounts. They allow you to put money away pre-tax to pay for these costs. I just want to remind the people out there that they mostly use it or lose it, so just try to estimate what you’re going to need for the plan year ahead.

I think there are some other new benefits that a lot organizations are adding to plans and those include pre-tax money for transit and parking, for legal plans, for identity theft protection, and even pet insurance.

Now, retirement plans are not usually tied to enrollment period, but it is a really good time to check in and make sure you see how much you’re contributing. If you can afford it, maybe you just push up that percentage by a point or two. That’ll help you save some more money before the end of the year.

WKMG-TV: And Jill, open enrollment for the Affordable Care Act opens on November 1st. What’s expected for cost next year?

Jill Schlesinger: This is where the bad news really does kick in, because there’s a double whammy.

We’ve got rising healthcare prices across the board, but with the Affordable Care Act, a lot of people used to receive enhanced premium tax credits. Those were during the pandemic – the government was helping people to pay for the Affordable care Act coverage. But with the expiration of that in 2025, costs have soared.

So, if you look at this year compared to last year, monthly premiums are up by 58%. And the estimate is that there’s going to be another 15% jump next year.

On top of that, we see maximum out-of-pocket limits rising by 13%. And so I think a lot of people are struggling as they get onto that healthcare.gov website. I think one thing to consider is to swallow these big costs is to move down a plan level. So, if you were choosing silver last year Maybe you’ll move to a bronze plan. And that can help you lower your premium costs.

Also, do check in with your state, your municipality, because there are some programs and subsidies for those taxpayers who cannot afford their coverage.

WKMG-TV: Jill, thank you very much. You can see Jill regularly on CBS Mornings and the CBS Evening News. For more analysis, go to JillOnMoney.com.