Important Updates
15 updates from SonFed
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The annual Open Enrollment Period for the Affordable Care Act (ACA) Health Insurance Marketplace begins on November 1. Whether you need coverage for yourself, your family, or your small business, this is your primary opportunity to sign up for, renew, or change your health insurance plan for the upcoming year. Key Deadlines to Keep in Mind November 1: Open Enrollment officially begins. You can compare plans, calculate subsidies, and submit applications. December 15: The deadline to enroll or make plan changes if you want your new coverage to start on January 1. January 15: The final day of standard Open Enrollment in most states. Plans selected between December 16 and January 15 typically begin on February 1. (Note: If your state operates its own state-based marketplace—such as California, New York, Pennsylvania, or others—your enrollment deadlines may extend beyond January 15.)
The annual Medicare Open Enrollment Period runs from October 15 through December 7. This is your dedicated window to review your current healthcare coverage, compare available options, and make adjustments to ensure your plan fits your needs and budget for the upcoming year. Any changes made during this time take effect on January 1. What You Can Do During Open Enrollment During this window, you have the flexibility to:Switch from Original Medicare to a Medicare Advantage Plan (Part C), or return to Original Medicare. Change Medicare Advantage Plans, whether switching to a different carrier or selecting a plan with different network options or supplemental benefits. Join, drop, or switch a Medicare Prescription Drug Plan (Part D) if you are enrolled in Original Medicare. Adjust drug coverage by switching between Medicare Advantage plans that include or exclude prescription coverage. Why Reviewing Your Coverage Matters Even if you are satisfied with your current plan, policies change every year. Before the December 7 deadline, take time to verify: Formulary changes: Ensure your regular prescription medications remain covered and check which tier they fall under. Provider networks: Confirm that your primary care doctors, specialists, clinics, and preferred pharmacies are still in-network.Cost adjustments: Look over upcoming changes to deductibles, copays, coinsurance, and out-of-pocket maximums detailed in your plan's Annual Notice of Change (ANOC). Need Guidance?Don’t navigate your options alone. Whether you want to explore new plans, verify provider networks, or review prescription drug costs, our team is here to assist. Call Us: 915-257-8645 Email: federicocortez@trustsonfed.com Book an Appointment: www.trustsonfed.com
I know we just crossed the finish line for your 2025 filings, but I wanted to send a quick note to help you stay ahead of the curve. With significant updates from the One, Big, Beautiful Bill (OBBB) taking full effect, the 2026 tax year is shaping up to be a busy one. Here are a few key updates to keep on your radar as you track your finances this year: Higher Standard Deductions: To help keep up with inflation, the standard deduction is increasing for the 2026 tax year. For married couples filing jointly, it's rising to $32,200; for single filers, it will be $16,100. New & Permanent Deductions: Good news for small businesses—the 20% Qualified Business Income (QBI) deduction has been made permanent. There are also new enhancements for employer-provided childcare credits and increased limits for state and local tax (SALT) deductions. Digital Refunds: As a reminder, the IRS is continuing to phase out paper checks. If you haven't already, please make sure you have your bank routing and account numbers ready so we can set up direct deposit for your future refunds. Pro-Tip: The best way to have a stress-free tax season next year is to start a "2026 Tax Folder" now. Drop in any receipts for business expenses, large purchases, or charitable donations as they happen. If you have any questions about how these new laws might affect your specific situation—or if you're interested in tax planning services to lower your liability before year-end—feel free to reach out to me anytime. Best regards, Federico Cortez Jr.
Latest Updates
Most employees are unprepared for a $1,000 medical bill, yet few understand the supplemental health benefits built to cover it By Mark Rosanes 06 Oct 2026 More than half of US workers who had a recent medical event paid at least $1,000 out of pocket, yet only 28 percent say they are very prepared to cover an unexpected expense of that size, according to new research from the Employee Benefit Research Institute (EBRI). The voluntary benefits designed for that gap – accident, critical illness and hospital indemnity insurance – remain poorly understood by many of the workers they are meant to protect. The findings come from EBRI's Expanding the Benefits Horizon issue brief on employee understanding and enrollment, published August 20, 2026. It is the final installment of a three-part research program funded by Lincoln Financial, a voluntary benefits provider, and draws on a survey of 1,130 benefits-eligible workers. The research identifies understanding and perceived cost as the main barriers. Supplemental health benefits are the least understood Self-rated understanding was weakest for supplemental health products. Forty percent of employees said they had a high understanding of critical illness insurance and 35 percent of hospital indemnity, compared with 54 percent for health insurance. Fewer employees reported having these benefits available at all: 28 percent said they were offered accident insurance, 21 percent critical illness and 17 percent hospital indemnity. Those figures may understate what employers provide. In earlier surveys in the same program, employers were more likely to report offering several benefits than employees were to report having access to them. Workers at organizations with fewer than 500 employees reported lower access to benefits information through email, websites, smartphone apps and social media. Cost is the stated barrier to voluntary benefits enrollment Employees who skipped voluntary benefits most often cited cost. EBRI suggests many may not have weighed the extra premium against the out-of-pocket costs the coverage could offset after a medical event. When respondents read brief, plain-language descriptions of what each benefit covers and how it pays out, their interest in enrolling rose markedly, although EBRI cautions that interest does not guarantee enrollment. Premium cost is also partly within employers' control. A class action alleging broker commissions consumed 37 percent of Macy's supplemental benefit premiums centers on the same three products, and plaintiffs are building similar voluntary benefits lawsuits from employer Form 5500 data. Medical bills are straining workers' finances Nearly half of employees (47 percent) reported at least moderate financial difficulty because of medical events, and 37 percent had a medical bill sent to collections. Fifty-seven percent have delayed medical care, 26 percent within the past year, and just under six in 10 of them cited cost as the main reason. Among employees already enrolled in supplemental health coverage, 57 percent described it as very important. Many said losing it would mean more worry, lower productivity, more absences and greater reliance on loans or retirement savings. Those effects echo a Zurich study linking financial resilience to employee performance and retention, which found only half of workers could cover a few months without income. The research points to the enrollment materials themselves: plain descriptions of each supplemental product, a clear comparison between the premium and a typical out-of-pocket bill, and benefits information that reaches workers at smaller sites.
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