The open enrollment period for health insurance is here! Are you prepared? Make sure you are on top of your game with these seven tips:
1. Mark your calendar
Open enrollment periods are only open for a limited amount of time. If you are planning to sign up for coverage through the Health Insurance Marketplace, December 15, 2016 is the last day to enroll in or change plans for coverage to start January 1, 2017.
2. Check your current coverage
Review your current coverage. You’ll want to know your current deductible and benefit levels so you can compare this year’s offerings to what you had last year.
3. Look back at your bills
Examine your health insurance bills from this year. Did you meet your deductible? Were your providers covered at an in-network rate? What was your premium? Having this information in hand will help you decide on the best coverage for next year.
4. Catalog the changes
Are you anticipating any changes to your financial status this year? Planning on moving across the state? Know that you’ll need a medical procedure? While you can’t anticipate every change, having a clear picture of what’s coming will help you pick the right coverage during open enrollment.
5. Examine your choices
What plans are available for you to choose from? Look at the premium (the monthly cost) as well as the deductible, copay or coinsurance, and out-of-pocket maximum for each available plan.
6. Preview the providers
Most plans have a network of providers they contract with. Seeing one of these providers saves you money. Check to see if the list of in-network providers includes the providers you want to see.
7. Search the formulary
If you take any prescription drugs regularly, make sure these drugs are covered under the plan’s formulary, or you could be in for an expensive surprise at the pharmacy. If your drug isn’t covered, talk to your doctor about switching to a medication that is on the formulary.
Choosing the right health insurance plan involves many factors, and it’s easy to get overwhelmed. If you need help choosing the right plan during open enrollment, contact us. Our insurance experts can help you sort through all the options and find the best one for you. Assistance is available via phone at 1-800-453-9691, by using our contact form here, or you can visit us in person for professional help with any and all insurance matters.