5 Tips on How to Prepare for the 2018 Open Enrollment Period

Introduction

Open enrollment is around the corner and this year will be a shorter enrollment period than ever before. From November 1st, 2017 to December 15th, 2017, those eligible for health care can sign up for continued coverage, change current policies, and add new benefits. Navigating your way through an abundance of coverage options and finding the ones that fit your needs isn’t always easy. Below you will find 5 tips on how you can best prepare yourself for open enrollment in 2018.  

Prepare yourself in advance

Before open enrollment begins, prepare yourself in advance by collecting any documents necessary to sign up for coverage. Make sure you meet all the eligibility requirements and complete your application before open enrollment starts. Since open enrollment is so short, you don’t want to miss out because of missing or late documents that could have been organized ahead of time. These few weeks are the only opportunity to sign up for minimum essential coverage. So, keep in mind, if you pass up this chance, there could be costly penalties.  

Identify your needs

Take time to consider the needs of you and your family. Is your family healthy? Does anyone have a medical condition? Where do you plan to seek medical assistance if needed? Do you have coverage for unforeseen emergencies? Consider the changes that you and your family may be going through. Do you and your family have medical needs that aren’t met by your current policy? Could your family benefit from dental, vision, or other additional voluntary policies? By asking yourself these and similar questions, you can better determine what coverage is best for your individual needs.  

Evaluate your current coverage

Are you satisfied with your current coverage, or are there aspects of your policy that don’t work for you? What services do you need most? By evaluating your current coverage, you can see exactly what is working and what could be improved. It may be tempting to choose a more affordable plan, but take a close look at the details before switching over. Often times cheaper plans restrict your provider network and have higher deductibles and out-of-pocket maximums. Make sure you understand these expenses in addition to the monthly premium. If a new plan doesn’t include your current physician or hospital, you may end up spending more than you save.  

Consider the costs

A good way to evaluate your costs for the next year is by looking at your medical expenses from previous years. Consider how much money you spend on medications, if you have upcoming medical procedures, or preexisting conditions. In addition to a monthly premium, consider your annual deductible. This is the amount you have to pay in full before your insurance provider covers any costs. Also, consider the coinsurance rates. This is the amount you have to pay after you’ve paid your deductible, but before reaching your out-of-pocket maximum. The out-of-pocket maximum is the most you will have to pay before your coverage pays all medical expenses. Keep in mind that policies with low monthly premiums often expect you to pay more out-of-pocket.  

Meet the deadlines

Open enrollment provides a very short window of opportunity to sign up for or change your health insurance coverage. Unlike previous years, open enrollment will not be extended, so make sure you meet the December 15th deadline. Even if you’re completely satisfied with your coverage, take this opportunity to speak with your health insurance agent. This is the perfect time to re-evaluate your policy and find out about additional benefits. Since the Affordable Care Act took effect, it’s important to keep in mind that there are financial penalties for those left uninsured. Anyone without minimum essential coverage may have to pay fines, higher than the cost of insurance.  

Conclusion

Prepare yourself for open enrollment in advance by organizing necessary documents and understanding coverage options. Evaluate the needs of you and your family to determine if your current coverage is adequate. Be aware of shared costs as well as monthly premiums and out-of-pocket expenses when choosing a policy. Make sure you meet the deadline for open enrollment and you will be well-prepared for a secure and healthy 2018. If you have any remaining questions, feel free to call one of our agents at Buy Health Insurace. We can explain all of the information above in great detail and answer all of your pending queries. Phone us today at (800) 793-3803.