The open enrollment season is coming up. Avoid these common mistakes.
1. Letting open enrollment pass you by
Don’t automatically re-enroll in your Marketplace health insurance plan. This is perhaps the worst mistake you make during open enrollment.
From one year to the next, carriers may make sweeping changes to their plans, such as adding and deleting doctors and changing prescription med coverage. You could save money and gain the services you need by switching plans.
2. Misunderstanding your needs
Estimate how much you’ll spend on health care in the upcoming year. Then review plans with low and high deductibles and choose the right one for you.
The solution: Sure, surprises come up, like appendix surgery or a new diagnosis. However, it pays to review what you spent on premiums last year versus what you paid for medications and claims. Determining your total out-of-pocket costs will help you properly evaluate whether your existing plan still suits your needs.
3. Automatically choosing a low-premium plan
Choosing a plan based solely on the premium can lead to higher spending out of pocket.
The solution: Take premiums into account but also factor in the deductible – or how much you’ll spend before your carrier begins paying for services. Don’t forget the co-pay, co-insurance and the out-of-pocket maximum that you’ll be responsible for as you choose a plan.
4. Sticking by your doctor
Choosing a plan just because you’ll be able to keep your doctor isn’t always the wisest choice. You may face other issues, such as a limited choice in hospitals and specialists.
The solution: Make sure your plan offers a broad range of options for both in-network and out-of-network providers. For example, if your plan doesn’t offer any coverage for out-of-network providers, you’ll be responsible for 100 percent of that cost. Alternatively, you could choose a plan that lets you see your doctor.
The bottom line
It’s critical that you make the right choices about your Marketplace health insurance coverage.
Working with an expert to select your health plan can help you avoid these common, costly mistakes.
UROne Benefits is here to help you wade through the confusing Marketplace options and ensure you choose an affordable plan that has the benefits you need. Call us at 1-800-722-7331.