With the Marketplace Open Enrollment period in full swing, it’s the optimal time to review your health insurance. No other time of year can you change or update your policy – unless you qualify for a special event.
Whether or not your health insurance needs have changed, you may be able to find a plan with better coverage or at a lower cost. Here’s a checklist to review your health insurance plan.
Check your coverage
With your policy in hand, investigate whether you’ve fully used the benefits provided within the past year. Or perhaps you’ll find that you needed more coverage than your plan affords. Your lifestyle may have changed, as well. If you fit any of these scenarios, you may need to find a better or different plan:
- You’re turning 27 and won’t be able to be covered under your parents’ plan.
- You’re getting married and need to find a plan with more coverage.
- You’re having a baby and need a plan that includes maternity benefits.
- You’re retiring and want to beef up your coverage.
Check the cost
Dive into what you paid last year in premiums and out-of-pocket costs. Did you fully use your benefits, or were they less than you needed?
Anticipate your health insurance needs for next year. Do you have a change in health (such as being diagnosed with a chronic condition) that requires additional benefits, or do you project a decrease in expenses? Changing plans can help you avoid paying more for your coverage.
Check providers
Are you willing to change providers? If so, you may be able to purchase a less costly plan that still allows you to see high-quality physicians and other providers, but at a cost-savings to you.
Explore your existing plan’s out-of-pocket maximums. Choosing a plan with a slightly higher premium can help you avoid paying out-of-pocket costs that strain your budget.
Also check into plans with differing levels of copays and deductibles, another factor that can help you afford better coverage.
Check prescription drugs
If you’ve started taking a new prescription drug within the last year, or you’ve added medications to your regimen, you should investigate new health insurance plans. A different policy that covers the prescription drugs that you need to take can reduce your healthcare spending, for example.
Check your satisfaction
Another reason to review your health insurance needs besides coverage, cost, providers and prescription drugs involves your level of satisfaction.
Are you pleased with the experiences you had with pharmacies, doctors, hospitals and your carrier? Were they responsive, did they treat you with promptly and with respect, and include valuable add-ons like health coaching or mail-order prescriptions?
Be sure to investigate other plans that can better provide for your needs, and as a result, meet your expectations and help keep you as healthy as possible.
Reviewing your plan
There are a lot of factors to consider when choosing a health insurance plan. And that goes for holding onto your existing policy, too. With a health insurance expert on your side, you can get more from your insurance plan, or choose a better one that suits your health and financial needs.
Contact InsureOne Benefits today to have a Marketplace Specialist review your current policy and ensure that you’re paying for a quality, best-fit plan. We offer free health insurance reviews. Just give us a call today.