As Open Enrollment season is here, it’s that time of the year again to review your health insurance plan for 2021. Life has shifted in many ways, such as school changes, relocating due to job changes, and health care requirements. This is the perfect time to reevaluate your current plan and expenses.
In California, open enrollment begins on November 1, 2020, to December 15, 2020 for most insurances, with Covered California ending January 31, 2021. With various options to choose from, you want to be sure that you have all the details in place before finalizing your enrollment. Here are three tips to get you started and thinking about what is best for you and your family. It’s time to roll up your sleeves and get started on preparing for 2021.
Why Open Enrollment is Important
During open enrollment, you have the opportunity to take a closer look at your current plan and costs and make necessary adjustments. You are committing to the coverage you decided on and the costs as well. It’s important to review all the details carefully. Once you make your adjustments and choose the best plan for you and your family, you won’t be able to change that plan till the next open enrollment period. The only time you’ll be able to make changes if you qualify for certain life events like getting married, having a baby, or losing health coverage due to job changes, divorce, etc.
Tip # 1: Review Your Current Healthcare Expenses
Open enrollment is vital to reassess your current plan and costs to explore if there’s a way to save money for the new year. First, calculate out-of-pocket expenses and compare. If your out-of-pocket expenses are more than they should be, then it’s time to look for a plan with a lower deductible. Keep in mind that your premium will increase with a lower deductible. With a higher deductible, your premium will remain low. Alex Rue will help you decide what is best for you and your family and look at any new changes to ensure you have that coverage in place. This will determine the best route when it comes to deductibles.
Tip # 2: Identify Your Provider Network
Know what’s covered and review the coverage to make sure everything is included. Different plans include specific doctors within that network. If you prefer a particular doctor and hospital, make sure to look over the plan carefully. If the doctor you want to see is not within your chosen network, you’ll have to choose a different doctor or pay out-of-pocket. The Rue crew will have you look at the list and compare based on your needs and the specific plan.
Tip # 3: Explore Available Plans
There are four common types of plans available including, HMO, PPO, POS, and EPO.
- HMOs-Health Maintenance Organization plan has lower monthly premium costs and out-of-pocket expenses. One thing to consider is with HMO, you are limited to seeing providers only in your network. This plan has less flexibility.
- PPO-Preferred Provider Organization plan offers a network of providers that you can use for your medical care needs. You can see specialists outside of the network and typically don’t need a referral.
- POS-Point of Service plan has the flexibility to visit out-of-network providers, but typically at a high out-of-pocket cost.
- EPO-Exclusive Provider Organization plan offers lower out-of-pocket costs and a referral is not needed, but you will need to stay within your network. You have less flexibility with this type of plan.
Finding the right coverage, especially if you have future medical events coming up, is super important. Having a trusted insurance agent on your side to help you through is essential and gives you peace of mind. There are many intricacies involved when reevaluating and making changes to your healthcare plan. You want to make sure you get the coverage you need and the best deal.
The Rue Crew is here for you to offer extra support and individual attention so you feel confident in your health insurance plan. You can call, text, email, or visit us in person for advice and support. We are here to answer your questions and help you feel confident once you make that commitment to your health insurance plan.