It may seem like a long time, but in just a month it will be time again for the Open Enrollment Period for Health Care. On November 15th we have the opportunity to change or keep the coverage we’ve had for the last year. Now is the time to start thinking about whether or not to make a change. Look at the coverage and deductibles, shortfalls or overages for the last year.
You don’t necessarily have to change insurance coverages, but over the last year a lot may have changed that can affect your coverage. For instance your income may have changed and you may or may not be eligible for a lower cost option; or you may have had other life changes that make the insurance plan you have inadequate.
Some other things that can affect your insurance plan include:
- Divorce or remarriage,
- Birth or adoption
- A child turning age 26,
- Employment changes,
- Death.
Healthcare plans come in five different categories, Bronze, Silver, Gold, Platinum and Catastrophic. Depending on what your family’s needs are, you choose the premium and deductible plan that fits your needs. For example if you have a young family and spend a significant amount of time in the doctor’s office and use a lot of prescriptions, you might want to use a Gold or Platinum plan. These plans have higher monthly premiums, but the co-pays and deductibles are lower so you pay less out of pocket. Over the last year did you have some significantly higher doctor bills that would make you consider changing your plan?
The other options are that you’ve had some changes in your household that left you with an empty nest or you found you didn’t visit the doctor often. You only go when you have to and since many of the insurances cover wellness check-ups, you can opt for a Bronze or Silver plan because the premiums are lower. The out of pocket costs are a bit higher for these two, but you don’t use the doctor or prescription medications often either so the benefits are in the savings.
If you’re still not sure, you do have a month to think about it, but don’t wait too long. Call an AC Financial Adviser soon at (800) 564-3136 to talk about your options soon. November 15th to February 15th may seem like a long time, but it will be here and gone before you know it.
