How To Prepare For Open Enrollment

As Open Enrollment (November 1 to December 15) approaches, it is important to prepare to make sure you do not miss out on this opportunity to purchase health insurance for the upcoming year. Although making the right choice can seem like a daunting task, taking the time to focus on preparing for Open Enrollment will help you not miss any deadlines

What is Open Enrollment?

Open Enrollment is the time of year you can purchase a new health insurance plan, change plans from an existing plan, or cancel your current plan. It only lasts from November to January annually, so it is important to not miss the deadline or you will not be able to enroll until the following year unless you have a special qualifying event such as losing your coverage or moving.

How to prepare for Open Enrollment

Here are some tips to prepare for the upcoming Open Enrollment season so you do not feel overwhelmed.

Work with a professional 

Brokers are available during open enrollment to help you choose a plan and enroll. They spend months preparing to learn new plan options and features that carriers are offering for the next year, so they likely have more insight to help you make the right decision. But, if you decide to use a broker, be sure to be responsive. This is their busiest time of the year, so there is a lot of other people they meet with, including current clients who renew plans, so if you need help, respect their time!

Assess healthcare needs

Your healthcare needs change over time, so reflecting on how often you go to the doctor and how many prescriptions you take can help you determine what kind of health insurance plan you enroll in.

Determine budget

The end of the year is a good time to look at your finances and determine what you can spend on healthcare for the upcoming year. Usually, spending 8.5% of your income or less on your health insurance premiums is what you should budget for. With a number in mind, it can help guide your decisions when choosing a plan

Figure out a plan wish list

If you want to get health insurance and don’t know where to start, the easiest place is on your wish list. By thinking about what your ideal health insurance plan looks like, it can help you narrow down all the options available to you. For example, your “dream plan” may include a wide network of doctors and free preventative care. Maybe you want to lower the costs of your prescriptions. Whatever it is, keeping these in mind while shopping for a plan can help guide your search.

Know the deadlines

Finally, in order to feel prepared for Open Enrollment, knowing the deadlines is key. With holidays, vacations, and other events that take place at the end of the year, the deadline can easily slip by. Waiting until the last minute to enroll is not the best strategy because your application could be delayed. It also does not guarantee you can get an appointment with a broker. Getting your health insurance enrollment completed early is best to avoid last-minute panic and will give you more time to do the things you enjoy.

All in all, preparing for Open Enrollment is as simple as assessing your needs as well as not procrastinating. Getting professional help is the best way to go about enrolling because licensed brokers spend the year learning which plans are available for the upcoming year, which will save you time reading through hundreds of plans.

Contact me today for a free consultation to enroll for the upcoming year.

Katherine Phillips Insurance
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