Each year during Open Enrollment (November 1- January 15), you have to option to enroll in a new health insurance plan or renew the current plan you have.
While enrolling in a new plan may be tempting, many times it may not be necessary.
Here is what you need to do before you decide to enroll in a new plan, or just keep with what you have.
Plans change every year
First of all, plans change every year. Benefits may increase or decrease, prescriptions that once were covered are now not, your doctor may not be in the network, and deductibles can increase. All of these changes are disclosed to you every year to give you the opportunity to review your current benefits and see how they will change for the upcoming year.
Better benefits and premiums may be available elsewhere
Changing plans can help you save money. While keeping your same plan is convenient, you may be able to get the same or better benefits elsewhere. It is important to carefully review options and compare and contrast them before deciding to change plans to save money. Sometimes, paying more upfront for better benefits is worth it in the long run. Working with a licensed broker can help you make this decision.
Changing plans takes organization
If you decide to change your plan, it will take organization on your part. You will have to make sure you set up your new payment, get new cards, and change the information with your doctor’s office. While a broker helps with the application process, other administrative duties are up to you.
Forgetting to review can be a missed opportunity
Finally, Open Enrollment is your only opportunity to review and renew your health insurance policy. Forgetting to renew your policy or not taking the chance to compare new plans to see if it is worth switching can be a mistake because you would have to wait until next year until the new plan options become available to make a change. Avoid procrastination by making your choice as soon as Open Enrollment begins to avoid any delays.
In conclusion, don’t miss out on Open Enrollment. It can be a valuable time of year to renew your plan and the only chance to see if there is something better out there that fits your healthcare needs. Even if you are happy with your current plan, you may be able to save money.
Contact me today for a free consultation.