Tips to Consider Before 2020 Open Enrollment Period Begins
Looking for the right health insurance coverage can be undoubtedly challenging. Every year, you and many others are searching for new policies that can lower co-pays, out-of-pocket expenses, and deductibles. Leading up to the annual enrollment period, employers will circulate guidelines and reminders that the season is approaching. With the pressure of picking a plan that fits all of your needs, it is important to learn more about open enrollment before selecting a new plan.
What is Open Enrollment?
With only 39 percent of employees being confident in their insurance selections, it is important to understand what you are signing up for. The definition of open enrollment is the period of time in the years where an employee can change or update existing plans or choose a new one. It allows for those who have not signed up for health insurance to choose a policy, allows others to change their benefits, or add children or a spouse. New employees also have the eligibility to choose coverage through the employers HR benefits. This include dental, health, vision, and pet care.
When is Open Enrollment?
Some states have varying open enrollment periods, along with the pandemic, it is sure to be interesting to see how open enrollment will be handled moving forward. For most, open enrollment is between October 15th and December 7th. Citizens who use individual insurance plans like the Affordable Care Act, open enrollment is between November 1st and December 15th.
How Does Open Enrollment Work?
For those waiting on employer benefits, open enrollment depends on the submitted forms to the HR benefit providers. It is key to make sure an employee submits paperwork before the official deadline to ensure coverage. With each state varying, it is important to mark time on your calendar in November to ensure proper coverage.
What You Should Consider Before Signing Up
Signing up and enrolling into a new plan may be confusing. It is important to consider the following before finalizing your policy choices:
Consider Your Needs
It is important to consider what you may need from your health insurance if there have been changes over the past year. For example, for those in their early 20’s, they still have the option to be included in their parent’s health insurance. However, if you are 26, you will need full coverage of your own. If you have ongoing health issues, it is important to consider a coverage that has minimal out-of-pocket expenses.
Changes in Plans
If you already have an insurance plan, it is necessary to be on the lookout for changes in your plan. You may notice changes in premiums payable, co-payment figures, and deductible amounts. Employees may have different plans to choose from depending on their employer.
Changes in plans can be an option for a higher deductible health insurance plan compared to traditional coverage. If you are healthy and rarely visit the doctor, this pay be the cheaper option for you. However, those planning to see doctors and specialists regularly, traditional health insurance plans are the way to go.
Note Changes in Providers
Apart from choosing a plan, you should closely check to make sure your employer did not change providers for your benefits. With the insurance industry’s dynamic nature, employers can change providers to save costs of covering employees. If you do notice a change, your current doctors may not accept payment or coverage from your new insurance plan. Along with change in provider, it is important to notice the different regulations that come with it. For instance, you may need approval before visiting a hospital or may need to file claims for procedures. These are key indicators to know during open enrollment.
Open enrollment is around the corner and it is the perfect time to adjust your benefits. Make sure to carefully read documents provided to you from employers or do the research to choose the essential plan you need. Open enrollment is the best time to shop around if you are looking for new coverage or looking to make adjust to current contributions. Use GetInsurancePricing.com to help you make the right choice for you and your family.