Here’s How You Should Prepare for Open Enrollment

Open enrollment is just around the corner. Are you ready? Whether you are reviewing your group or individual health plan options, there are some key areas you should review closely.

Will my plan benefits change? Typically, plans change each year. It is important to review the plan summary of benefits. This review will detail how your plan will change in the upcoming year. Most changes come in the form of deductibles, co-pays, co-insurance and drug formularies.

Do I need to verify my providers are still in-network? Provider networks can change from year to year. Never assume a provider is still in-network, even if the insurance carrier has not changed. It is best to contact the provider’s office to confirm their participation each year. In-network providers can also apply to the pharmacies you use, which can affect the price you are charged for prescriptions.

Conduct a health expense audit. Take a look at the annual expenses you pay when using healthcare. Are you aware of any potential increases or decreases in healthcare needs expected in the new year? Calculate how these changes may affect your annual out-of-pocket expenses.

What if my employment income has changed? If your employment status has changed or you are no longer eligible for group health insurance, check your state or federal exchange programs to see which options are best for you. You may be eligible for subsidy premium assistance under the Affordable Care Act.

When you need assistance in gathering benefit information to make the decision that is best for you, we are just a phone call away.