It’s important to remember that the health insurance plan that you select this November will impact your healthcare spending throughout the year. Whether you’re one of the 1.5 million projected consumers affected by Aetna, UnitedHealthcare and Humana’s exit from the Marketplace in many states, or you’re just looking to change plans this fall, it’s important to explore all the features of a plan to minimize your expenses. Here are six tips to help:
- Make sure your doctors are in network. Health insurance plans can change each year. Even if a 2016 plan covered certain physicians, that might not be the case for 2017. You should review your plan for any changes. If you’re in the market for a new plan, you’ll want to make sure your doctors are in network.
- Ensure ongoing prescriptions are covered. Just like doctor networks, prescription coverage can change. If you take regular prescriptions, you should check to see if your medications are included in your preferred plan before enrolling.
- Select the right metal tier for your needs. At first glance, bronze plans can seem attractive because of their lower monthly premiums. But these plans typically come with higher deductibles, coinsurance and copays, out-of-pocket maximums, and overall lower levels of coverage. Speaking with a licensed health insurance agent can help you determine which metal tier (i.e. which level of coverage) makes the most sense for you.
- Find out if you qualify for tax credits. Last year, 85% of people who enrolled in a health insurance plan on the Marketplace qualified for tax credits averaging $291.* With news of premium increases in 2017, it’s important to remember that tax credit amounts are tied to the second lowest silver plan’s premium in any region, meaning that if that level of premium increases, the tax credit increases accordingly.
- Don’t shop by monthly premium alone.A health insurance plan that has a $100 monthly premium may look like the lowest cost plan, but after factoring in deductible, copays/coinsurance and prescription costs, that same plan could end up costing more than one with a $200 monthly premium and higher levels of coverage.
- Don’t be afraid to ask for help. Licensed agents like ours are available to help you compare and shop for health insurance plans; there is no charge for this service. GetInsured agents represent multiple carriers, so you’ll get a good picture of the options available to you.
“Medical debt continues to be the number one cause of bankruptcy in the United States,” said Michael Daugherty, Vice President, Consumer Relations. “That’s why it’s so important for consumers to choose a health insurance plan that works best for their individual needs. At GetInsured, our mission is to make this process simple for shoppers.”
Open Enrollment for 2017 begins November 1, 2016. Consumers can shop for and compare plans on GetInsured.com. For additional assistance, licensed agents are available at (866) 602-8466 Monday – Thursday 9:00-10:00 ET; Friday 9:00-8:30 ET; Saturday 10:00-6:00 ET.
*Centers for Medicare & Medicaid Services: March 31, 2016 Effectuated Enrollment Snapshot
