Open Enrollment: Things to Consider Before Open Enrollment Begins

Health insurance can make all the difference during the most challenging times in your life. However, if you’ve made the wrong decisions about your health insurance, you could find yourself uninsured or underinsured, meaning you may face significant out-of-pocket expenses or not even be able to receive the assistance you need at all. That’s why having a plan ahead of open enrollment is key.

What Is Open Enrollment?

Open enrollment is an annual period during which you and your family can enroll in or adjust your health plan. For the Health Plan Marketplace, this period often occurs from Nov. 1 through the following Jan. 15. However, many states may set their own timelines. Additionally, if you get health insurance through your employer, their period could differ.

What to Think About Before Enrollment

Making the right coverage selections is critical to ensuring you and your loved ones maintain health and wellness throughout the year. Specifically, consider the following:

• Life events—Getting married, having a child, moving to another state or changing employers should all spur you to revisit your coverage. Adding spouses and dependents or reassessing coverage options in your new location can all drastically alter your insurance needs.

• Health changes—Many health plans have stringent coverage limitations, such as excluding certain care options or providers. If you or someone else in your family has developed a condition requiring more flexible coverage, you should revisit your plan and make the necessary adjustments.

• Financial situation—Insurance plans can have varying costs, and the ideal choice may depend on your budget and preferences. For example, if you have a substantial nest egg set aside for emergencies, you might opt for a policy with lower premiums but a higher deductible that you’d be able to cover if necessary.

• Coverage options—Where you get your health insurance can significantly impact the costs and capabilities of your policy. Group plans offered through your employer are typically more affordable, but individual plans you seek out yourself could have more potential for customization.

Get the Right Coverage

Contact Lowmas Insurance and Financial Services today to learn about health insurance and open enrollment.