Make Open Enrollment Work For You

Are you happy with your health insurance plan?  Or are premium amounts, deductibles and copays draining your bank account? Are you paying for services you don’t need or want, like smoking cessation classes or a life coach?

Could your family save a bundle by opting for a plan with a higher deductible that offers lower premiums and copays? Or one that covers prescription drugs in the GAP?

Open enrollment is the time period you’re allowed to make changes to employee benefits like health, dental, vision and life insurance plans. Dates and time frames vary by company and providers, but are always held at least once a year. For those folks who receive Medicare benefits, open enrollment always occurs from November 15 through December 31.

Know What To Look For In a Plan

Do you know the differences between  PPOs, HMOs and POS plans? Make sure you understand these acronyms and other insurance terms before making a selection.

Here are a few questions to ask insurance providers.

What Are My Out-Of-Pocket Costs?

How much will I pay for prescriptions and office visits?

What are my fees after the plans pays its portion?

–   Coinsurance/copays?

–   Deductibles?

–   Monthly premiums?

Does My Plan Offer Dental Insurance?

What are the costs?

What about fees for extensive dental work like braces or implants?

Does My Plan Offer Vision Insurance?

What are the premiums?

Are glasses and contacts covered?

How many eye exams are allowed per coverage period?

What Are My Prescription Drug Benefits?

Are there any out-of-pocket limits or annual caps?

Does my plan provide coverage in the Medicare gap?

What Does My Plan Cover?

What will it cost to insure my kids and spouse?

Are emergency room visits covered?

Do I Have To Use Doctors In My Network? OR Can I Use Any Healthcare Provider?

Are my physicians in the network? Or will I have to choose new providers?

What about my local hospital? Can I still go there for services?

What are the costs if I use an out-of-network provider? (Typically using an in-network provider saves money.)

Make sure you’re familiar with the recent changes to healthcare insurance laws. And that you understand the existing policies you have in place and your options if you decide to make changes. Knowing these important facts saves time, a lot of frustration and money.

For more money-saving tips check-out target=”top”>Healthcare.gov and your insurance providers’ websites.