Open enrollment for the Affordable Care Act (aka “ObamaCare”) for 2015 health coverage begins November 15th. As with all open enrollment dates, it is a good time to reassess your current policy and future options to make sure you are best covering you and your family’s current healthcare needs. Choosing the wrong plan can cost you thousands of extra out of pocket dollars.
Whether you are in an open enrollment period for your company or whether you begin surfing the websites for your state-based American Health Benefit Exchanges, it is a great time to make sure that your coverage best reflects your needs.
Recently, I was interviewed by Jeanette Pavani of the Wall Street Journal for her article entitled Bargains to Be Had in November, where she outlined a few of the factors you should consider such as how to maximize employer health benefits if both you and your spouse work.
Searching through the Heath Care Exchanges can be a daunting task. To that end, I have attached a brief piece on how the Insurance Exchanges work. It is important not to make decisions just based solely on premium levels, but also to consider your expectations as to how much healthcare you and your family may need in the coming year.
This review should consider many factors including:
- Premium levels you can afford (via the Bronze, Silver, Gold level plans, etc.).
- The network of physicians and hospitals you need as it is much more expensive to go “out of network”, and
- If you are heavy utilizers of healthcare and/or prescription drugs, calculated the total cost you will have out of pocket (including the premiums) to see which is the best deal for you and your family.
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