Things to Consider with Open Enrollment
If you are planning to be enrolled in Medicare plans 2020, then you should already be familiar with open enrollment. Open enrollment is a time each which gives you the opportunity to adjust your employee benefits. It allows you to sign up for health insurance, add a child or make changes to other benefits. Many employers will slightly change their plans, and you may have to adjust accordingly to the plans that are being offered to you.
Some employers will also require action on your part or you may be unrolled from plans. It is important to carefully read the documents that are given to you so you can adjust it with you and your family’s needs.
Below are the things that you should keep in mind during the open enrollment:
- Your needs
First you need to determine if your needs have changed over the last year or if they will change in the course of next year. For example, if you are turning 26, then you have to get your own coverage. It is easier to sign up during open enrollment. There is no other way to sign up to a health insurance plan, unless if you have life-changing events.
When you receive your open enrollment materials, you will need to look for changes in the plan that were being offered. You may see differences in more than just premiums for the plans, but also detailed differences in the co-insurance and co-payment amounts. You should also check to see if there is different deductible amount. Depending on the size of your employer, you may have several different plans to choose from.
It is important for you to consider all of our out of pocket costs for each year, and the likelihood that you will meet those maximums. This might change from year to year.
You need to also consider if there are changes in the providers of your benefits. Your employer may switch insurance companies depending on the overall cost for them for coverage. It there is a change in the insurance provider, your dentist or doctor may no longer be covered under your new provider. Therefore you need to check with your new provider’s list of hospitals and care networks that they are using.
Check about the procedures that are being used as well, because there are some companies that will require you to file for pre-approval.
- Insurance that you require
You need to consider the insurance that you need for coverage. If you do not have any family history of a certain disease, then you can skip that particular insurance. If you do not wear glasses, then you might not need any vision insurance.
You can also consider purchasing term life insurance in case if you are changing jobs so that you do not need to worry about not having any coverage during this time.
This work similarly if you are in your twenties or thirties, you may not need long term disability insurance.