It’s time for open enrollment for individual health insurance: What do you need to know?
The mere thought of searching for a new health insurance provider makes pretty much everyone groan in frustration. You’re suddenly trying to navigate terms like “deductibles,” “copays” and “in-network.” And then there’s the sticker shock of the monthly premium. You’re torn between “why does this cost so much?” and “we have to have insurance.”
Individual Open Enrollment for health insurance is Nov. 1 to Dec. 15, but you don’t have to dread this timeframe. Instead, get educated about your best options and then work with an agent who actually speaks “insurance.”
Before you dive into the plan details and costs, have some basic information ready and think ahead on some questions you’ll be asked so that you’re prepared and won’t feel overwhelmed.
Here are some questions Sharon Finley, an agent with David M. Gilston Insurance Agency, asks individuals as they begin to explore the best insurance option for them or their families.
What type health plan do you need?
Here’s where you need to consider how much you want to pay versus how much use you or your family get from your health care coverage. For example, do you want a low deductible (the amount you pay upfront before your insurance kicks in)? If yes, you will pay a higher monthly premium, however, once you meet that lower deductible amount, your insurance carrier will cover a much greater percentage of costs for medical care you incur at your in-network provider visits for the remainder of your benefit period.
If you opt for a high-deductible plan, your monthly premium will be lower, however, you will have to pay more out of your pocket when you incur medical expenses. This might be a good choice for you if you’re healthy and don’t foresee any major medical expenses (such as pregnancy or surgeries).
Do you prefer a plan with copays, meaning you pay a predetermined amount for doctor’s visits and prescriptions medications? While these plans do cost you more in your monthly premiums, when you visit your doctor or take regular prescription medications, the cost to you will be minimal.
Are you interested in finding out if you qualify for an insurance subsidy (financial assistance to help you pay the monthly premium costs)? If so, you’ll want to have the following information ready to share with your agent:
- Your residence address and proof of citizenship. If you’re not a U.S. citizen, you’ll need to provide proof (such as a green card) that you are a lawful permanent resident.
- Anticipated household income for 2019 (including Social Security income, survivor benefits or disability payments).
- Whether you’re married or if you are divorced and receiving alimony.
- Whether or not your employer or spouse’s employer offers health insurance.
You’ll also want to have at your fingertips, the following personal and household information:
- Current health insurance provider (if you have one).
- How many members of your family will be insured under this policy (have their date of birth and social security number handy)?
- Whether you or any of your dependents are covered by Medicare.
- Whether you or anyone who would be covered use tobacco.
- Names of doctors or practices you use to check for insurance providers that have those doctors in their network. The same goes for any prescription medications you have; your agent can see what the potential cost for those medications might be under the insurance provider.
Armed with this information, your insurance agent can provide different options and help guide you in determining which one best suits your needs and budget. Let the agents at David M. Gilston Insurance Agency help you through the open enrollment process at no additional charge. Fill out a form online and an agent will be in touch within one business day or call 843-571-1155.
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