Believe it or not, 2018 is fast approaching! And if you’re one of the 6.5 million American’s who gets their insurance through the Health Insurance Marketplace, it’s time to select your plan! Open enrollment for Obamacare starts November 1st and ends December 15th. Enrollment is only open for a short time, so it’s important to do your research now! These are four things you must consider when choosing the best plan for you and your family.
This should be first and foremost. Before you even sit down to start looking at policies it’s important to set a realistic budget. Obviously insurance is pricey, so make sure you allow a fair portion of your income to be set aside for your monthly premium.
Key insurance terms
You can’t choose the best policy for you without knowing the key terminology. Important insurance terms to know are: deductible, co-insurance, copay and out of pocket maximum. Need to brush up on these terms? Follow this link. This will make picking a policy a lot less of a headache or prevent you from choosing something that isn’t right for you.
What services you use
It’s important to consider what services you use most when choosing an insurance. Keep in mind that preventative services are currently covered under the Affordable Care Act. This includes things such as colonoscopies and diabetes (Type II) screening. But if you see a chiropractor, or another specialized practitioner, be sure the policy you’re looking at covers that type of care.
Is it an HMO or a PPO
A lot of people don’t know the difference between Health Maintenance Organizations (HMO’s) and Preferred Provider Organizations (PPO’s). Typically, an HMO plan is going to be a little more affordable than a PPO plan. But they aren’t created equal. PPO’s allow for more flexibility. Typically you can see any doctor you chose, where as with HMO’s you’re more limited. Also, often times with an HMO you will need to have a Primary Care Physician (PCP) who must refer you for specific services (i.e. a routine colonoscopy). Don’t forget to check the type of plan before finalizing your 2018 coverage.
Mark your calendar for November 1st! And if you still have questions about health insurance, you can pick up my book Easy Healthcare: Obamacare.