Does choosing a health insurance plan feel daunting to you? With preparation, selecting the right health plan can lead to less stress, richer benefits and lower premiums in the coming year.
The open enrollment period to buy health insurance for 2017 starts on Nov. 1, 2016, and runs until Jan. 31, 2017. Familiarizing yourself with the health insurance tools available can make your shopping experience easier. Here are three important resources to help you find the plan that is right for your health care needs and budget.
- The Health Insurance Marketplace
The federal Health Insurance Marketplace (HealthCare.gov) can be a great resource for comparing plans and pricing from multiple providers. The health plan comparison tool allows you to narrow down specific health plan options by searching for benefits that are most relevant for you and your family.
If you are looking for more help understanding plans, the Marketplace also offers a glossary of key insurance terms. And once you begin the process of comparing plans, you can move your mouse over the “i” icon within the platform for a quick definition of plan features or key terms. This can be helpful to reference when decoding the benefits and coverage available with various plans.
The Marketplace also offers a subsidy calculator. The calculator uses household income, household size and where you live to estimate your eligibility for subsidies. Depending on your eligibility you may qualify for a premium tax credit, a cost-sharing reduction or both.
- Insurance Companies
Like the Marketplace, health insurance companies update and promote their plans. You may want to go directly to a specific insurer based on brand reputation, previous experience or company reviews. Similar to the Marketplace, you can go online to compare and purchase plans. And the insurer websites often have a more expedited check out process. You can also call the insurance company direct, many offer in-person information centers so you can have a more personalized experience.
If you intend to stay with your current health insurer and plan, make sure you know what changes they may have made to your plan for the upcoming year before you automatically enroll. Whether you are a new or returning shopper, use available shopping tools to compare benefits and coverage across plans.
- Agents
Licensed health insurance agents can offer valuable one-on-one help. While you should also do research on your own, agents can provide unbiased information about the plans that you are comparing.
They can also answer specific questions that you might have about the shopping process, at no cost to you. Plus, they can help you cut through the clutter of information available and recommend the best plans based on the lifestyle/health factors that you share.
As the Open Enrollment Period begins, remember that no matter the resources you have at your fingertips, the most important thing is to give yourself enough time to research your options. Whether you are shopping or re-evaluating your options, don’t wait. Start early, and you’ll be well on your way to a stress-free purchase that is right for you.
