18 Nov Health Insurance Open Enrollment 2020 – Choosing the Right Plan
Choosing a health insurance plan can seem daunting, especially with a limited window of time to do so before the end of the year. Knowing a few simple tips before comparing plans in the Healthcare Marketplace will help you select the best plan for your needs during Open Enrollment 2020. Open Enrollment at Healthcare.gov and other state exchanges opened on November 1 and continues through December 15, 2019.
Tips for Choosing a Health Insurance Plan
Price shouldn’t be the only factor you consider when choosing a health insurance plan. With cost in mind, a variety of elements come together to determine the best health insurance plan for your specific needs.
Bronze, Silver, Gold or Platinum
The Health Insurance Marketplace offers four levels of plans, presented in “metal” categories — bronze, silver, gold and platinum. Metal categories have nothing to do with the quality of care, rather they represent how you and your plan split the costs of your health care.
Bronze — Lowest premiums, highest costs when you need care. A low-cost way to protect yourself from worst-case scenarios.
Silver — Moderate monthly premiums and costs when you need care. A good choice if you qualify for cost-sharing reductions and extra savings.
Gold — High monthly premium and lowest cost for care received. A good choice if you are willing to pay a high monthly premium and you usually use a lot of care.
Platinum — Highest monthly premium and lowest cost of care. A good choice if you use a lot of care and are willing to pay a high monthly premium. (not available in all areas)
When you fill out your Health Insurance Marketplace application, you may qualify for savings through a premium tax credit that helps you save on your monthly insurance bill. No matter which metal category you choose, the premium tax credit may help you save based on your income.
Estimated Total Yearly Costs
It may be tempting to only focus on the monthly premium payment when comparing health insurance plans, but it’s important to also consider the deductible, copays and other costs. Healthcare.gov offers a tool that calculates “estimated total yearly costs” for you, which makes choosing a plan a little less difficult. The tool takes into consideration the deductible, which is the amount you’ll pay out-of-pocket for covered services before your insurance kicks in, as well as copays, to give you an expected yearly cost for your health insurance.
Look at a plan’s “Maximum Out-of-Pocket”. If you have a lot of health bills in the upcoming year the maximum out of pocket is going to be the most you spend on covered health services for the year. Make sure you choose a plan with a lower maximum out-of-pocket if you plan on reaching this number quickly. It is also a good number to look at and think – “Can I afford to pay that amount in the event of an emergency?”
Health insurance plans have doctor networks, which means you could have a lower deductible and copays if you go to the doctors and hospitals in-network. Check to make sure you are using a preferred pharmacy as well. You might be paying more to refill your prescriptions at a standard pharmacy.
How Much Health Care You Use
Selecting the right health care plan involves guesswork on your end about what health care issues you may face, which can be hard to foresee. There are many unknowns and surprises like a car accident or a major illness, but your age and previous experience may help you determine how much health care you will use in a year. Consider the following:
- Do you want to pay a lower monthly premium because you don’t anticipate needing as much care
- Do you want to pay a higher monthly premium knowing you’ll pay less out-of-pocket expenses if you do need care?
Leverage what you do know about your health needs when choosing your plan. If you have a doctor you like or a certain prescription drug, Healthcare.gov allows you to add this information and browse plans to see whether or not they are covered. This helpful tool makes it easy for consumers to find plans that cover their specific prescriptions and providers.
Get Help During Health Insurance Open Enrollment 2020
Bancorp Insurance is one of the agencies trained and ready to help people sign up for health insurance during Open Enrollment 2020 for free. If you aren’t familiar with insurance, having a helpful partner who is a certified application counselor to guide you through the process can be beneficial for selecting the right plan. We suggest gathering the necessary documents before meeting with an insurance agent including Social Security cards, tax returns and immigrant documentation if necessary.
We can help you choose the right plan during Health Insurance Open Enrollment 2020. Contact Bancorp Insurance today to schedule a meeting in person or over the phone.