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Open enrollment for 2020 health insurance coverage only lasts a month and a half in most states - and given the complexity of these kinds of decisions, it always pays to start the research process as early as possible.
There are many important decisions to be made and many factors that affect those decisions - and your overall situation changes from year to year. So coming to open enrollment ready to make a choice is a big step up!
Assess This Year's Healthcare Costs Thus Far
The first decision to make is whether to stick with the same plan (and re-enroll) for 2020 as for 2019 or not.
Ask yourself how satisfied with your insurance plan you have been this year. Did you pay too much out of pocket? Were some expenses not covered that you felt should have been? Was your plan too complicated? Do you want a lower deductible or maybe a no-deductible plan next year?
Remember that open enrollment is your only chance to switch health insurance plans unless you qualify for a special enrollment period - due to losing your long-time job that provided health coverage, having a baby, or adopting, for example. If your health needs and/or financial situation dictate a change of plans, be ready well ahead of time to make the switch.
Consider All Your Health Insurance Options
Even if you like your current plan, it is possible you would like another plan even more. There are hundreds of options out there, and it doesn't hurt to look. It really does pay to make yourself a smart health insurance shopper!
You may, for example, be better off using an employer-based plan, a marketplace plan, a non-marketplace policy, short-term health insurance, Medicare, Medicaid, or CHIP. A combination approach is often best for families with small children, seniors, or couples who work different jobs.
Note that you can only get a subsidy with a market-based, ACA-compliant plan. It's important to find out ahead of time if you would qualify for such a subsidy, and if so, how much.
Get Helpful Advice From An Experienced Insurance Agent
Deductibles, copays, coinsurance, exclusions, "rules" for saving on prescription drugs, the four metal-levels of marketplace plans, and a host of other important factors crowd in when you go to select a health plan. You can't afford to miss open enrollment or struggle through it until you just give up and choose a less than ideal plan.
Why not rely on the expertise of an experienced health insurance agent or broker during open enrollment for 2020 (from 1 November till 15 December in most states)? That will help ensure you make the right choice and are happy with your coverage starting 1 January of 2020.
Looking for health insurance for 2020 and want to get a head start? Talk to us at Summerlin Benefits Consulting for some free advice and a no-pressure exploration of your many health coverage options!