How to Shop for an Obamacare Plan During Open Enrollment
During open enrollment, many individuals and families are shopping for health insurance. If you are using the marketplace, here are a few tips to help you shop for the right plan.
#1.) Know How YOU Use Healthcare.
Are you generally healthy or do you need to see a doctor more than the average person? Knowing how you use healthcare will help determine which plan is best for you. For example, someone who goes to the doctor every 3 months might want a plan with copays, whereas someone who rarely gets sick might be better suited with something like a catastrophic plan, which is more geared towards emergencies and hospital stays.
#2.) Know Which Doctors and Hospitals You Want to Use.
It is important which doctors and hospitals you want to go to. An insurance company’s network will usually determine which offices and facilities you can use. Make sure you know this ahead of time so that you don’t spend too long looking at plans that don’t accept your doctor.
3.) Know Your Medications.
Find out the names of the medications that you are taking, the dosages, and what you’re currency paying each month. Another important thing that you might want to get clear on is if your medications are generic or brand name. Brand name medications will usually cost more, so determine exactly what you take beforehand so you know what to expect.
#4.) Determine How much You can Afford.
You should go into this thinking, My goal is to keep my monthly payment around ____. That way, you have a realistic number of what you can actually pay each month. There’s no point of getting a plan that you won’t be able to afford.
#5.) Predict Your Annual Income
Your annual income will help determine whether you qualify for financial assistance through a tax credit. This could help you get a lower monthly premium. In some cases, you could even have no monthly premium at all.
6.) Get Help from an Insurance Broker.
An independent insurance broker can help you review multiple insurance companies. In some cases, the insurance company that you want to buy from may not be available in your area. A broker can help see what plans are in your area. A broker can also help advise which plan is right for you. Remember, prices are fixed by law, so you can’t pay a different price for that same insurer’s product.
Always speak with a licensed insurance professional when discussing health insurance.
