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It’s open-enrollment time again! Whether you’re selecting a plan under your employer, or purchasing your own health insurance policy independently, the process can be overwhelming. Here are some questions to consider as you review the health insurance options for you and your family:
How Affordable is it?
When looking at health insurance plans, consider your average medical expenses, and compare premiums and deductibles among health insurance policies. Review the percentage of medical expenses reimbursed once your deductible is met, and make sure you understand the reimbursement process if you use out-of-network providers. Ask yourself: would I rather pay more up front (via deductible), or at the time of service? Do I already have money saved for healthcare services available in a Health Savings Account (HSA) or Flex Spending Account (FSA)?
What Services are Covered?
It’s always awful to learn that a much-needed service is not covered by your policy after the fact. When selecting health insurance coverage, review the doctors, hospitals, laboratories, and other providers that are covered under the insurance company’s network. You may also want to ask about the procedure for changing your primary care physician, and whether referrals are necessary in order to see a specialist.
What About Pre-Existing Conditions?
Under theAffordable Care Act, you can no longer be denied coverage due to a pre-existing condition such as cancer, asthma, or addiction unless your health plan is grandfathered. If you have a grandfathered plan, you can switch to another plan that covers pre-existing conditions through the healthcare Marketplace. You will still be responsible for paying any deductibles, copayments, or coinsurance, however.
If you have any questions about your healthcare options, or need assistance choosing a health insurance policy, contactThe Reis Group today!