MONDAY, OCTOBER 23, 2023
Open enrollment season is upon us, and it’s time to make decisions about your healthcare coverage for the upcoming year. The last thing you want is to be stuck with a plan that doesn’t suit your needs or, worse, face unexpected medical expenses due to inadequate coverage. To help you navigate this critical time, we’ve compiled a list of common pitfalls to avoid during open enrollment.
Failing to Review All Options
One of the biggest mistakes people make is sticking with their current plan without reviewing other options. Healthcare needs and available plans can change from year to year.
New plans may offer similar benefits but at a lower cost. Your healthcare requirements could have changed since you last enrolled, and a more appropriate plan might be available.
Ignoring the Total Cost of Healthcare
Many people focus only on the monthly premium and overlook other costs such as deductibles, copayments and out-of-pocket maximums.
Understanding the total cost can help you better budget for the year. A plan with a lower premium but higher out-of-pocket costs might not be the best choice if you anticipate needing frequent medical services.
Not Checking the Provider Network
Some people forget to check whether their preferred healthcare providers—doctors, specialists and hospitals—are part of a plan’s network.
Being able to continue seeing a trusted healthcare provider can be crucial for ongoing treatments. Out-of-network services can be significantly more expensive and sometimes not covered at all.
Overlooking Additional Benefits
Some plans offer additional benefits such as mental health services, wellness programs or telehealth options, which are often overlooked during the selection process.
These added benefits can offer more rounded healthcare coverage. Features like telehealth can make accessing healthcare services easier and more convenient.
Missing the Deadline
It sounds simple, but missing the open enrollment deadline can have severe consequences, including lapses in coverage or being stuck with a less-than-ideal plan for another year.
Most people won’t be able to change their plan until the next open enrollment period unless they qualify for a special enrollment period. Lapses in coverage can be risky and lead to high out-of-pocket costs in a medical emergency.
Contact Us
Navigating the open enrollment process can be complicated, but knowing common pitfalls can make the journey smoother and more fruitful. Taking the time to thoroughly review your options, assess total costs, check provider networks and understand all benefits can make all the difference in finding a plan that truly fits your needs.
Contact Lalani Insurance Agency for guidance as you decide about your future health care coverage.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
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