Choosing Your Health Plan for 2021
Open enrollment is slowly approaching for most of us as 2020 comes to an end. Picking the best health plan for you and your family can often feel overwhelming. On top of our normal concerns, we also have new things to contemplate due to the ongoing COVID-19 pandemic. Not to worry! We’ve compiled some tips here that will help to ease the stress of this time of year and ultimately aid you in making the best decision for your lifestyle and family.
1. Start with a Process of Elimination
Sometimes, the easiest path to a decision is to start by eliminating the plans that you know won’t work for you. Consider removing the plans that you know your doctor(s) don’t currently accept. This will help you get one step closer to making a final decision.
2. Evaluate your Needs
Next, you’ll want to figure out how your needs might differ from last year. Will you need the same coverage (I.e. dental, vision, etc.)? Will your family be growing? Do you anticipate any surgeries or long term care being needed? Will you have any ongoing medications you’ll be taking? Although there are some events that are difficult to predict like accidents or illness, you can make an informed choice based on asking yourself the above questions.
3. Consider the Payments you’ll Be Making
One of the most obvious factors you’ll want to consider is cost. Below is a quick overview of the different types of insurance payments to be aware of:
Premiums: amount deducted from your paychecks for you to be a member.
Co-pay: fixed amount you pay for a covered service.
Deductible: The amount of money you need to pay out of pocket before your insurance begins contributing money to your health care costs.
Co-insurance: The percentage you pay for the cost of covered health care services after you’ve met your deductible.
the insurance provider. The co-insurance is the percentage you pay for your claim.
Out-of-pocket maximum: The cap on your out-of-pocket costs for the plan year. Once you’ve reached this amount, your plan will cover 100% of your qualified medical expenses for the plan year.
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