Are You Getting the Most Out of Your Health Insurance? It's Time to Review Your Plan

As the open enrollment period for Affordable Care Act health insurance approaches, it’s time to begin thinking about your health care needs for next year. You will need to renew your existing policy or make changes soon; the enrollment period this year (November 1 to December 15) will be even shorter than last year. The best indicator of what to choose for yourself and your family is how you used the plan this year. Create a checklist of questions particular to you and your family to help you consider what changes you should make, if any.

Here are a few questions worth adding to your own list:

• How much did you use your plan last year?

• Did you visit the doctor a lot or was your usage limited?

• Did you reach your deductible?

• Did you use all of your no-cost benefits?

• Did the family members covered by your plan do the same?

• Do you anticipate that you or your family members will need major medical procedures in the coming year (remember to include pregnancy)?

• Do you or your family have unmet mental health treatment needs?

• Did your plan’s network work for you?

• Did your preferred health care providers, hospitals and pharmacies fall within the plan’s network?

The answers to these questions will help you determine whether you need to change plan options for the coming year. For example, if you anticipate a major health need for yourself or a family member covered by your plan, you may want to consider a lower deductible and lower maximum-out-of-pocket plan if that works financially for your family. Pulling together this information now will help you make the best decisions when it is time to select a new plan or renew your existing plan. 

Like everything else you buy, finding the right health plan for yourself and your family requires research and analysis. You can’t make a good decision on which plan is right for you unless you understand your options and make the comparisons that will help you decide the pros and cons for those options. Even if you decide you want to stick with your current plan, it is important to review its benefits.

Plans change and there is no requirement that your current plan stay the same or that you will automatically be re-enrolled in your current plan each year. So, take the time to understand what you need to do so you don’t go uncovered. To stay insured, you must renew your existing plan by December 15, so that your plan will begin on January 1. It’s also important to remember if you fail to insure yourself, you will be subject to a tax penalty, which is assessed when you re file your current year’s taxes.