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If you were unhappy with your health insurance this year, open enrollment is your opportunity to make a change.
Sunday, December 15, 2019 is the last day to compare and update health insurance plans through the healthcare marketplace. If you purchased insurance through the marketplace for 2019, missing this deadline could mean you will automatically be enrolled in a plan for 2020.
Review the pieces of plans available to you for the areas that will cost you money out of pocket.
- Healthcare premium – the cost you pay to have health insurance. This may be a monthly or quarterly cost.
- Deductible – the amount of money you pay for covered health services before health insurance pays.
- Copay – A fixed cost you pay to visit a doctor or pick up a prescription medication. You may have a fixed copay that is separate from your deductible ($35 office visit always) or fixed copay based on meeting your deductible ($20 if deductible is met, $100 if deductible is not met).
- Coinsurance – Typically a shared percentage of the health cost. For example, you may pay 20% and your insurance pays 80% after your deductible is met.
Most health plans cover certain preventive services at no cost to you. This is an especially valuable option if you are young, otherwise healthy and will opt for a high deductible health plan. There is no need to avoid annual health screenings out of fear of cost to see your doctor.
Make the most of open enrollment by using this guide to compare plans while you are researching.
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