Posted on: 10 June 2021
If you have recently turned 26 and are a bit new to insurance, there is a lot to learn. One thing that you need to be aware of and looking forward to is your next open enrollment period. This is true whether you are on government or employer-sponsored insurance. Each year (usually towards the end of the year) you will have the opportunity to investigate different insurance plans and compare them with your own. You will also have the opportunity to change plans if that is what you decide upon. There are several different things you should look at during open enrollment in order to ensure that you have the insurance you want and need for the coming year. Some of these important decision points are as follows.
Some people are pretty healthy and do not actually require much more than the most basic coverage to meet their needs. However, if you require the use of specialists or other more in-depth services, you should make sure that your current plan continues to cover them in the new year, or if another plan would offer better coverage.
The out-of-pocket maximum is what you could be on the line to pay if things do not go your way throughout the year. For example, if you break your leg and wind up needing surgery, what is the most you would have to pay after your deductible? Most companies will have you pay a percentage of your medical needs up until your maximum is met, at which point they will cover your medical needs in full. Make sure that your out-of-pocket maximum is a number that you could meet if you absolutely had to.
Your deductible is what you will be required to pay before your medical services become a bit cheaper (as previously explained). Some plans have a high deductible, while others have a more manageable number. Most people who are relatively healthy will choose a high deductible plan since they will probably never actually hit it.
In conclusion, once you have looked over all of these crucial parts of a potential insurance plan, you should be able to gauge whether it would be a good plan for you or not. If you need help you may want to talk to someone from your company's HR department or an employee from a government-sponsored insurance group. They may be able to help you find the answers you need in order to make these important decisions. Good luck!Share