Most people don’t realize how vital it is that they review their individual health coverage every year. I’ll explain why. Open enrollment is every November 1st through December 15th—this is a very important time because it allows you to work with somebody to review your health insurance for the calendar year that you’re in. If you need to make changes for the following year, that’s the time to make them.
There are so many reasons you might need to make a change:
- You need to know if your network changes. Doctors come in and out of networks, and you might need to change your plan to retain your doctor..
- The prescription medications you need could have changed.
- You could have a job change.
- Your income could have gone up, or it could be going down.
- You have had a new baby.
- You moved to a different zip code.
All of those factors play a very big part in how you should be strategizing your coverage for the next calendar year. In working with clients, I’m always using the whole next calendar year as my predictor, so I can make their plan work for them or their family.
Getting the Right Coverage Means Knowing Which Questions to Ask
When you’re talking to someone about your health insurance, you need to make sure they are asking specific questions on all those points listed above. You might not be thinking about these things day to day, but when you are looking at your health insurance, it’s essential.
You don’t want to get to the middle of a year and be like, “Well, my income—it’s not anything like what it was the year before.” That could have implications for your taxes. You could end up owing back your subsidy the following year. Or all of a sudden, you didn’t think about some medical care you had at the beginning of last year. Then you change your plan, and that doctor is no longer covered. I run into this all the time.
Review Your Plan Each Year with a Professional
It’s important to schedule your review with a professional early, before the open enrollment deadline. Working with a professional gets you in touch with someone who knows all the details and understands the complexities. Talking with a health insurance consultant is the best way to obtain your best coverage and price. When you need to schedule your annual review and get your best coverage, give MBhealth Insurance Agency a call at (314) 544-5400.
