How to compare plans to secure the right one for your needs.
It’s open enrollment time, which means many Americans will be evaluating their health insurance needs and options to choose next year’s coverage. Open enrollment began on November 1st, so now is the time to consider your choices carefully. If you’re looking for a marketplace plan, it’s a good idea to start your research early than continue to put it off.
While searching for coverage in the health insurance marketplace, it’s important to understand what each plan type offers, how their terms will apply to you, and what you may need to pay out of pocket in addition to monthly premiums. Keep in mind that there are four types of insurance plans:
- Health Maintenance Organization (HMO)
- Preferred Provider Organization (PPO)
- Exclusive Provider Organization (EPO)
- Point of Service Plan (POS)
When you’re comparing plans, look for a summary of benefits. Online marketplaces usually provide a link to the summary and show the cost near the plan’s title. This helps you to get a better understanding of its broad coverage and cost. A provider directory should also be available, which will list the doctors and clinic that participate in the plan’s network. If you’re looking for coverage through an employer, ask your workplace benefits administrator for the summary of benefits.
Before choosing a plan, ask yourself the following questions:
- Do you already have a favorite doctor or medical team? Find out if your health care providers are in-network on your new plan.
- Are your prescriptions covered? Many plans divide prescriptions into cost tiers, so your cost may vary.
- Where do you need coverage? HMO and some PPO plans are regional networks, meaning they only cover smaller geographic areas. If you travel frequently or spend part of the year living elsewhere, consider POS or EPO plans.
Don’t be penalized for missing open enrollment. Contact the insurance professionals at Donald Weiss Insurance Services in Santa Monica for all of your health care needs throughout Southern California.
