If you're buying health insurance for yourself, or if you own a small business and are trying to choose health insurance for your employees, you're running out of time to get insurance for next year.
The deadline to choose a plan starting on January 1st is Friday, December 15th (open enrollment continues until January 15th, but plans purchased after Friday will not start until February) . If you're indecisive about insurance, don't worry. The Sun has, uh, got you covered.
Last week, we hosted a panel discussion with three health insurance experts to help you choose the plan that's right for you.
You can watch the whole thing here:
But if you're just looking for the highlights, here are some takeaways.
It's better to shop around
You may be tempted to purchase the first plan that appears in the search results. But it may not be the best choice.
“If you have a doctor that's important to you, you want to make sure that that doctor is in the network of the plan that you choose,” Colorado Health Commissioner Michael Conway said. “Also, if you have prescriptions, you should check to see if they are also covered by the plan you choose.”
“The bottom line, folks, is to go shopping,” Conway added. “There's a lot of help available from the federal government and the state of Colorado to help pay your health insurance premiums. And if you shop around, you may be able to find a cheaper plan within the same metal level as this year.” ”
claim what you are owed
When it comes to financial aid, it's always a good idea to make sure you're getting all the help possible. Colorado has introduced new state subsidies to help low-income individuals and families with out-of-pocket costs. And if you haven't checked in a few years, you may be eligible for expanded federal aid that first started during the pandemic.
“It doesn't hurt to check,” said Kevin Patterson, CEO of Colorado's insurance exchange Connect for Health Colorado. “This was the most stubborn data point I've seen. Everyone's like, 'Oh, I make too much money for that.' And I say, “Really?”
“If you keep renewing the same plan year after year, you may actually be eligible for subsidies that you leave on the table,” Conway said.
Subsidies can only be applied for in the following locations: Via the Connect for Health Colorado website.use Quick Cost & Plan Finder Find out if you qualify for assistance and see what plans are available in your area.
Look at the entire insurance premium
The majority of people who purchase health insurance do so by choosing the lowest premium option. This is not the best method.
The reason is that plans with lower premiums end up being more expensive when you actually need to use them, which means they have higher deductibles.
“It's like owning a car but only making monthly payments; you don't have to change the oil, put new tires on it, or put gas in it,” Patterson said. To tell. “There are other costs involved in total cost of ownership. And I think we need to think about health insurance in a similar way.”
Therefore, when purchasing insurance, be sure to consider not only your monthly budget, but also how likely you are to use the insurance and how much you will have to pay out-of-pocket at any given time. That way, you can make smart decisions that will save you money in the long run.
be honest about your needs
Well, how do you estimate your medical needs, especially if you have no ongoing health conditions or scheduled procedures? Think like an actuary and be honest about the unexpected. You have to make predictions.
“We're looking at family structure. If we have kids, we're going to say right now that they're accident-prone,” said Megan Fearing, a health insurance broker and former president of the Insurance Brokers Group. Navip Colorado. “Beyond that, I'm also asking how many times you've been sick this year. How many times have you missed work? … Is there anything that's bothering you?”
Look at your health care spending over the past few years and use that average as your baseline. Then start calculating. Does a lower premium for 12 months make sense if you end up paying most of your annual medical costs out-of-pocket before reaching your deductible? Or does it mean you'll reach your deductible sooner? If so, can you save money by paying more in monthly premiums?
Know when you need help
During this final hour, your health insurance broker and Connect for Health assistant will help you navigate the system and make the best choice. Even better, the broker works for free. Your broker can also help you get the most out of your plan after you choose your insurance.
Connect for health There is a broker search toolsimilarly schedule tool To receive support from an authorized assistance center.
“Brokers can be very helpful in making the process go smoothly,” Fearing says.
