According to a popular song, the holiday season is “the most wonderful time of year.” However, amidst all the caroling, jingle bell-ing, and mistletoe-ing, do not forget that it is also the time to review your health insurance coverage for the coming new year.
Most companies that offer health plans for their employees hold open enrollment during the last couple of months of the year. The open enrollment period allows new hires or current employees to enroll or make changes to their health insurance coverage.
Those who are self-employed or unemployed should likewise take the time to review their insurance coverage options.
The Texas Department of Insurance offers the following recommendations:
- Employer – Check to see if your employer offers health insurance. They may provide health insurance for free or pay a portion of the cost.
- Spouse’s Employer – Your spouse’s employer may offer health insurance. Be sure to compare its cost against your employer’s health insurance. There may be better deductibles, copays, or coverages.
- Parent’s Insurance – If you’re under the age of 26, you can still choose to be covered under your parent’s health insurance. You don’t have to be enrolled in school, live in the same household, or be a dependent.
- Buy your plan – Purchase a plan through a private insurance company or through Healthcare.gov. The open enrollment period for Healthcare.gov is now through January 15. If you want coverage to begin on January 1, you must enroll by December 15.
As you’re shopping for healthcare insurance, compare the benefits and costs of each plan. Many insurance companies offer the option of a high, medium, or low deductible, which is the amount you must pay for healthcare services out-of-pocket before your health insurance plan begins to pay. The lower the deductible you choose, the higher your premium, the amount you pay for health insurance every month, will likely be. Also, compare the plan’s listed copays, which are the fixed amount you pay for a health care service after you have met your deductible.
If you have a doctor who you like or one who specializes in your particular health needs, you will want to make sure that he or she is covered under the plan you are considering. Some plans will allow you to visit any doctor, whereas other plans will penalize you for seeing a doctor that is not considered “in-network.” You can check the list of “in-network” doctors by visiting the plan’s website or calling the number provided.
Finally, you will want to research which state or federal agency regulates the plan you are considering, in the event you run into an issue with your health insurance.
Low-to-moderate-income individuals and families may be eligible for a premium tax credit, or subsidy, to help cover the cost of their healthcare premiums. More people this year will qualify for subsidies than in years past, and some may be eligible for higher subsidies this year than previous years.
For more tips, go to tdi.texas.gov or call 1-800-252-3439 for more information.
