Health Insurance is our focus this month as most states' open enrollment for Under65 Health Insurance is starting this month. Medicare open Enrollment is October 15-December 7, and ACA Open enrollment is November 1-December 15 for the most part, although exceptions can occur.
To pick the right plan, there are 5 key factors to consider: Price, are your providers covered, are your medicines covered, will the plan cover you with your lifestyle, and are there any needs that are not covered.
When looking at Price, the plan is only good if you can afford the monthly cost, deductibles, co-pays, and co-insurances. If you cannot afford the coverage, the plan is wrong. The Affordable Care Act formed subsidies and cost-share with exchange plans, also known as ACA plans.
Next, ensure the pharmacy, doctors, and hospitals you prefer are covered. If your providers are not covered, then there is a good chance you will have to switch providers or pay out of pocket.
Next, ensure any prescriptions you get are covered in the amounts you tend to obtain. If the out-of-pocket prescription is too high or not covered, this could be a good reason to reject the plan.
After this is your lifestyle: are you more of a homebody, or do you travel often? If you travel, a plan covering where you tend to go is vital.
Lastly, some plans may not cover everything you need for your healthcare. This is also very important.
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