We have entered the open enrollment period for health insurance. With a seismic change in how we buy health insurance because of the impact of COVID-19, now more than ever, it is essential for you to understand how to maximize your benefits.
Open enrollment represents a period of around six weeks each year that allows you to sign up for a new health insurance policy or change the current plan that covers you and your family. If you do not sign up for health insurance during the open enrollment period, you might not be able to sign up for health insurance in the open marketplace until the following year.
Because of the COVID-19 pandemic, it is important to know how to get the most out of your health insurance plan.
1) Understand What You Are Getting
Many of the people that enroll in a health insurance plan during open enrollment do not take advantage of the benefits because they do not know the benefits exist. Even worse, they pay for healthcare when the services are covered by their policies. The first thing to do when maximizing your health insurance benefits is to understand the benefits you should receive.
By law, insurance companies must provide you with a Summary of Benefits and Coverage (SBC) that summarizes your health insurance benefits. Make sure to read the summary to maximize what you deserve to receive under your current plan.
2) Shop Around for the Best Plan
Open enrollment gives you the opportunity to find the health insurance plan that matches your needs. Health insurance laws change every year, which means what you can receive in benefits changes each year as well. It is tempting to remain covered by your current plan, but sticking with it might reduce the number of benefits you are eligible to receive under your health and financial circumstances.
Shopping for the best health insurance plan that maximizes your benefits is easy to do by going online to conduct research.
For example, our free service gives you access to an independent network of national brokers who have the experience and expertise to design a plan around your needs and budget. Our network of brokers will tailor a complete solution for your health coverage needs.
Ready to get started? Simply request a no obligation health insurance quote here.
3) Select Doctors in the Network
An effective strategy to maximize your health insurance coverage is all about you making the right decisions. One of the most important right decisions to make involves choosing a healthcare provider that is part of your policy’s network. If you go outside the network for healthcare, you can expect to pay more for services.
Make sure every healthcare provider you choose is a part of your provider’s healthcare network. Maximizing benefits also includes minimizing healthcare costs.
4) Discounts and Special Healthcare Programs
Many health insurance plans include discounts and special healthcare programs that save policyholders money while maximizing benefits. One example of a special healthcare program involves providers working with fitness centers that offer policyholders monthly discounts on membership rates. Many health insurance plans also include language that provides access to digital tools for health educational resources.
5) Take Advantage of the Deductible
Health insurance deductibles require policyholders to pay out-of-pocket for medical expenses until the cost reaches a designated amount of money. For example, if your policy includes an annual deductible of $5,000, you must pay for expenses out-of-pocket until the costs reach $5,000. The best way to take advantage of the deductible is to reach it as soon as possible.
If you control the timing of an expensive medical procedure, schedule it early in the year to use most, if not of all the annual deductible of your health insurance plan. A costly medical procedure that you need can erase the annual deductible, which can eliminate your financial obligations for healthcare moving forward throughout the year.
6) Audit Every Healthcare Bill
Buying health insurance coverage can be a confusing process. Medical jargon combined with financial data often makes it difficult to understand which policy offers you the greatest benefits. Healthcare bills can be just as, if not more confusing than the policies the bills cover.
Maximizing your healthcare benefits in 2022 requires you to spend time auditing every healthcare bill you receive throughout the year. Billing mistakes happen, but that does not mean you should have to pay for them.
7) Get the Most Out of Prescription Drug Coverage
If you receive regularly scheduled prescriptions for medications, ask every potential insurance company on your shortlist how much financial coverage you receive for prescription drugs. If you have to pay a substantial amount of money out-of-pocket for prescription medications, move on to another potential candidate for health insurance coverage.
8) Optimize Tax Savings
Starting a Health Savings Account (HAS) helps you save money to pay for future medical expenses. Saving money allows you to have the money needed to access healthcare services that you otherwise cannot afford. If you buy health insurance from your employer during the open enrollment period, ask if you can have money invested in an HSA deducted from your paycheck every month.
Start By Finding the Right Plan During Open Enrollment 2022
One more word of advice on how to maximize your health insurance benefits during open enrollment 2022: Hire an insurance broker who can help you understand the differences in benefits between health insurance policies.
If you’re looking for options, freedom, and flexibility as you approach this critical time, you’re not alone. Insurance Broker Hub is here to help you find the right plan at the right price, eliminating the confusion and work that goes into securing health insurance. With no broker fees or increased premiums, Insurance Broker Hub will connect you with a broker ready to deliver for your needs.
We are an independent national broker network with access to every carrier in the industry. Some of our common carriers include AARP, Aetna, Ambetter, Blue Cross Blue Shield, Caresource, Cigna, Humana, Molina Healthcare, Oscar, Securian, Transamerica, UnitedHealthcare and more. Get to know more about how we work and request a free health insurance quote here.