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3 Things to Consider Before Enrollment

Posted on October 27, 2012 by admin

3 Things to Consider Before Enrollment

The open enrollment period for the Health Insurance Marketplace begins on November 15. In less than a month, you will be able to enroll in a new plan or choose a new policy. However, there are a few factors that you should be sure to keep in mind.

When enrolling, make sure that you consider the following:

1) Plan Changes

The most important changes you should be aware of are those to your plan. Health insurance plans can change from year to year, with premiums and copays fluctuating. In addition, the doctor you typically see may no longer be covered by your plan. It’s highly recommended you look over the details of your plan before you renew your enrollment. You may even find that your particular plan has been discontinued. Fortunately, new health plans will be available to you on November 15, and some of them may offer better value and cost than your current or previous health insurance plan.

2) Health Changes

There are plenty of variables that can affect your health insurance costs, like if you need to undergo surgery soon or are about to have a child. It’s important that you look over your current health insurance plan and make sure that it suits your new requirements. If not, you will have to enroll in a new policy.

3) Income Changes

Income can change from year to year. You’re no stranger to its ability to increase and decrease. Just make sure that you note any changes in your household income when you go back into the Health Insurance Marketplace this November. In the event your income is lower than it was last year, you may be eligible to receive federal assistance through the Affordable Care Act. On the other hand, if you do not report higher earnings, you will have to pay the government back for any tax credits that you received in error.

Reminder:

It is important to note that if you do not make any changes to your healthcare plan, the Health Insurance Marketplace will automatically re-enroll you in the same plan that you currently hold. If your plan has been discontinued, your health insurance company will offer you a health plan that is similar to the one that is no longer available for purchase.