Remember back a few years ago when the only thing you worried about in November and December was the holiday season. Courtesy of the Affordable Care Act you now have to make decisions for you and your family about your health insurance.
When is the Healthcare Open Enrollment Period?
The healthcare open enrollment period occurs annually from November 1st through January 15th. In recent years this timeframe has been modified due to the pandemic, but it always begins on November 1st. During the Healthcare Open Enrollment Period you can enroll in or change plans for the next calendar year.
Why Should You Review Your Health Coverage Annually?
There are many reasons to review your health insurance coverage annually, but we’ve broken it down to the top 5 that have the most impact year over year.
1. Your Network of Providers Could Have Changed
Doctors, pharmacies and dentist can modify what carriers they choose to work with as well as carriers can decide what providers they choose to work with. This means that your preferred doctor, neighborhood pharmacy, dentist, eye doctor, etc. could no longer be included in your current plan.
If you were to allow your current plan to automatically renew without reviewing your providers, you could be left to pay more out of pocket to see them in the next year. Insurance companies renegotiate their contracts with providers annually and there are often many changes.
2. The Carrier Has Informed You of a Premium Increase
The ACA is a new law, and because health insurance companies have to take anyone who wants to sign up for their plans, this has caused a lot of upheaval in the marketplace. The companies are still trying to figure out how to price the product so they can pay the health bills as they come in. Hence, we have seen a lot of up and down in pricing from the insurers. You really need to shop your health insurance during the Healthcare Open Enrollment annually, to make sure you are still getting the best price for the product that fits you.
3. Your Needs Have Changed
Will you be expanding your family, having a child leave the home for college, maybe you are planning a surgery. Has your employment changed, and you no longer have insurance through an employer? Do you make less money and need a more affordable plan? Whatever the reason, our needs change annually. The healthcare open enrollment period is a time where you can anticipate and review your upcoming needs to get a plan that works for you.
4. You Don’t Have Health Insurance Currently
Have you been waiting on the side lines to purchase health insurance? Healthcare Open Enrollment is a great time to explore your options and enroll in a plan that fits your needs and budget. If you enroll during open enrollment before December 15th, your plan will begin on January 1st of the following year.
Don’t delay having the benefits you need for the upcoming year because you have never explored your options.
5. Why use Bancorp When You Can Do It Yourself On-Line?
- Our health insurance team does health insurance every day we know the product and the carriers.
- Costs you nothing! The price of your health insurance policy is the same whether you do it yourself or you let one of our health insurance professionals walk you through it and answer your questions along the way. The insurance carrier pays us a flat fee or a commission depending on their contract with the agency, it does not get added to your premium.
- We can help streamline your decision-making process by just asking you a few questions about how you use your health insurance and what type of coverage and price you need to work for you. When you do something over and over again you get a feel real quick which health insurer and which plan will fit that person’s needs.
Give us a call to setup an appointment during the healthcare open enrollment period or book an appointment with an agent online.
Bancorp’s insurance agents are available to provide you with a free review and consultation. Contact Us – Bancorp Insurance Call 800-452-6826
Disclaimer: This content is provided for general information purposes and is not intended to be used in place of consultation with our agents.