Maximize your HSA e-Newsletter
Vol. 15, Issue 10
Open Enrollment is Almost Here
What you need to know if you’re thinking about making changes to your coverage this fall.
Every year, Open Enrollment (OE) offers HSA customers the opportunity to switch health insurance plans, or, if not already enrolled, to sign up for new coverage.
If you are unhappy with your current plan, if your rates have gone up, or if you are simply looking to review your options, Open Enrollment is the only time of year to get it done. (Note this does not affect health care sharing programs, which can be joined at any time).
As usual, OE commences on November 1st. We are are already preparing for it … are you?
Why Reviewing your Coverage for OE is a Good Idea
Not everyone needs to change things up every season. If you are happy with their current plan you actually don’t need to pay any attention to OE at all … you can rest easy knowing that you are being taken care of.
But for others, this may be an opportunity to reduce your costs, or make improvements in your coverage. Here are some of the reasons that it might be a good idea to review your coverage plan this season:
- You’ve been notified that your rates are going to go up and you’d like to find a cheaper plan
- You are not happy with your current plan or doctor network
- You have non-subsidized health insurance and you are thinking about saving money with a health care sharing program
- You are interested in seeing if an HSA-qualified plan would be a good option
However if one of the above bullet points applies to you, then it might be time to get your Personal Benefits Manager on the phone to schedule a chat about how you can make your insurance coverage both cheaper and easier.
Remember: in most states the deadline to get coverage in place for 2020 is December 15th.
Q: “My income has changed and I’m losing my sudsidy. Can I get better coverage during OE?”
A: If you are one of the millions of Americans who has experienced a sudden loss of subsidy due to a change in income, then you’ll definitely want to explore options. Your PBM may be able to find you something significantly more affordable, by switching to a plan with lower rates.
Many of our clients have also found that joining a Healthcare Sharing Program offers them a better value than purchasing health insurance.
Q:”How much money can I save by switching to a Healthcare Sharing Program?”
A: One of the reasons that so many people are making the switch to health care sharing programs is because of the significant amount of money that can be saved in the process. With monthly share costs typically ranging from $300 to $700 for a family, health care sharing programs cost a fraction of a traditional health insurance plan.
Schedule an Appointment with your PBM… Before They’re All Booked Up!
As you can probably imagine, Open Enrollment is the busiest time of year for health insurance professionals. Because we will not have access to the new plans and rates until OE begins, it is important that anyone looking to schedule an appointment PBM do so starting November 1, or October 15th for those in California.
If you think you’ll be interested in reviewing health insurance options, click the calendar link in this email and see what times are still available.
If you are interested in a health sharing program, current rates are available now and we’d be happy to discuss those with you anytime.
I encourage you to go ahead and schedule a time now, because once OE starts, your PBM’s calendar is going to be booked full with appointments dedicated to saving their clients both hassle and money.
This is some of the easiest help you will ever get.
Go Out-Of-Area for your Second Opinion
Some studies have found that many of the most common medical procedures are performed the same way and have the same associated costs across specific areas. What this means is that going across town for another opinion might not do you much good. Look for doctors that are farther away to see how things are being done in a different neck of the woods.
Insist on Having the “Price Conservation”
When a doctor tells you that they think you need a particular surgery, the very first thing that pops into your head is, “How much is this going to cost?”
And yet, we rarely feel confident enough to pose this question to the doctor. Don’t be afraid to have the talk about price (before the procedure). Find out what your provider is charging as well as what you will be on the hook for out of pocket. It will go a long way in helping you get an idea of what a fair price might be.
Make Sure Your Surgeon is In-Network (Or Look Into Healthcare Sharing Programs)
If you are in the process of talking to multiple healthcare specialists about a procedure that you might need in the near future, chances are that you’re going to find one you like that isn’t in your plan’s network.
If this is the case, it is possible to see any doctor that you’d like with certain healthcare sharing programs. Finding out about these programs, as well as comparing your current plan to other options, is as easy as reaching out to your Personal Benefits Manager.
Call today for a fast and easy consultation.
To your health and wealth,
Wiley P. Long III
President – HSA for America
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