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What To Know For Open Enrollment

kam_4579Open enrollment is just around the corner with this year’s window being November 1, 2016-January 31, 2017. Open enrollment refers to the period in which individuals and employees can make changes to their health coverage.

There are a few different ways to shop for health insurance. This includes on the healthcare.gov website, calling the marketplace call center, on the insurer’s website, or through a local health insurance broker.

Here are a few things to know while shopping the market:

Know the Categories
Health insurance plans are organized into Bronze, Silver, Gold and Platinum plans. Each category represents a different way to share costs. It is important to note that one plan is not superior to another in terms of actual quality of care. Click here to read specifics on each category.

Examine and Compare these Five Elements

  • Health care provider network– Know the doctors and hospitals you can use on each plan
  • Drug formulary– Which prescription drugs are covered in the plan?
  • Premium – How much will the insurance plan cost you, even if it goes unused?
  • Deductibles– Deductible is the amount of money you have to spend before coverage comes in.
  • Benefits– Know what’s being offered by the plan before signing up

Shop Smart
The National Business Group on Health found that employees at large companies are paying about 5% more on insurance premiums this coming year. Doing your research and shopping smart can cut your costs.

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