The 2016 Open Enrollment Period is now open, which means you can enroll, re-enroll, or change plans through the Health Insurance Marketplace. On November 1st, new rates and plans were released. Since then, we have been working with our clients to help them select the best plan for them and their families. One of the first things we do is review their current plan— an important first step to establish whether or not changes will need to be made.
Here are the top 3 questions we ask clients considering a new plan:
1. Who are the doctors you currently see (or would like to see)?
Before selecting a plan, be sure to have a list of medical providers you see on a regular basis. If you’re considering a new plan, it’s important to look and see if those providers are covered under the new policy. If your doctors are in the MUSC network, be sure your plan includes MUSC.
2. Do you or your family members have regular prescription medications?
Without the right insurance, prescriptions can be expensive. This is why we suggest you give your agent the exact name and dosage listed on your prescription bottle. This will help us select a plan that covers the prescriptions you know you’ll have to take throughout the year.
3. Will your income change from 2015 to 2016?
Understanding your annual income will help us establish whether or not you will qualify for a subsidy. A subsidy is financial assistance that helps you afford your health insurance plan. The Federal Government makes two different kinds of subsidies available, both of which are dependent on how your income compares to the federal poverty level, your family size, and how much health insurance costs where you live.
It gives us great satisfaction to answer your questions and help you make decisions about your health insurance. Be sure you contact your King Street agent in the coming weeks as you continue to weigh your health insurance options. As always, we’re happy to help!