If you’ve been anywhere near a news headline lately, you’re probably aware that there have been some major changes in the health insurance industry. For those of us buying our own health insurance (individual health insurance), there are many changes that you need to know as you reevaluate your health insurance needs in 2017 and mistakes you should avoid.
1. Waiting until the last minute to make changes
The annual time in which you are able to sign up or change your individual health insurance (Open Enrollment) has arrived. Many people put off making changes until the last minute. Not only does this create unnecessary stress, but the insurance companies have been known to get extremely backed up towards the end of Open Enrollment, delaying your coverage.
Don’t wait until the last minute – let’s get your insurance prepped and taken care of before the rush. Open enrollment is November 1st-December 15th.
2. Assuming you can do what you’ve always done
Individual health insurance options have changed drastically over the past year. Not only did major carriers like BlueCross BlueShield of TN completely stop offering individual plans in the major metro areas of Tennessee, but there are only two carriers offering individual plans this year: Cigna and Oscar and unfortunately, rates have gone up considerably.
3. Not being open to new options
Let’s face it, as an individual, our plans are severely limited. Once creative solution that’s being utilized by many is a new fixed benefit health plan as an alternative. This is a product that is 40-50% lower in price and is not tied to open enrollment. There are multiple benefits to this plan, including being able to sign up anytime and see any doctor. In addition, unlike similar plans on the market, this one is not subject to the Obamacare fine.
4. Not thinking outside the box
You do not work for a big company, so you are on your own, right? Not necessarily. If you have your own company, you may be able to sign up for group health insurance. Or, if you work for a company that does not currently offer health insurance, try approaching your company about offering health insurance. Group health insurance has undergone many changes and there are myriad benefits to companies in offering health insurance to their employees. In addition, there are many excellent options for group health insurance.
5. Taking care of insurance needs bit by bit
We all live busy lives and thinking about insurance probably isn’t high on your list of things to do. I get that. My recommendation is to take this time to go ahead and get all of your needs met before the new year arrives. Life insurance, disability, long-term care and supplemental are all options that can be evaluated and incorporated into one quote at one time.
Open enrollment is a short window of time, but making it as painless as possibly is my goal for every client and the good news is that you don’t have to figure it all out alone. I am an independent agent, which means that I will walk you through all of your health and life insurance needs without a fee and without bias toward any one company.
Contact me today.
