Open Enrollment Made Simple: How to Pick the Best Plan for You

Open Enrollment Made Simple © stock.adobe.com.

Choosing the right health insurance plan during Open Enrollment can feel overwhelming, but it doesn’t have to be. With a little preparation, you can make confident decisions that protect your health and your wallet.

Here are 3 tips to help you pick the right plan this Open Enrollment season:

Do the Math

Don’t be swayed by low monthly premiums alone. You have to figure out what your out-of-pocket costs will be, too. Use this formula to find your total annual cost:

(Monthly Premium × 12) + Out-of-Pocket Maximum = Total Annual Cost

Make Sure Your Providers Are Covered

A plan’s “network” determines where you can receive care covered by the plan. Visiting out-of-network providers can result in steep out-of-pocket costs—or no coverage at all. Make sure your preferred doctors, hospitals, and pharmacies are included in any plan you are considering.

Make Sure Your Prescription Drugs Are Covered

To avoid surprise costs, check to see if your medications are covered under the plan, by looking at the list of drugs covered. This list is called the formulary.

Tools to Make Comparing Plans Easier

This Open Enrollment, take advantage of Triage Cancer’s free Health Insurance Comparison Calculators & Worksheets to simplify your decision-making. We also offer tools for comparing Medicare plans.

For more in-depth education on Open Enrollment, attend our free webinar on September 16: Close the Knowledge Gap: Key Tips for Open Enrollment. If you can’t attend live, you can watch the recording. It will be available in our past webinar recordings.

With the right preparation, you can feel confident that you’re choosing the best plan for your needs.

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