Navigating Open Enrollment: Tips for Choosing the Right Health Insurance Plan

09/13/2024 | Insurance

Open Enrollment is here, and it’s the perfect time to review your health insurance options.

But with so much information and competition out there, it can be overwhelming to assess your options, understand the differences, and make the best decision based on your personal circumstances.

We’re here to help you cut through the noise with these helpful steps.

Calculate Your Annual Costs

Choosing the right health insurance plan begins with understanding your financial commitments. Use a calculator to determine your annual costs, including premiums and estimated medical expenses—calculator available here.

Being aware of these figures will help you make a more informed decision about your coverage.

Consider the Limitations on Benefits

Don’t be misled by vague benefit descriptions. Dive deeper and ask the crucial question: “What is the PAID benefit?”

This means understanding the actual amount your insurance pays for the service you need. Be sure to clarify any restrictions or conditions attached to that benefit.

Example of a Hearing Aid Benefit

Here’s a real-world example to illustrate the importance of reading the fine print. Some plans may offer a paid hearing aid benefit of, say, $1500, but there can be strings attached.

You might not be able to use the benefit for 12 months, and your total premiums may actually exceed what the insurance company pays. In the end, you could end up paying more for your hearing aids, just to the insurance company instead.

Preferred Providers and Discounts

Beware of plans that push you to use their “preferred” third-party providers. While they promise discounts, these may not always be as substantial as they seem.

The services provided might not meet your expectations, and you could have limited recourse. Research and explore your options before committing.

Medicare and Hearing Aid Coverage

If you are on Medicare, it is important to know that it does not cover hearing aids or related services due to regulations outlined in the Social Security Act. However, Medicare does cover diagnostic hearing evaluations. For more details, visit the Medicare Hearing Aid coverage information website here.

If you are looking at Medicare supplements or Medicare Advantage plans, take the time to look at what your premiums will cost you compared to what you expect the insurance to pay out for your medical services over the year. It is not uncommon to discover that you are paying more in premiums and co-pays than what the plan is paying to the providers.

Conclusion

In this Open Enrollment season, we encourage you to make informed choices by following these tips. Remember to calculate your costs, dig into benefit details, and be cautious about preferred providers.

For Medicare beneficiaries, be aware of the hearing aid coverage limitations. If you have any questions or need assistance, don’t hesitate to reach out to us.

Your health and financial well-being matter, and we’re here to help you make the best decisions.

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Erika Shakespeare CCC-A

Erika Shakespeare, CCC-A, specializes in pediatric and adult diagnostics and amplification. Working with adults to help manage tinnitus and hearing loss since 2002, she is an expert in both of these areas. Additionally, she is a pediatric audiology mentor and educator for pediatric audiologists across the country and is one of the most respected experts on pediatric audiology.

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