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We're in it. Open Enrollment started November 1st. This is the time for you to select, drop or change your health insurance plan for next year. But where do you start? Well, let's get you started with some PREP.
These are very big decisions that will take a minute to make. If you're feeling overwhelmed, it's natural because there is a lot at stake. You want as much as you can get at the price you can afford. Now, let's PREP - prepare, review, evaluate then pick.
Step 1: PREPARE
Start by knowing the deadlines.
- Government Marketplace: Nov. 1 - Dec. 15 (for Jan. 1 benefits); procrastinators - Jan. 31, 2017 with later start time for benefits
- Private Insurance: Nov. 1 - Dec. 15
- Medicare: Oct. 15 - Dec. 7
- Employer Insurance: Talk with HR. Deadlines vary.
Now, make a list of all of your family's doctors and your specialists. Jot down your preferred hospitals and pharmacies. And finally, list all of your over-the-counter meds and your prescriptions, too.
Step 2: REVIEW
Take that list and match it up to plans that are the best fit for your needs. Do you have a doctor you see for a special condition? Will she be on the plan you're looking at?
Step 3: EVALUATE
At this point you can narrow down the plans and now you have a idea of what your premium will be or what you can afford.
But Ken Thorpe, a professor of health policy at Emory University, and the one who gives us the PREP guidelines, says there's more to do to know how much the plan will cost you.
"The real challenge is knowing what you're going to pay out of pocket. When you go to visit a physician how much do you have to pay for that visit? When you fill your medication, how much do you have to pay to fill that medication? For many people what they pay out of pocket can turn out to be a lot more than what they're paying in health insurance premiums," he said.
Healthcare.gov has a page where you can just fill in the blanks and it'll line you up with your best fit.
Step 4: PICK
Pick a plan that fits your needs and one that you can afford. There will likely be trade-offs as you might not find one that fits all of your needs. Whatever plan you pick, double check with your doctor, pharmacy and hospital that you will be covered under that choice.
Here are more helpful links:
Emory University's Helpful PREP Guide
Common Insurance Carriers in Georgia
Georgia Insurance Commissioner Tips