Choosing The Right Health Insurance

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Millions of workers are facing so-called Open Enrollments to choose their health insurance plans for next year.

And this year, it may be even more confusing than ever.

There will always be the same old questions: “Can I see the same doctor?”, “How much will it cost?”, “What’s covered / What’s Not” and finally “Can I really afford all the coverage I might need?”

Almost every financial analyst agrees health insurance costs are going up next year.

Charles Sachs of Coral Gable’s Evensky & Katz says “Probably the one thing that’s certain is we’ll be seeing prices up across the board.”

So what’s new in 2011?

Under the first phase of National Health Insurance Reforms, policies must provide cost-free preventive care, allow dependent coverage through the age of 26, allow for a primary care doctor and allow the closest emergency room visits without any penalties.

And these changes are not only effecting prices, they’re effecting coverage options too.

So you have to make sure to read all the fine print to figure out all your options.

Here’s a quick Checklist you need to remember when it comes time to pick out your next Health Insurance Plan:

Check out the overall cost of each plan, including out-of-pocket expenses, deductibles, prescription benefits and whether a flexible spending account may be right for you.

And with the new Health Savings Accounts, you don’t lose any of your money if you don’t spend it by the end of the year. Flexible Spending Accounts usually expire at the end of the year so if you don’t use it, you lose it.

Most of the changes in the new national health insurance laws are still several years away.

So chosing your health coverage may be a little tricky for the next few years.

In the meantime, check with your health insurance provider or personnel department to help figure out what’s the best and most affordable coverage for you. It may also be a good idea to discuss the possible Tax Advantages of Health Savings and Flexible Spending Accounts with your Accountant or Tax Specialist. And you may want to ask a trusted health care provider their opinion of what may be best for you, your family and your budget. 

For More Information:

From www.healthcare.gov

INSURERS CAN’T:

* Deny coverage to kids with pre-existing conditions

* Put lifetime limits on benefits

* Cancel your policy without proving fraud

* Deny claims without a chance for appeal

 

CONSUMERS CAN:

* Receive cost-free preventive services

* Keep young adults on a parent’s plan until age 26

* Choose a primary care doctor, ob/gyn and pediatrician

* Use the nearest emergency room without penalty

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