There are some important tips and changes you should know about if you’re signing up for new health insurance plans this year. Your age, medical history, and other risk factors can drastically change how much you will be paying. However, finding a dependable plan gives you peace of mind at least for the next 12 months.
When Does Open Enrollment Start?
If you haven’t realized already, open enrollment has begun on November 1st, 2019, and it will end on December 15th, 2019. [1] So while you might have missed it, you still have lots of time to research and decide if you want to sign-up or make changes to your current plans.
What If I’m Already Insured?
It doesn’t matter whether you’re already insured or not, you should check for changes and research new plans each year before open enrollment starts because terms can change each time. Start by comparing your current plan. You might be able to save money. It is also important to review your current policy if you’re anticipating significant life changes which include pregnancies, health issues, major surgeries, and so on. Never miss the chance to change or upgrade your plan.
Why Should I Switch to Other Plans or Providers?
No one wants to pay more for anything if they don’t have to, especially health insurance policies, but many people do just that because they fail to explore their options. If you compare multiple health plans available for 2020, you will most likely be able to save money or at least get a better plan.
What If I Don’t Have Health Insurance?
If you don’t have health insurance, you run the risk of getting fined by the IRS, but besides that, it’s always wise to have at least a basic healthcare plan. However, as of 2019, the Shared Responsibility Payment when filing federal taxes no longer applies. [2] But, some states may penalize you for not having insurance and will charge you when you file your 2019 state taxes.
How to Find the Best Rates for Health Insurance?
Since open enrollment has already started, you don’t have a lot of time on your hands. Still, you can find lots of information from health care providers on the internet, and the best plans will be available all the way up to December 15th.
Check the Current Rates
We suggest that you review the rates posted for 2020 and compare your current plan to see where you stand. You might be able to upgrade, save some money, or even do both by switching to a new plan. There’s no need to stick with the same policy if another one simply provides better coverage and terms.
The best way to go about this is to do your research online. This is the easiest way to quickly find plan overviews and compare offers. With that said, make sure you check out at least a few of the plans before coming to a final decision.
[1] https://www.healthcare.gov/quick-guide/dates-and-deadlines/
[2] https://www.healthcare.gov/fees/fee-for-not-being-covered/