Healthcare Enrollment Season

Healthcare Enrollment Season

2020 is almost over and it is that time of year again, Healthcare Enrollment Season!

The Open Enrollment Period (OEP) for the Affordable Care Act is scheduled every year from November 1st through December 15^th. Coverage begins January 1st and will typically last the entire year. This is a great opportunity to compare new plan options to your existing coverage. With a little research and the right counsel, you can save big and enjoy great peace of mind.

Individuals can potentially enroll in:

1. Guaranteed issued plans with coverage for pre-existing conditions.
2. Medically underwritten catastrophic policies for those who simply want a limit to their exposure from high medical claims.
3. Supplemental, indemnity strategies to help with out-of-pocket costs and even replace lost income.

The Annual Enrollment Period for Medicare Beneficiaries begins October 15th and ends December 7th. This is also a great time to explore new offerings that could provide better coverage and potential savings.

Medicare Beneficiaries can potentially enroll in:

1. Original Medicare (A+B), plus a Qualified Drug plan
2. Original Medicare with a Medicare Supplement/Medigap plan (plus a Qualified Drug Plan)
3. Medicare Advantage (Part C) plan (with or without Qualified Drug coverage included)

With so many options for covering your health care costs, do not expect your neighbors’ plan to be the best choice for you. In fact, there is no right or wrong plan – it simply depends on your specific situation. Every individual has their own needs, you should each choose what is best for you.

Finally, individual supplemental or ancillary insurance products are products designed specifically to help you avoid the high cost of deductibles and out of pocket exposure. These products can also provide financial access to alternative treatment options. Health insurance is simply designed to protect doctors and hospitals from our inability to pay the extremely high cost of medical care. Despite its many obvious benefits, it has zero function when it comes to getting rid of that staircase or modifying your home should different needs present themselves. Unfortunately, millions of people per year are learning the hard way that health insurance alone simply is not enough to protect you from the financial hardships that come along with catastrophic medical claims.

Not to worry! A simple conversation can help you gain more confidence in the plan you have in place or allow you to upgrade your current strategy. The best news of all? You are in great hands! Reach out to me, Jim Larson at HealthMarkets, so you can have the confidence and security you deserve!