Three Common Mistakes People make when signing up for the Affordable Care Act (Obamacare)
When choosing health insurance plans during ACA open enrollment there are several mistakes that can be made.
1. Choosing the wrong NETWORK OF PROVIDERS – Health insurance companies’ contract with different groups of hospitals and doctors. They agree to certain payments for services rendered to insured / patients. It is imperative to know that your providers are in the network servicing the plan you chose. The health insurance company’s website should have an up to date list of providers. Search their listing and when you find the providers you like then we recommend you call to confirm they are taking patients in that network. In short, do your research before you choose a plan – it could save a lot of unhappiness.
2. Annual max out of pocket – it is risk management 101 to know what the limits are for any insurance coverage you own. A health insurance annual max out of pocket tells you what your annual cost will be in a calendar year before your insurance carrier will pay 100% of your expenses. Not all health insurance policies meet their annual max out of pocket the same way. Learn how yours work.
3. Deductible – does your deductible have to be met before co-payments kick in? Are your doctor and / or drug co-pays added to meet your deductible and / or max? These are just 2 examples of the different ways deductibles can be meet. Not knowing how your deductible is meet can bring unpleasant surprises.
A knowledgeable health insurance agent can guide you through the process.