Solving Your Insurance Puzzle

Weighing your options during open enrollment? Here’s how to get the pieces in place to find the right plan.

- Mary Anne Dunkin

Along with cooler weather and autumn leaves, this time of year for most people brings open enrollment for health insurance. Depending on where and how you get your insurance, open enrollment may last from a few weeks to a couple of months, and your choices this year will affect your health and your pocketbook until you ring in 2020. This information can help you make decisions that are right for you.

If your employer offers coverage … If you get insurance through your employer and have more than one option, carefully compare costs and benefits – even if you are happy with your current plan, says Nick Turkas, director of Help and Support for the Arthritis Foundation. Health plans and situations can change, and the plan that served you well last year could leave you with high medical costs this year.

It may be tempting to choose the plan with the lowest monthly premium, but other costs can outstrip premiums. Turkas recommends making a list of your providers, medications and anticipated medical expenses for 2019. (Find costs for procedures and services in your area at your insurance provider’s website, or try fairhealthconsumer.org or healthcarebluebook.com.) When choosing a plan, weigh the following factors:

Premium. The price you pay monthly for the insurance policy.

Deductibles and coinsurance. The deductible is the amount you must pay toward your care before insurance starts paying. Coinsurance is the percentage you must pay after the deductible has been met. Both can be significant expenses, but choosing a lower deductible or coinsurance will require a higher monthly premium.

Health and Flexible Savings Accounts. With a high-deductible plan, you may be able to set up a Health Savings Account (HSA), which allows you to set aside a certain amount of pre-tax money for medical expenses, including deductibles and copays.