Open enrollment begins November 15 for the health care exchanges offered by the government. This year’s open enrollment season will be shorter than the systems debut last year. The enrollment period is planned to end February 15 for the exchange, but for those who want their coverage to begin January 1, all decisions must be made by December 1. Those who will be choosing an employer provided plan might have a shorter window to select a plan.
If consumers are currently enrolled under the exchanges, they can opt to do nothing meaning they will be automatically re-enrolled in their current plan. While this may seem like a tempting option for those who are content with their plan, it is recommended that consumers review their policies as some policies are expected to change going into the new year. Carrie McLean, Director of Customer Care at ehealthinsurance.com, says that insurance premiums are expected to go up by an average of 8 percent. Some plans are ending altogether as they do not comply with coverage requirements under the Affordable Care Act.
Employer based health care options are moving towards consumer driven health care. This means employers are pushing preventative health measures and high deductible policies and health savings accounts. In this model employers will contribute to a health savings account on employee’s behalf or allow paycheck deductions to fund the accounts.
The price to purchase this policy is likely lower than a traditional plan. So, you could put for example some of that savings into a HSA. The HSA has a lot of tax advantages,” says Craig Rosenberg, Practice Leader for the Health and Welfare Benefits Group.
Read More – ‘Tis Open Enrollment Season: How to Pick the Right Health Insurance Plan (Fortune, Jean Chatzky)