Every year, millions of Americans rush through open enrollment without fully understanding what they're signing up for. The enrollment window is short, the options can be overwhelming, and it's tempting to just renew whatever you had last year. But that approach can cost you — both in dollars and in coverage quality.
Here are five things I encourage every client to consider before their next enrollment period.
First, review your current plan before renewing. Insurance carriers frequently adjust premiums, deductibles, copays, and provider networks from year to year. Just because a plan worked well for you last year doesn't mean it's still the best fit. Take 15 minutes to review what's changed.
Second, check whether your doctors are still in-network. Provider networks shift regularly. If you have preferred doctors, specialists, or hospitals, confirm they'll still be covered under your plan before you re-enroll.
“The biggest mistake people make during open enrollment is auto-renewing without reviewing. Plans change every year — and so do your needs.”
Third, estimate your expected healthcare needs. Are you planning any procedures? Do you take regular medications? Are you expecting a child? Your anticipated healthcare usage should directly influence which plan you choose — not just the monthly premium.
Fourth, understand the difference between premiums and total cost. A low monthly premium might look attractive, but if the deductible is $8,000, you could end up paying far more out of pocket than someone with a slightly higher premium and lower deductible. Always look at the full picture.
Fifth, know that you may have options outside the marketplace. If you're relatively healthy, private health insurance may offer better coverage at a lower total cost — and it's available year-round, so you're not locked into the enrollment window.
If you'd like help reviewing your current coverage or comparing options before the next enrollment period, I'm happy to walk through it with you. A complimentary review takes about 30 minutes and can save you real money.
