Open Enrollment is a crucial time for reviewing your health insurance options and making the best choices for you and your family. However, many people make simple mistakes that can lead to higher costs, less coverage, or missed opportunities. Here are the top 5 mistakes to avoid:
- Not Reviewing Your Plan Options
Many people assume their current plan is still the best option. However, insurance plans can change each year, including premiums, coverage, and networks. Take time to review all available options to ensure you’re getting the best coverage at the most affordable rate.
- Missing Deadlines
The Open Enrollment period is limited, and missing the deadline means you may be stuck without coverage or with a plan that doesn’t meet your needs for the entire year. Make sure you know the exact dates and submit all necessary paperwork on time.
- Not Considering Your Future Healthcare Needs
Many focus only on their current situation without accounting for possible future needs. Consider any upcoming surgeries, treatments, or family changes (like having a baby), and make sure your plan will cover these adequately.
- Choosing the Cheapest Premium Without Understanding the Coverage
While it may be tempting to go with the lowest-cost plan, cheaper premiums often come with higher deductibles and out-of-pocket costs. Ensure you understand the trade-offs between the premium and overall coverage to avoid costly surprises later.
- Forgetting About Supplemental Insurance
Health insurance isn’t one-size-fits-all. Many people overlook adding dental, vision, accident, hospitalization, cancer or critical illness insurance, which can provide important coverage and minimize out of pocket expenses.
Avoid these common mistakes, and make sure you’re fully prepared for Open Enrollment! If you need help navigating your options, text or call us at (813) 761-2836 or email us at team@rwealthgroup.com for personalized assistance.
Sources: