Should You Change Health Insurance?

Having the right health insurance could offer peace of mind at a time when you and your family may really need it. Being covered frees you up to focus on getting the care you need rather than figuring out how you'll pay for everything. 

As your needs change, you might wonder, "When is a good time to consider changing my health insurance?" The answer depends a lot on individual circumstances. Here's a closer look at when and how you can change your health insurance to a plan that fits where you are now.

What Is Open Enrollment and When Does It Happen?

The annual open enrollment period typically runs from Nov. 1 to Jan. 15 of the following year. Some states have different schedules. Anyone on any health insurance plan can choose a different plan from their state’s health insurance marketplace during this time.

You must choose a new plan between Nov. 1 and Dec. 15 if you want coverage to begin on Jan. 1 of the following year. If you choose a new plan between Dec. 16 and Jan. 15, your new coverage will begin on Feb. 1 of the following year.

Even if you're happy with the plan you have, it doesn't hurt to review the options available to you during open enrollment. It only takes a bit of your time, and you might discover a better plan you didn't know existed.

Ideally, you want to begin your search early within the open enrollment window. This gives you plenty of time to compare all of the options available to you and to reach out to insurers with questions about their coverage.

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Life Changes, New Opportunities: Special Enrollment Periods

For most people, open enrollment is the only time you can switch your health insurance coverage during the year. However, some situations qualify you for a special enrollment period. For example, when you:

• Get a new job that offers employer-sponsored health insurance

• Lose employer-sponsored health insurance

• Have a baby or adopting a child

• Move to a new home in a new ZIP code or county

• Move to the U.S. from a foreign country or U.S. territory

• Become a U.S. citizen

• Gain membership in a federally recognized tribe

• Leave incarceration

Basically, most changes to your employment situation or family circumstances qualify you for special enrollment. You get 60 days from the qualifying event to select new health insurance coverage to fit your changing needs. 

Beyond the Enrollment Windows: Recognize the Need for Change

You don't have to wait for open enrollment to evaluate whether your current coverage is meeting your needs. Now is the perfect time to review your coverage so you can develop a clearer picture of what you want in a new plan the next time you get the opportunity. 

Some questions to answer include:

• Are your doctors in your plan's network? Visiting providers within your health insurer's network makes care more affordable. If you have a doctor or specialist that isn't within your provider's network, that's a good reason to research other plans.

• Are your prescription medications covered? Your medication needs may vary over time. It's important to check each year to make sure the plan you choose covers the medications you're taking.

• Does your current health insurance plan fit into your budget? Health insurance plans vary in terms of their deductibles, copays, and premiums. Generally, opting for a higher deductible or less generous coverage gets you lower monthly premiums. 

• Are you happy with the service your current plan provides? A good health insurer should handle claims promptly and be easy to contact if you have questions about your coverage.

• Is my current health insurance plan changing for the coming year? Health insurance plans may update their coverage and costs from one year to the next. If you get a notice that your plan is changing, take this information into account when deciding whether it's still the right option for you.

Take Control: Navigate Existing Medical Debt

Even with health insurance, medical debt still happens. Fortunately, there are several ways you can tackle this problem, including:

• Work with your healthcare provider. Your provider may be able to offer you a payment plan. They might agree to spread the costs out over time so you don't have to pay all at once. Often, providers don’t charge for this. 

• Dispute incorrect charges. If you believe there's an error in your billing statement, contact the hospital to get it corrected. This could reduce what you owe.

• Debt settlement. Debt settlement is where you or a company who advocates for you, like Freedom Debt Relief, negotiates with your creditors to get them to accept less than what you owe. If you can’t afford to repay your medical debt, the provider might agree to discount it.

It's worth exploring all these options before deciding which one is best for you. Consider working with a medical billing advocate if you're not comfortable negotiating your debt on your own.

Your Healthcare Is a Journey, Not an Event

It's easy to forget about your health insurance until you need to make a claim. But when that day arrives, you'll be much happier if you've proactively compared your options and chosen the plan that best suits your needs. 

The process doesn't have to take long. Set aside an afternoon to ask yourself the questions listed above and to review the plan options available to you. Reach out to insurers if you have questions about their plans. Mark the open enrollment period dates on your calendar so you don’t miss your chance to get the plan of your choice for next year.