Having a health plan is an important tool for staying well — it can help you see the doctors you want, and it can help you get care and screenings that help you catch possible problems at their earliest stages. Plus, if you get really hurt or sick, you’ll have some financial peace of mind.

But it’s also important to know that you can make changes to your plan, and when that time is. Your life now may be different than it was last year (so you’ll want to be sure that your new plan fits your needs), or you may want to make changes to an existing one.

Here, everything you need to know about open enrollment, including a handy checklist to prepare for your new options.

What exactly is open enrollment?
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Open enrollment is the period of time when you’re able to make changes to your health insurance plan — you can sign up for a new plan, change aspects of your previous plan, or confirm the same selections you had the year before.

The timing of open enrollment slightly differs based on the insurance plan you have, which we’ll delve into below.

Your open enrollment checklist
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Here are eight questions you should ask yourself before open enrollment.

1. What is my deadline to pick a new health plan?

Picking a health plan isn’t something to leave until the last minute. Put the open enrollment dates on your calendar so you have plenty of time to prepare. Here are the dates you need to know:

- If you’re on an Affordable Care Act (ACA) plan, open enrollment runs from November 1 through January 15 in most states. Your new benefits start on either January 1 or February 1.
- If you’re on a Medicare plan, open enrollment runs from October 15 to December 7. Your new benefits start on January 1.
- If you’re on a plan through your employer, open enrollment can happen at different times during the year, although it often happens in the fall. January 1 is a common start date, though it may be different depending on your plan

2. How has my current plan changed?

If you’re not sure what may be changing about your health plan, the company that runs your plan will let you know. Here’s how.

Have an ACA (Affordable Care Act) plan or a plan through your job? You’ll get a summary of benefits and coverage when open enrollment starts.
Have a Medicare plan? You’ll get your plan’s Annual Notice of Change in September.
Both documents show what your plans cover, what they don’t, and how much you’ll pay for care.

It’s a good idea to hang on to these documents, says Caitlin Donovan, senior director of public relations for the National Patient Advocate Foundation. “Don’t assume your plan’s staying the same,” she said.

3. Can I afford the healthcare I need?

A lot of people pick health plans based on what they’ll pay each month (premium). But if you do that, you might be overlooking some important numbers. These could include1:

- Your deductible: This is how much you must spend before your insurance starts paying for care.
- Your coinsurance: That’s the percentage of healthcare costs you’ll have to pay for care after meeting your deductible.
- Your copayments (copays): These are fixed dollar amounts you’ll pay for health care after meeting your deductible.
- Your out-of-pocket maximum: This is the most you’d have to pay for covered services in one year. (Covered services are services that a health plan pays for.) It includes your deductible, coinsurance, and copays. Monthly premiums aren’t included.

Donovan recommends thinking about those numbers as you’re looking at your plan. For example, maybe you don’t have enough cash to pay down a $5,000 deductible, so it might be a good idea to pick a plan with a lower one.

Your monthly bill may be higher, but paying a little more each month may be easier than having to pay a lot at once.

Continue Reading at https://www.optum.com/en/health-articles.html/health-care-finances/open-enrollment-checklist-8-questions-ask-renewing-your-plan