Taking place between November 1 and December 15, with some flexibility for enrollments until the end of January, the Open Enrollment Period is the only time of the year (besides qualifying life events) when people can update or choose a new health plan. While millions of Americans have health coverage offered by their employers, there is a massive (and growing) segment of the workforce that is self-employed — gig workers, freelancers, contractors, consultants, and more — and therefore need to purchase health plans on their own.
Self-employed workers deserve the same financial security as full-time employees, and the right health insurance is a key component of that.
To help you and your family find affordable, high-value coverage during this Open Enrollment Period, the digital health company Stride Health offers the following tips:
1. Consider health needs. Assess your family’s health needs for the coming year. If you use your benefits only for preventive care and occasional urgent visits, you might be able to get a high-deductible plan. If you see specialists regularly, you may want to pay a higher monthly premium to save on out-of-pocket expenses. Similarly, if someone in the family takes prescription medications regularly, consider the medication coverage in any plan you are considering. Shop with providers that make it easy to check if your doctors and medications are covered by the plan before enrolling.
2. Identify your budget. Review your monthly net income to determine how much you can allocate to health insurance, keeping in mind that most plans do not cover dental and vision for adults. The good news is that coverage is likely more affordable than you think. In fact, cost perception is the main barrier to accessing health coverage. In a Stride Health survey, 80% of uninsured gig workers said they think health insurance costs more than $100 per family member. But in reality, 72% of insured gig workers report spending less than $100 per family member on coverage.
3. Understand the plan. You want to feel confident about the plan you choose. Get informed about its costs and structure, including the monthly premium, deductible, annual out-of-pocket maximum, copayments, and details such as whether a referral is needed to see a specialist. Opt for a Qualified Health Plan that covers preventive care, basic primary care, and has no out-of-pocket maximum for emergencies. Avoid short-term medical plans or products like cancer or accident insurance, which have limited coverage.
4. Lower your premium. You may be eligible for a lower premium through a subsidy. Also known as an advanced premium tax credit, this refundable tax credit offered by the government helps individuals and families with moderate to low income pay for health insurance. Thanks to these credits, 45% of insured gig workers report paying $0 in premiums. Another 27% report paying between $1 and $100 per family member for health insurance. Cost Sharing Reductions, another form of financial assistance that works with Silver plans, can save thousands in medical costs.
5. Compare options. Choosing the right plan can be complicated and confusing. But there are companies to help. Stride brings all costs to light to avoid surprises when visiting doctors or filling a prescription. You can also get reliable tips and advice on the Stride Health blog and website.
It’s important to remember that health needs and plan details can change. Spending a little time each Open Enrollment Period to choose the right plan for you and your family can save money and ensure necessary care at an affordable price.
Source: StatePoint