It is that time of year again. Open enrollment. You must choose your coverage and enroll by January 15, the last day to enroll in Colorado. However, if you want your coverage to be effective on January 1, 2019, you must enroll by December 15, 2018. Make sure that you have evaluated your options and make the best choice for you and your family.
This can be a difficult process every year, especially during the holiday season. So, I’ve put together four tips to find the best coverage and save money at the same time.
1. Shop Around
Different companies offer different plans at different rates. It is important to explore all options and to make sure the providers you use are covered by the plan you choose. By comparing plans and rates from various health insurance companies, you could find a cheaper alternative or better coverage for a similar rate.
We strongly suggest you get quotes to check out rates in your area from different insurance companies. An easy way to do that is by getting an instant quote here.
2. Check out short-term plans
Short-term medical plans are an alternative for many as they transition to Affordable Care Act (ACA)-qualified plans because they can offer next-day coverage upon enrollment. If you missed open enrollment, are in a gap between coverages or a few months short of Medicare eligibility, a short-term plan may be a good alternative.
Short-term plans also offer peace of mind while traveling because they offer extended network availability of doctors and hospitals, as well as out-of-network coverage if needed. You can benefit from deductible values and low premiums that are better than other traditional or newer ACA plans. To explore short-term plan alternatives, go to http://www.colohealthcom/short-term-plans.htm.
3. Health Savings Account (HSA) plans
An health savings account (HSA) is a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. Though the availability of HSA-qualified health insurance plans has plummeted in recent years, there is a new HSA-qualified association plan that offers low rates.
For this type of system to work well, its members must be health conscious, healthy individuals who agree to certain conditions. This helps keep monthly costs down, one of the reasons why it may become a far more affordable option than choosing a traditional health insurance company. For more information on this HSA + healthshare option, go to http://www.colohealth.com/mpowering-benefits.php.
4. Consider Healthshare Plans
A fourth option to consider in your search for healthcare coverage is healthshare plans.These plans are not offered by insurance companies but rather by recognized health care sharing ministries (HCSMs). These organizations must have been in existence and sharing medical expenses continuously and without interruption since December 31, 1999. They must be set up as a non-profit 501(c) organization.
Members of HCSMs pay a monthly contribution that goes into an escrow account, and that money is used to pay qualified medical needs. These monthly contributions can be lower than traditional health insurance premiums. For more information on healthshare plans, go to http://www.colohealth.com/Healthshare.htm.
I hope that these tips help you find the coverage that is right for you. If you have further questions, you can give us a call at 800-913-6381, and one of our friendly advisors can give you free and expert advice.
Leslie Jablonski is a Personal Benefits Manager at ColoHealth. Her aim is to help you make smart and informed healthcare coverage decisions that will fit your needs and budget. Read more about Leslie on her Bio page.