Comments on: What You Need to Know About Open Enrollment: Health Insurance Options http://cashmoneylife.com/2009/11/10/open-enrollment-health-insurance-options/ Money Management, Small Business, Career Sun, 21 Mar 2010 02:34:22 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: J.R. Seaman http://cashmoneylife.com/2009/11/10/open-enrollment-health-insurance-options/comment-page-1/#comment-20440 J.R. Seaman Tue, 17 Nov 2009 21:23:02 +0000 http://cashmoneylife.com/?p=1943#comment-20440 I am a health and life insurance agent but mostly deal with health insurance for groups and individuals. You need to make sure of a couple of things before you switch. 1. Make sure you don't cancel coverage with one company before you switch to another. 2. If you have bad health conditions you may not get covered by another company. If you are sick it is smart to stay who you are with. 3. Look at all of the options, out of pocket maximum/stop-loss, copay, deductible, Rx benefits, and of course your monthly premium. 4. Make you effective date with the new company on the first of the month. Once you are accepted by the new insurer, cancel your old plan on the last day of the previous month. This will give you a clean transition and help you not have to deal with billing complications. By the way, I have never seen any kind of fee for canceling a policy. I am located in Texas and the laws may be different in your state. So, it is better to be safe and check. But there shouldn't be any charges. I am a health and life insurance agent but mostly deal with health insurance for groups and individuals. You need to make sure of a couple of things before you switch.

1. Make sure you don’t cancel coverage with one company before you switch to another.

2. If you have bad health conditions you may not get covered by another company. If you are sick it is smart to stay who you are with.

3. Look at all of the options, out of pocket maximum/stop-loss, copay, deductible, Rx benefits, and of course your monthly premium.

4. Make you effective date with the new company on the first of the month. Once you are accepted by the new insurer, cancel your old plan on the last day of the previous month. This will give you a clean transition and help you not have to deal with billing complications.

By the way, I have never seen any kind of fee for canceling a policy. I am located in Texas and the laws may be different in your state. So, it is better to be safe and check. But there shouldn’t be any charges.

]]> By: Ryan http://cashmoneylife.com/2009/11/10/open-enrollment-health-insurance-options/comment-page-1/#comment-20347 Ryan Wed, 11 Nov 2009 01:46:18 +0000 http://cashmoneylife.com/?p=1943#comment-20347 Check with your plan, but there is usually no fee if you change your benefits elections during the annual open enrollment period. However, the cost of your coverage may change, so be sure to read the details of the new plan you select. Check with your plan, but there is usually no fee if you change your benefits elections during the annual open enrollment period. However, the cost of your coverage may change, so be sure to read the details of the new plan you select.

]]> By: Manshu http://cashmoneylife.com/2009/11/10/open-enrollment-health-insurance-options/comment-page-1/#comment-20346 Manshu Wed, 11 Nov 2009 01:43:19 +0000 http://cashmoneylife.com/?p=1943#comment-20346 If I change from one type to another, is there anything extra I'll have to pay, like a switching fee or something? If I change from one type to another, is there anything extra I’ll have to pay, like a switching fee or something?

]]> By: Financial Samurai http://cashmoneylife.com/2009/11/10/open-enrollment-health-insurance-options/comment-page-1/#comment-20345 Financial Samurai Tue, 10 Nov 2009 22:08:46 +0000 http://cashmoneylife.com/?p=1943#comment-20345 Ryan, this is a great update. It's all about estimating how sick you will be next yr! After spraining my wrist, and playing 10 hours of tennis every week for 8 months, as well as getting into a big basketball fight, I need to check myself out, and am willing to pay a high premium! FS Ryan, this is a great update. It’s all about estimating how sick you will be next yr! After spraining my wrist, and playing 10 hours of tennis every week for 8 months, as well as getting into a big basketball fight, I need to check myself out, and am willing to pay a high premium!

FS

]]> By: Miranda http://cashmoneylife.com/2009/11/10/open-enrollment-health-insurance-options/comment-page-1/#comment-20341 Miranda Tue, 10 Nov 2009 13:16:17 +0000 http://cashmoneylife.com/?p=1943#comment-20341 Great guide. We just found out that we are going to be socked with an age-based premium increase of $80 ($40 as my husband and I each turn 30). So we're looking at the HSA with high deductible. If we can get the premium low enough on the health plan, it would be totally worth it to pay out of pocket for doctor's visits (especially since some of them offer a discount if you don't use the insurance company). Great guide. We just found out that we are going to be socked with an age-based premium increase of $80 ($40 as my husband and I each turn 30). So we’re looking at the HSA with high deductible. If we can get the premium low enough on the health plan, it would be totally worth it to pay out of pocket for doctor’s visits (especially since some of them offer a discount if you don’t use the insurance company).

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