If you already have health insurance, review your policy’s summary of benefits and coverage or “SBC.” That’s the best way to compare key features of health plans, such as copays, deductibles, coinsurance and the estimated cost of common medical events.

Tip #2: Consider your health care needs

Think about the state of your health and how you used insurance benefits last year. That will help you shop for the right plan to get the best coverage possible for the coming year.

Tip #3: Check your physician’s plan status

Before selecting a plan, verify that your doctor and hospital of choice are included in its network of providers. If not, you’ll pay significantly more for their services.

Tip #4: Factor in all costs

The cost of a health plan includes more than just the monthly premium. Don’t forget to factor in out-of-pocket costs, such as deductibles, copays and coinsurance.

Tip #5: Consider a high-deductible health plan

Since you’re responsible for more out-of-pocket medical costs, high deductible health plans come with lower premiums. Additionally, having one makes you eligible for a health savings account (HSA), which helps you save and pay for future medical expenses on a tax-free basis.

Tip #6: Don’t wait until the last minute

Give yourself plenty of time to shop and compare plans. Waiting until the bitter end of open enrollment is a bad move because you may not get the help you need or make a bad, hasty decision. Remember that unless you experience a qualifying event (such as getting married, divorced, or having a child) you can’t change your plan until the next annual open enrollment period.

By Laura Adams

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