Health Insurance Open Enrollment: Choosing the Best Option for You and Your Family
Friday, October 31, 2008 | 04:32am
NASHVILLE – It’s the time of year when many employers hold open enrollment periods for their group health insurance plans. The Tennessee Department of Commerce and Insurance provides the following tips to help you make the best decisions for you and your family.
Open enrollment is the period during which all members of a group health insurance plan have the opportunity to enroll in or modify their participation in certain benefit programs. During an open enrollment period, insurance carriers are required to accept all applicants of the group without underwriting or evidence of insurability. Open enrollment is generally held annually. There are many different types of major medical plans typically offered by employers. Before making a choice, you should:
• Check to see if your current physicians and area hospitals are in your plan’s network. Using network providers generally will save money on your health care.
• Check to see if spouses or dependents are covered.
• Read all of the plan materials thoroughly. That way, you can grow more familiar with your rights and responsibilities are under each plan.
• Review any preexisting-condition exclusions and prior-authorization requirements in the plan materials.
• If you take prescription medications, check them against the list of approved drugs in each plan booklet.
The recent national economic downturn has made budgeting and accurately planning for healthcare costs all the more crucial. To pick the best coverage, first calculate your healthcare costs from recent years and try to plan for the coming year. Next, make a list of the premiums, out-of-pocket expenses and benefits under each plan. Finally, decide how much you can afford to pay. Once you enroll in a health plan, you will not be able to make changes until the next open enrollment period, unless you have a life-changing event such as marriage or divorce, a job change, or the birth or adoption of a baby. For more information, visit www.tn.gov/commerce/insurance.
The Department of Commerce and Insurance works to protect consumers while ensuring fair competition for industries and professionals who do business in Tennessee.
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