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People’s insurance needs change across different transition periods in their lives. More specifically, this includes life events like moving out of the house, buying a new car, getting married, changes in income, or even having a new child. All of these situations are examples of those that call for unique insurance benefits. Some needs, however, change simply because of differences in personal preferences over time or change in response to newer insurance policy offerings. To be complacent is the worst thing someone could do during open enrollment. Missing out on the right insurance policy for you could mean a lot down the line. As we go through different phases in our individual lives, we need determine our personal need of healthcare.

Changes, however, may happen through your insurance policy itself rather than your personal needs, the first thing that people should keep an eye on is the availability of your current healthcare plan. While you may consider existing plan to be enough, it is worth making sure that it will still be around next year. According to Healthcare.gov, if your plan is no longer available next year, you may be automatically enrolled into another plan which similar to your old one. If your existing plan is still available, you may still want to make sure you are aware of any tweaks that has been made to it. In most cases, your premium will go up. Additionally, changes could also happen through your deductibles, copay, or even the network you’re permitted to utilize.

Whether or not your healthcare needs change or your insurance policy gets altered, you need to be aware of the different options that you have in order for you to make smart decisions when you inevitably switch insurance policies in the future. Although you may have become quite comfortable with the current provider you have, it is smart for you to widen your options as well. This means considering insurance policies from other insurance companies. More often than not, they may have similar offering to that of your previous provider. Although there may be differences in premiums, and the healthcare network provides, the ultimate consideration that one must prioritize is the value that the policy gives you. Services from another healthcare provider associated with the new insurance company may be just as good as your previous one and may come at a lower cost or together with other benefits that may give you value.

At the end of the day, not opening your options to policies available through other insurance companies drastically limits your options. When making decisions that have a big impact on your life for the next year at the very least, you want to make sure that you lay everything out on the table before you start selecting. Once you know the different available insurance policies, then you can assess whether it fits your current needs, it provides the best benefits, and if it makes sense financially.

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Chikee Tiu

Chikee Tiu

Antoinette Tiu started writing as a student journalist at age 11. Ten years later, she still finds herself at the service of creating meaningful content for her readers. When she isn’t writing, you can find her finishing an oil painting, taking portraits and stories of locals (wherever she may be based), or recreating runway looks on her Instagram.