When fall rolls around, you know it will bring cooler weather, Friday Night Lights, a hint of pumpkin spice in the air and, your favorite (not), thinking about your health coverage. Yikes!
No need to fear! We’ve broken down the types of coverage to make this year’s open enrollment an autumn breeze as you figure out the best coverage for your family.
Employer Group Coverage
In an ideal world, your employer offers a plan and the pricing is affordable for your family. Your employer may even contribute to your premium cost.
These plans might be a good fit for your family if:
- You don’t have access to an employer sponsored plan.
- Your family has pre-existing conditions, such as cancer, rheumatoid arthritis, or MS).
- Someone in your family will need to have elective surgery within 2020.
- Your Annual Household Income is at a level that qualifies for a government subsidy.
Catastrophic Short Term Plan
A plan like this might be plenty for you if:
- You and your family are generally pretty healthy and don’t go to the doctor very frequently.
- You and your family do not have a lot of pre-existing conditions or take a lot of expensive medicine.
- You are mainly looking for protection from a catastrophic major medical event.
- You don’t mind having to enroll more than once per year. (Currently, the longest plan available runs for a term of 364 days.)
Medical Cost Sharing
It could be beneficial to your bank account to explore medical cost sharing options if:
- You are generally pretty healthy.
- Your family doesn’t have a lot of pre-existing conditions or need a lot of expensive medicine.
- You are mainly looking for protection from catastrophic, major medical events.
- You want to be able to “set and forget” your health care. Medical cost sharing memberships don’t ever expire unless you opt out, so you don’t have to renew every year.
- You are willing and able to agree to the program’s guidelines. For example, you agree that you won’t intentionally participate in illegal or dangerous activities. Note that some cost sharing plans include religious requirements, but others do not.