New York, NY (WRBL) – It’s that time of year, when you are confronted by open enrollment nudges from your employer and in some cases, from the government.
For the 153 million Americans who get health care through the workplace, annual premiums for family health coverage have risen by 4 to 5 percent from last year, with workers paying over $6-thousand dollars towards the cost of family coverage – that’s a whopping 25 percent jump since 2014. On top of that, the average deductible among is $1,655, up 36 percent over the past five years.
To help defray some of that increase, SHOP AROUND! Start by reviewing your current plan, what you spent this past year; and then try to project what your health care costs will be in the year ahead. Then compare plans and determine what they cover, how much they cost, including co-pays and deductibles and whether your doctors are in the network.
If you are over 65, you know that Medicare open enrollment has started – it concludes December 7th. Because insurance companies often change what they cover from year to year, it behooves enrollees to update coverage.
Go to the Medicare Plan Finder to compare plans and select what’s right for you. And the open enrollment period for the Affordable Care Act has just started and runs until December 15th. Prices on average are expected to edge lower for silver plans, the most popular mid-range option on the exchanges, but costs are dependent on your state of residence.
For more on Open Enrollment for 2020, click here.