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During the open enrollment period, millions of Americans face one of the most significant financial and health-related decisions while selecting a health insurance plan. During this period, you’ll be able to decide your coverage for the year ahead. There are consequences for failing to meet deadlines or making hasty decisions.
The good news? Open enrollment doesn’t have to be daunting. You can make informed decisions that will protect your health and save money. In this blog, we explore Open Enrollment Checklist: 30-Minute Decisions That Save You Money.
30-Minute Open Enrollment Decisions That Save You Money
Step 1: Review Your Health Needs for the Upcoming Year
The first step in the open enrollment checklist is reflecting on your healthcare usage. Look back at the past 12 months:
- How often did you visit the doctor?
- Did you need prescription medications regularly?
- Were there any unexpected health issues?
Now think ahead: Will you or a family member need surgery, physical therapy, or regular treatments? Are you planning a pregnancy? Anticipating dental or vision care?
Tip: Record your recurring healthcare expenses, including prescriptions and therapy visits, as well as any anticipated treatments. Having this list handy will make comparing plans faster and more accurate.
Step 2: Compare Plan Tiers (Bronze, Silver, Gold, Platinum)
Insurance plans are generally divided into “metal tiers” that balance monthly premiums with out-of-pocket costs. Here’s a quick breakdown:
- Bronze: Lowest premiums but highest out-of-pocket costs. Best for healthy individuals with minimal medical needs.
- Silver: Balanced option with moderate premiums and coverage. A good choice for average healthcare usage.
- Gold: Higher premiums but lower out-of-pocket costs. Best suited for individuals who anticipate frequent doctor visits or ongoing medical care.
- Platinum: Highest premiums but lowest out-of-pocket costs. Ideal for those with chronic conditions or who expect high medical expenses.
Tip: Use Beem’s comparison tool to see how each tier stacks up in terms of premiums, deductibles, and total costs for your specific healthcare needs.
Step 3: Understand Your Network – In-Network vs. Out-of-Network Care
Health insurance is only as useful as the providers it covers. Choosing a plan without checking the network could mean your trusted doctor isn’t included—or that you’ll face steep costs for out-of-network care.
Tip: Before enrolling, confirm that your primary care physician, specialists, and nearby hospitals are included in the plan’s network. Beem’s platform makes this easy by showing network options side by side, so you don’t have to dig through fine print.
Step 4: Evaluate the Out-of-Pocket Maximum (OOPM)
Your plan’s out-of-pocket maximum is the most you’ll pay for covered services in a given year. Once you hit that cap, the insurance company pays 100% of covered costs.
If you expect higher medical expenses—like ongoing treatments or a scheduled surgery—choosing a plan with a lower OOPM can protect you financially.
Tip: Don’t just look at premiums. A slightly higher premium might be worth it if it comes with a lower OOPM that limits your exposure to big medical bills.
Key Decisions to Make in the First 30 Minutes
Step 5: Review Your Premiums and Deductibles
Finding the balance between premiums and deductibles is crucial.
- A higher premium usually comes with a lower deductible, meaning the insurance starts covering costs sooner.
- A lower premium often pairs with a higher deductible, making sense if you rarely visit the doctor.
Tip: Match your choice to your healthcare usage. If you only need occasional checkups, a lower-premium plan may be suitable. If you expect to require frequent care, paying more in premiums could save you money.
Step 6: Don’t Forget Prescription Coverage
If you take medications regularly, prescription coverage should be a top priority. Not all plans cover the same drugs, and some may require higher copays for brand-name medications.
Tip: Review your prescriptions against the plan’s drug formulary (the list of covered medications). Beem’s platform can help you determine whether your regular prescriptions are included and what they’ll cost under different plans.
Step 7: Choose Additional Benefits – Dental, Vision, and Other Perks
Health insurance plans sometimes include extras, such as dental and vision coverage, but not always. Failing to take advantage of these benefits can result in unexpected expenses for routine eye exams or dental work.
Tip: If you or your family need these services, consider choosing a plan that bundles them or purchasing standalone coverage. For kids, especially, dental and vision care are worth including in your checklist.
Quick Decision-Making: Tips for a Smooth Open Enrollment
Tip 1: Set a Timer and Focus on the Big Picture
Open enrollment can feel overwhelming if you try to analyze every detail. Instead, set aside a 30-minute block and focus on the big three:
- Premiums and deductibles.
- Provider networks.
- Prescription coverage.
By prioritizing these, you’ll cover the most important bases without getting stuck in the weeds.
Tip 2: Leverage Beem’s Tools for Easy Comparison
One of the fastest ways to simplify open enrollment is by using comparison tools. Beem’s Health Insurance Comparison Portal lets you:
- Quickly compare premiums, deductibles, and OOPMs.
- Filter plans by prescription coverage and provider networks.
- Make confident, data-driven decisions in less time.
This removes the guesswork and helps you move from confusion to clarity in under half an hour.
Tip 3: Don’t Overthink It – Trust Your First Instinct
It’s easy to get stuck wondering if another plan might be slightly better. However, in most cases, your first instinct, based on your needs and budget, is the right choice.
Tip: Avoid analysis paralysis. If a plan clearly covers your providers, prescriptions, and expected care at a price you can afford, it’s probably the best fit.
Conclusion
You may take charge of your healthcare and your budget during the open enrollment period. Although the procedure can be confusing, it is made easier with a 30-minute checklist that comprises examining your healthcare requirements, comparing the various plan levels, verifying the networks, evaluating the out-of-pocket maximums, and ensuring that your prescriptions are covered.
Beem makes this stressful process easier. You’ll be able to confidently select the plan that is most suitable for you without wasting time, thanks to the simple-to-use comparison tools. Its total family health program empowers users to make informed, confident decisions that keep their healthcare secure. Start your free 1-month trial now and enjoy benefits ranging from Teladoc, up to 50% discounts on diabetic supplies and prescription medications, in addition to free online or in-person counseling services. Download the app here.
FAQs for Open Enrollment Checklist: 30-Minute Decisions That Save You Money
How long does open enrollment last?
Open enrollment typically lasts for several weeks each year, usually from November through mid-December, depending on your state and insurance marketplace.
Can I change my plan during the year?
Generally, no. You can only make changes outside of open enrollment if you experience a qualifying life event, such as getting married, having a baby, or losing other coverage.
How do I know if my doctor is covered?
Check the provider directory of each plan. Beem’s comparison platform simplifies this step by showing which doctors and hospitals are included in each network.
What happens if I miss the open enrollment period?
If you miss the deadline and don’t qualify for a special enrollment period, you’ll likely have to wait until the next open enrollment period to get coverage.
How can Beem help me find the best plan during open enrollment?
Beem streamlines the process by allowing you to compare plans side by side. You can easily see costs, provider networks, and prescription coverage, making it much easier to choose the best plan in less time.
