If you’re one of the thousands in Michigan who must purchase your own health plan you know the stress of trying to determine the best value for coverage that most meets your needs.
Each year the Open Enrollment Period (OEP) gives you the opportunity to newly enroll, change or adjust your coverage based on your changing medical needs.
The January 15 deadline for OEP is approaching quickly. If you haven’t reassessed your health plan coverage there is still time to ensure that you and your family receive the most adequate medical coverage for your needs.
5 tips to make sure your coverage is right for you
1. Assess medical history and upcoming needs.
Make a list of prescription medications your family will need for the upcoming year. Are there any planned medical procedures? Are there ongoing health conditions that will require intervention? Are you planning on being out of the state for an extended amount of time?
Will your present health plan adequately cover these medical needs?
2. Consider budget.
Evaluate your monthly premium costs, your deductible and out-of-pocket expenses. Do you need to make some adjustments to make it more affordable or do you have room to increase coverage?
Be mindful that a plan with the lowest monthly premium could end up costing you more in the long run if there are health issues that require a lot of intervention.
Check to see if you are eligible for a subsidy, which is a discount on your monthly premium based on your household income: https://www.priorityhealth.com/landing/aca-subsidy-e-guide
3. Compare coverage options.
Look for plans that offer money-saving benefits such as low prescription copays, chronic condition resources, virtual care, a broad provider network and valuable plan extras like mental health support, travel assistance or travel coverage out of state.
Take a quiz to help determine which plan type might be best for you: https://www.priorityhealth.com/individual-family-health-insurance/learning-center/find-your-plan-type
4. Learn the difference between a narrow network plan and a broad HMO plan to make sure you know what you’re getting.
Compare network options that align with your health and budget needs. For instance, a narrow network plan can offer significant cost savings with high quality hospital networks, while a broad network HMO plan provides greater access to a range of doctors and hospitals.
5. Choose and enroll in a plan.
There’s still time to do your research and enroll in a plan to make sure you and your family have the best medical coverage that fits your needs for 2025. Compare plans to see what fits your individual needs.
Learn about MyPriority plans through Priority Health, which allow you to save money while getting the quality care you need.
“Choosing the right health plan doesn’t have to be overwhelming. By following these steps you can find the right balance between affordability and comprehensive coverage. Take the time to invest in your health today—it’s a decision that pays dividends all year long,” said Emily Martens of Priority Health Individual Markets.
