BY JOYCE LASH, LAURA STERNWEIS
AMES, Iowa -- Fall is open enrollment season for many health insurance plans. However, consumers shouldn’t rely on auto enrollment to handle this important risk management decision, says Joyce Lash, a human sciences specialist with Iowa State University Extension and Outreach.
“Insurance coverage is variable and consumers should match their needs for the next 12 months to a policy that will provide adequate coverage at the most affordable cost,” said Lash, who specializes in family finance.
Open enrollment for Medicare began Oct. 15 and continues through Dec. 7. Consumers may enroll in Marketplace plans from Nov. 1 through Jan. 31, 2017. Many private and employer insurance plans use November or December calendar dates for open enrollment as well. The open enrollment period is an opportunity to review new plans or learn about changes in old plans.
“If you are planning a medical procedure, or there are prescriptions you rely on, you may find they no longer will be covered or may require higher co-pays,” Lash said.
“If you selected an expensive policy in the past or purchased coverage that you never used in 2016, you may want to consider finding a higher deductible plan to reduce premiums and still have adequate coverage. Changes in your household finances and/or household members may also make your previous policy choices obsolete,” Lash added.
“We’re all learning new ways to purchase health insurance, and our opportunities to make changes no longer carry the risk that we will lose coverage,” she said.
ISU Extension and Outreach offers “Smart Choice: Health Insurance,” a program that can help individuals improve their understanding of health insurance terms and coverage, and learn how to use personal finance and health information to select a policy. The two-hour class will be offered online on Nov. 30, 6-8 p.m. To receive class materials and log-in information, pre-register by Nov. 28 at http://tinyurl.com/pvmceb7.
“Smart Choice: Health Insurance” classes also are scheduled throughout the state.
“Contact your ISU Extension and Outreach county office to find a class located near you or to request the program for your workplace,” Lash said.
