Plan now to get proper health insurance coverage in 2019
As we near the end of the year, it is time to start planning for 2019. While it is typical to make resolutions for better financial and physical health at the start of the New Year, what people don’t usually think about is health insurance. Yet proper health insurance coverage will have a dramatic impact on both your financial and overall health and well-being.
But the time to take action is not Jan. 1; the time to take action is now. Open enrollment for individual health coverage has begun and runs through Dec. 15, for coverage that begins Jan. 1.
Health insurance protects both financial and physical health, as well as offers peace of mind that you and your family are covered should something go wrong. No one plans to get sick or hurt, but health problems can come up very unexpectedly.
Whether it’s a broken bone, appendicitis, a sports injury, car accident or a serious health diagnosis, you and your family could be stuck with thousands of dollars in medical bills if you do not have adequate health insurance coverage.
To put it into perspective, an emergency room visit to set a broken leg can cost more than $10,000. However, health insurance protects individuals and their families from unexpected, high medical costs. Additionally, health insurance provides access to free preventative care and coverage for essential health benefits that help you maintain your health throughout the year.
As important as it is to ensure you have insurance, it is equally important to ensure you select the right plan for your needs.
When selecting a plan, it is important to consider your annual costs for health care. Think of how often you see your doctor, and if you or your family members have to attend frequent visits due to chronic conditions such as asthma or diabetes. Consider prescription medications for you and your family members. With these costs in mind, the cheapest premium might not be the most costeffective plan for you and your family.
The network of doctors on a plan also is important. You will save money by going to in-network providers, so be sure to look to see if your doctor is in the network. Understand all the details of your plan. Take a look at the copays, coinsurance and deductibles the plan offers. If you have to pay high copays and coinsurance or meet a high deductible before you have coverage, a cheaper premium could end up costing you more throughout the year.
There are many options to consider in ensuring you have the best health coverage possible for the individual needs of your family. We urge all New Mexicans to consider their options, make educated decisions to protect the health of their families, and to be sure to select coverage during the open-enrollment period. For those having trouble deciphering coverage options, the New Mexico Health Connections team can answer questions and help to select the right coverage options for every member of your family. For more information, go to mynmhc.org or call 505-322-2360.