What are you doing on October 1st? Are you planning on setting up Halloween decorations? Are you leaving for a weekend trip? Maybe it is just another Thursday. We have good news! You can start shopping for your health coverage on October 1st. You can get a better idea of costs clothing and benefits with more options.
What is Window Shopping?
Open Enrollment for health insurance begins on November 1st, so Window Shopping is a good way to find your health insurance. You can preview different coverage options to find the right plan for your needs. You can learn about plan benefits, deductible, out-of-pocket costs, copayments and coinsurance amounts while window shopping. Financial assistance, known as subsides, is available to 4 out of 5 people who enroll.
Definitions of Health Insurance Terms:
The amount of money you would have to pay before you can use your health insurance plan is calledDeductibles. If a person has a $1,000 deductible, they will have to pay $1,000 for medical care before the insurance company pays anything. Every year you have to pay the deductible.
It is the money you pay out of your own pocket for medical care.
Copayments are a fixed amount of money that you must pay at the time of a medical service. If you go to the doctor for a broken arm, the front desk would ask for your copayment.
Coinsurance amounts are usually a percentage. A coinsurance split is when the insurance company pays 80% of your medical bills and you pay 20%.
It is important to have good base knowledge of health insurance terms for the Open Enrollment Period and for the rest of your life. The Open Enrollment period lasts from November to January. You can find more information on our How to Enroll page.