5 Common Mistakes to Avoid When Choosing a Marketplace Health Plan

By a News Reporter-Staff News Editor at Managed Care Weekly Digest -- While the deadline is looming for 2017 health insurance coverage through the Marketplace, there is still a short amount of time left for Kentuckians to enroll. To help consumers find the plan that is right for them, CareSource is warning consumers not to make these five common mistakes when choosing a health plan:

1. Overlooking the full cost of a plan

Look past the monthly premium and consider how often you will need to see the doctor. If you will be frequently visiting the doctor or specialist, choose a plan with lower copays or coinsurance. It may cost you less during the year (see also Managed Care).

2. Not checking your prescriptions

Before choosing a plan, check to see if the medications you currently take are included in the plan's formulary. Some plans may not cover certain medications and it's important to know if you may need to switch medications based on your plan.

3. Forgetting about cost reductions

Many consumers who buy plans on the Marketplace won't have to pay the full cost. Verify if you will receive an Advanced Premium Tax Credit and the amount.

4. Refusing to switch doctors to save

Many people will choose a plan that includes their doctor to avoid switching providers. However you can gain significant cost savings if you're willing to be flexible in what doctor you see.

5. Ignoring the deductible

Some plans may require you to reach your deductible before they cover prescriptions. This can be expensive if you take a lot of medications. Other plans, like CareSource Marketplace plans, instead have copays for medications, which can lower your out-of-pocket costs.

Reminder: Marketplace coverage will not auto-renew

This year all individuals who have previously enrolled in their plans through Kynect must re-enroll as the state begins using HealthCare.Gov to handle enrollments. Any Kentuckians who previously had coverage through the Marketplace will not be automatically reenrolled in the same plan for 2017. Consumers can visit HealthCare.Gov or CareSource.Com/Marketplace to learn about plans and enroll in coverage.

CareSource is offering some of the most affordable Marketplace plans in Kentucky, including two new plans added based on feedback from Kentuckians. The two plans, CareSource Simple Choice and CareSource Silver Low Premium, offer simplified benefits at an affordable cost.

The 2017 CareSource Bronze, Silver and Gold plans will include features that consumers have expressed an interest in such as a fitness benefit, low premiums, more health providers and pediatric dental coverage.

"CareSource is passionate about ensuring Kentuckians have the information and empowerment they need to obtain affordable health insurance," said Michael Taylor, Executive Director for the CareSource Kentucky market. "This year, it is especially important that consumers take an active role in their health care, as they may lose coverage if they do not re-enroll in a plan."

Keywords for this news article include: Managed Care, Health Insurance.

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2017, NewsRx LLC