Getting Ready for Open Enrollment?

Impact Healthcare Sharing option

Although individuals who opt not to have health insurance will no longer be hit with a federal tax penalty, it’s still worthwhile to have health care coverage as a potential cost-saving measure. One bill for a trip to the emergency room can exceed an entire year's worth of premiums.


When choosing a health care option it can quickly become both confusing and overwhelming. The good news is that there are several resources that can help you understand and help you compare your options.


Traditional health insurance should provide a summary of benefits and coverage form. The U.S. Department of Health and Human Services has put together a glossary for common health insurance terms to take some of the confusion off the table.


Let’s look at some terms you should probably get familiar with.

Balance Billing - When a provider bills you for the difference between the provider’s charge and the allowed amount. For example, if the provider’s charge is $100 and the allowed amount is $70, the provider may bill you for the remaining $30. A preferred provider may not balance bill you for covered services.


Coinsurance - The percentage of costs of a covered health care service you pay (20% for example) after you paid your deductible. Let's say your health insurance plan’s allowed amount for an office visit is $100 and your coinsurance is 20%.  If you paid your deductible, you pay 20% of $100, or $20. The insurance company pays the rest. If you haven't met your deductible, you pay the full allowed amount, $100.


Deductible - The amount you pay for covered health care services before your insurance plan starts to pay. With a $2,000 deductible, for example, you pay the first $2,000 of covered services.


Open Enrollment Period - The yearly period to enroll in a health insurance plan.


Qualifying life events - There are four basic types of qualifying life events and because they can happen any time during the year, they allow you to sign up for, or change your health insurance coverage outside of the Open Enrollment period.

Impact Healthcare Sharing option


What can you do to get ready for Open Enrollment?

  • Decide on a budget – How much can you afford monthly for your plan and a deductible, plus copays?


  • Make a list of questions – Think about what’s most important to you. Do you just need something for emergencies? Do you have an ongoing medical issue that will need constant care? Do you want to be able to see any doctor and not be tied to a network?


  • If you anticipate no major or recurring medical expenses in 2021, you should consider choosing a high-deductible option like Impact Health Sharing.


  • Beware of plans that seem too good to be true – shop around and compare options.


Healthcare Sharing

Healthcare Sharing is a fast-growing, non-insurance solution to the rising cost of healthcare. It's a modern non-profit approach to the "love thy neighbor" ethic practiced by communities of faith for thousands of years. Impact Health Sharing is a community of families, individuals, and small businesses that leverage technology to share and pay one another's medical bills. It embraces the digital age and the reality that technological advances disrupt institutions of old.


If you're a small business, or a family looking to protect yourself from massive healthcare costs, Impact has something for you.


Check out the Guidelines and see pricing on our website without having to give your personal information.


If you want to compare options and would like our help, give us a call at 855-378-6777 or send us a message.