GREENSBORO, N.C. — With a Dec. 15 deadline looming, threatening to damper Christmas cheer, there is not a moment to waste in prepping and picking healthcare coverage for 2024.
Healthcare.gov, the nationwide healthcare exchange through the Affordable Care Act, offers plans for anyone who lives in the U.S. and is a citizen or national and not incarcerated. Medicare plans are separate entities.
Financial literacy author and Debt Sucks University founder Ja'Net Adams explained this time of year, she hears one big word of warning from human resources representatives.
"Employees don't take full advantage of their benefits," she said.
REVIEW
When assessing current healthcare and comparing it to options for next year, Adams emphasized it is crucial to review, line by line, every benefit.
"First, you need to look at the benefits that you had this year. Did you use all of them? Were there some that you thought you didn't need and ended up needing them? Take your time and look through all the previous benefits offered and even the new ones," she suggested.
ADD AND SUBTRACT
Be wary of "add-on" options, too, like whether a specific vision plan is covered by a preferred provider. Adams also advised checking with pharmacies about whether they accept a certain insurance, explaining her son's medication is covered by her provider only in a certain dosage.
"After you review all of the benefits that are available to you, it's time to add and subtract. If there are benefits that you didn't use, make sure you subtract them, so that money is not taken out of your paycheck. If you want to add benefits, make sure those options actually will help you financially, like a student loan repayment program offered by your company," she said.
"HEALTHCARE IS KING"
In 2018, the government did away with the mandate -- or the fee -- for people who don't have healthcare coverage. However, Adams emphasized not having healthcare is a huge risk, financially.
"Whether you work for yourself or someone else, you need to take your time picking your healthcare options. Medical bills can bankrupt you, so you need to make sure you have the right coverage. If you need help picking the right plan, reach out to someone who can help. That could be human resources. For entrepreneurs, it's Healthcare.gov."