#1 FIRST – DON’T MISS THE DEADLINE

Open enrollment is a period when BeWell accepts applications for health insurance. Open enrollment takes place every year from Nov. 1 to Jan. 15.  For January 1, 2025  coverage, enroll by December 15, 2024.  For February 1, 2025 coverage, enroll by January 15, 2024. 

#2 READ THE PLAN SUMMARY OF BENEFITS AND COVERAGE (SBC) THAT COMES WITH EACH PLAN.

The SBC is a document that outlines what’s covered, and not covered, under a health plan. You can use the SBC to compare prices, benefits and other health plan options and features that might be important to you.  Here is a link to an example of a SBC 

#3 UNDERSTAND HOW THE PLANS ARE CLASSIFIED: Gold, Bronze, Silver, The New Mexico Turquoise Plan

There are four different types of health insurance plans to choose from on beWellnm. They include:

Turquoise Plan – the plan unique to New Mexico gives you the most savings on out-of-pocket costs like deductibles, copays, and coinsurance.  That puts more money in your pocket giving you health care you need at a cost you can afford.

Bronze – This plan offers the low monthly premiums with the highest out-of-pocket costs for care. Bronze plans are a good choice if you want coverage for catastrophic events like accidents and life-threatening illnesses. Keep in mind that most routine care will need to be paid for out-of-pocket.

Silver – Silver plans offer a moderate monthly premium and a moderate deductible to match. You’ll pay slightly more per month than you would with a Bronze plan, but you’ll also pay less out-of-pocket.

Gold – If you can pay a higher monthly premium and want lower out-of-pocket costs for medical care, a Gold plan could be a good choice. Those who expect to make a substantial number of health care visits in the coming year often choose Gold plans.

#4 DO YOU HAVE PREFERRED PROVIDERS? ARE THEY IN THE INSURANCE CARRIER’S NETWORK?

A provider network is a list of the doctors, other health care providers, and hospitals that a plan contracts with to provide medical care to its members. These providers are called “network providers” or “in-network providers.” A provider that isn’t contracted with the plan is called an “out-of-network provider.” Make sure your Healthcare provider is in the plan you are considering. 

#5 IF YOU HAVE SPECIFIC MEDICATION NEEDS, KNOW WHERE THEY FALL IN THAT INSURANCE CARRIER’S DRUG FORMULARY TIER.

Each insurance carrier has its own drug formulary and each has different pricing.  Formularies vary. Each insurance carrier creates its own formulary structure and decides which drugs it will cover and determines which tier a drug is on. One plan may cover a drug that another doesn’t. It’s important to research and compare plans and carriers to make sure your prescription drugs are covered at a price you are comfortable with.

#6 UNDERSTAND THESE TERMS

• Monthly Insurance Premium
• Co-Pay
• Co-Insurance
• Deductible
• Annual Deductible
• Annual Out-of-Pocket Maximum

#7 NEED HELP DECIDING ON A PLAN?

Call 888-871-4011 to speak with one of our Certified Enrollment Brokers or click here to book an appointment if you plan to buy a policy through BeWell.