Money Monday: Tips for Open Enrollment

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There are HSA'S, PPA'S, marketplaces and exchanges. With all those choices, experts say when choosing first consider your finances, especially as premiums are expected to rise under the Affordable Health Care Act next year.

"The increase in premiums differ dramatically by state, but what's important to recognize is that most people who buy coverage through the health insurance exchanges get a federal tax credit so for the vast majority of people buying coverage their monthly premiums would probably be about $100 or so a month after the federal tax credits," says Dr. Ken Thorpe.

Specifically look at what you spent on medical insurance coverage previously and how much you paid out of pocket. Second, compare that with the frequency of your doctor visits so if you don't usually go to the doctor very often consider a higher deductible plan that way your monthly insurance premiums will cost less, but your co-pays and hospital visits could be more.

If you have a lot of doctor visits or a pre-existing condition, a lower deductible plan may be better for you. Know your out-of-pocket maximum. Look at co-pays for visits or co-insurance to see how much extra you'll spend to see your doctor.

Make sure your doctors are considered what's called, 'in-network.' Typically seeing someone off your plan or out of network will cost more.

If you have the option, contribute to a health savings account or HSA. Money put into the account is tax- deductible and in some cases employers can also contribute to your fund.

Finally, check your plan.

"Prepare, review your plan choices, evaluate them and then pick the one that makes the most sense for your family," Dr. Ken Thorpe says.

Even if you are automatically enrolled for 2017, review your options because plans can change. Simple tips that won't make you sick over health insurance coverage.

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