With open enrollment for the Federal Exchange beginning in a matter of days, the Office of Insurance Regulation is encouraging Floridians to do their homework before selecting their marketplace plan. With so many plan options and levels available to consumer on the exchange, it is wise to encourage a deeper investigation into the plan details, rather than just looking at the listed price. The Office recommends that consumers look at the plans in detail, paying particular attention to the provider networks, expected out-of-pocket costs, and the plan coverage for pharmaceuticals.
The Office’s focus on out of pocket costs to consumers, whether as a result of high pharmaceutical drug costs or high bills from out-of-network providers, is appropriate given balance billing legislation pending in the 2016 session. More information regarding the Office’s press release can be found here.