Health Care Skip Automatic Renewals: Shop Around for a Better Deal Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by Magaly Olivero Published Dec 26, 2015 - [Updated Jan 22, 2016] 1 min read If you already have coverage from the Health Insurance Marketplace, you may be tempted to automatically renew your policy for 2016. But if you automatically renew, you could end up paying more for your health insurance plan and getting a smaller premium tax credit than expected. A study from Kaiser Health Foundation found that people were “very likely” to save if they shopped around and compared plans. Consider these factors when shopping: Check the plan. Health insurance plans and prices change every year, so you can’t assume you’re getting the same coverage at the same price just because you automatically renew your plan. Make sure you’re getting the same benefits, network of healthcare providers and drug formulary at the same price. Reassess your health care needs. Last year’s plan may not be the best choice for 2016. Did you develop a chronic medical condition that requires multiple doctor visits and pricey medications? Are you thinking of having a baby? Do you have a child with special needs? Make sure the plan covers your specific needs. Calculate the premium tax credit. Although you can purchase a health insurance plan from any of the tiers on the Health Insurance Marketplace, premium tax credits are tied to the cost of the second least expensive plan in the “silver” tier. The cost of this silver plan varies from year to year, so you can’t assume that you’ll get the same premium tax credit in 2016 that you did the previous year. Previous Post Savor and Save with 3-Ingredient Holiday Desserts Next Post All You Need to Know About Advanced Premium Tax Credits Written by Magaly Olivero Magaly Olivero is an award-winning writer and has written for many national and regional media outlets, as well as corporate and nonprofit clients in the healthcare, tax and education industries. Her publishing credits include U.S. News and World Report, Newsweek, The New York Times, Working Woman, Better Homes and Gardens and the Connecticut Health Investigative Team. Magaly is a recipient of a National Journalism Fellowship from the University of California Annenberg School of Communication and a Health Coverage Fellowship from the Blue Cross Blue Shield of Massachusetts Foundation. More from Magaly Olivero Leave a ReplyCancel reply Browse Related Articles Health Care Ready, Set, Go! 2015 Marketplace Open Enrollment Begin… Health Care The ABC’s of the Affordable Care Act Health Care Same-Sex Couples and The Affordable Care Act: What Do … Health Care Health Insurance Marketplace Open Enrollment is Ending … Uncategorized I have health insurance through my employer. What do I … Health Care The Twenty Something’s Guide to the Affordable Ca… Health Care Why Shop in the Health Insurance Marketplace? Health Care Did You File a Tax Extension? You May Qualify for an Af… Health Care 10 Things On Open Enrollment for 2024 Health Care Why Shop in the Health Insurance Marketplace?