The Situation

The Premium Fixation Problem

Open enrollment decisions are almost universally driven by monthly premium comparison. But the premium is only one component of your total annual healthcare cost. Deductible, copays, coinsurance, and out-of-pocket maximum all affect what you actually pay — and for most people, the plan with the lowest premium is not the plan with the lowest total cost.

The monthly premium is what you pay when nothing goes wrong. The out-of-pocket maximum is what you pay when everything does.

— Worthune Decision Framework

• You selected your current health plan primarily based on the monthly premium
• You're unsure of your current plan's deductible, out-of-pocket maximum, or network restrictions
• You've received an unexpected medical bill that was higher than your premium savings suggested it would be