A Checklist for Obamacare Open Enrollment

If you're considering buying Obamacare health insurance, you'll have a smaller window to shop for coverage this year. The law's second annual open enrollment period runs between Nov. 15, 2014 and Feb. 15, 2015. If you want a new plan in place by the start of 2015, you'll have to enroll by no later than Dec. 15.

This three-month period is likely the only chance you'll have to pick up a health insurance policy for 2015 or switch to a new plan that may better meet your needs.

Here's a checklist of items to keep in mind as you shop.

You Need to Update Your Personal Information

If you're among the more than 6 million Americans who qualified for federal tax subsidies when you bought insurance through the exchanges set up under Obamacare, now's the time to update your financial information with the exchange, particularly if your income is different than what you reported last year or if you've experienced any major life changes, such as a job loss, marriage or the birth of a baby.

"Update your financial information, both to get the right premium tax credit and because your eligibility for cost-sharing reductions might also change," says JoAnn Volk, a senior research fellow with the Georgetown University Center on Health Insurance Reforms.

Unless your plan was discontinued for 2015, you'll automatically be re-enrolled in your current plan, along with the subsidy you're due -- an amount the federal government will confirm based on your tax information.

Another reason to update your information: The formula for determining subsidies changes each year. That's likely to impact how much you'll pay for your plan, even if nothing about your situation has changed, says Karen Pollitz, a senior fellow with the Kaiser Family Foundation.

"If you don't update your application for financial assistance, the current amount of your advanced premium tax credit will be continued. It's almost a lock [that] it won't be accurate," Pollitz says. The difference, she says, "May only be a couple bucks, but you should check."

You want to avoid getting a smaller subsidy than you're eligible for because you'll pay more each month for insurance than you need to. And if your income is inaccurate in the system and it causes you to get a larger subsidy than you're entitled to, you'll get a bill to repay the difference when you file your 2014 taxes.

"When you take your tax credit [during the year], you're getting it in advance of the amount you're eligible for, and when you file taxes the IRS will calculate what you are actually eligible to receive," Pollitz says.

Review Changes to Health Plan Costs

By now, you should have already gotten a notice from your insurer letting you know what your premium will be for 2015 and any other changes to your existing plan, like what you'll be required to pay in out-of-pocket costs when you go for care. "For almost everyone, out-of-pocket costs will go up," Pollitz says. "Grab your wallet."

For 2015, the maximum out-of-pocket costs are increasing from $6,350 to $6,600 for an individual policy holder. Those with family plans will see a jump from $12,700 to $13,200 next year for services covered by your plan.

"The notices you get [from your insurer] are supposed to point out how your plan will be different, but it's something you should pay attention to and dig a little deeper to understand," Volk says. "Certainly, if you weren't happy with your plan, this is an opportunity to go shopping and see what you would do differently."

Many people will have more insurance plans to choose from this year. According to the Department of Health and Human Services, there will be a 25 percent increase in the number of insurers offering Marketplace coverage in 2015.

Although you can't enroll in a plan until Nov. 15, you can begin to shop your options now at Healthcare.gov.

Pay Attention to Changes to Provider and Pharmacy Networks

Confirm that your doctors and medications are covered by your insurance plan. And don't assume that by staying with the same policy you had this year, all those features will remain the same for 2015. "Plans always change," Pollitz says. That means you need to carefully inspect a plan's drug formulary and what you'll be required to pay for different types of medications, including generics, brand-name and specialty drugs.

There may also be changes to the provider network. "Maybe it was PPO this year and will now be an HMO," Pollitz says. If it's important to you to be able to see a particular doctor, be sure to check with both your insurer and your doctor's office to confirm that he or she participates with the plan you choose.

Avoid Being Double Billed

Healthcare.gov doesn't currently have an automated process for letting insurance carriers know when their members choose to enroll in a different policy. That means if you decide to switch to a different plan for next year, you'd be wise to take it upon yourself to cancel your old plan to avoid being double billed, says Carrie McLean, customer service director with eHealthInsurance.

"Don't put the onus on the exchange to tell your carrier you no longer want the policy," McLean says. "Cancel your old plan for the date your new plan takes effect."

To be safe, make sure to keep all documents showing you've paid for your new policy and proof you've canceled your old one, McLean says.

Get Help Signing Up

Don't let confusion about which plan to choose or how to update your personal information stop you from taking action. There are a number of ways to get free, personalized help.

eHealth, for example, offers a subsidy help center with a host of resources to help consumers navigate open enrollment.

And you can find help in your area on Healthcare.gov, where you'll be able to tap into listings of local insurance brokers certified to sell insurance through Obamacare exchanges, as well as navigators or assistors who have been trained to help. You can also call the federal consumer assistance center at 800-318-2596.