You have a three-month window to shop around for a better deal on individual health insurance.

The federal and state health care exchanges are gearing up for a second year, but there is little reason to grab for the aspirin bottle. Here's good news: You're likely to find more insurance policy options this year -- and far fewer technical glitches.

Open enrollment for individual health insurance for 2015 runs from November 15, 2014, to February 15, 2015. This period applies to those who shop on the government exchanges or buy a policy from an agent or directly from an insurer. Go to http://www.healthcare.gov for the link to your state's exchange. (The federal government runs the marketplaces for many states.)

If you enrolled during last year's disastrous rollout, your policy will be renewed automatically unless you make a change. Even if you already have insurance, you should review other options. Your current policy may no longer be the best match.

This is your opportunity to make a change if you were unpleasantly surprised by some of the features in your policy. Perhaps you discovered that your doctors or drugs weren't covered, or your health condition has changed. "Some plans that were competitive in 2014 are not as competitive in 2015, and a lot of consumers would be better off comparing plans again," says Elizabeth Carpenter, director of the health care reform practice at consulting firm Avalere Health.

Whether you're enrolling for the second time or the first, you'll probably find more choices for 2015. According to the U.S. Department of Health and Human Services, 77 more insurers will be selling policies on the exchanges for 2015, a 25% increase from last year. United Healthcare, for example, sold policies on four exchanges last year, but hopes to sell on 24 exchanges in 2015. Cigna is entering three additional states.

Average premiums are generally rising, but the size of the increase can vary significantly by state, based on competition and insurers' claims costs. A study of nine state exchanges by Avalere found average premiums for silver plans will increase by as much as 16% in Indiana but by just 2.5% in Rhode Island. Average silver plan premiums will fall by 1.4% in Oregon. "Most people last year picked the policy with the lowest or second-to-lowest premiums, but that plan may no longer be the lowest-cost plan," says Cynthia Cox, a senior policy analyst for Kaiser Family Foundation.

But premiums are only part of your overall costs. Depending on the plan you choose, the plans with the lowest premiums could end up charging large co-payments for drugs and medical care.

Individual plans sold on and off the exchanges are categorized as bronze, silver, gold or platinum, based on the percentage of health care costs that they cover. A bronze plan should cover an average 60% of costs, while a platinum plan covers about 90%. Bronze plans charge the lowest premiums, but you'll pay more out of pocket if you need a lot of care. With platinum plans, your premiums will be higher, but your deductibles and co-payments will be lower.

Look at your medical expenses for last year and calculate what you would have paid out of pocket for your drugs, medical care and premiums. If you have more medical expenses, a platinum or gold policy with the higher premium -- but low co-payments -- may cost you less in the end. If you have few medical expenses, it may make sense to buy a bronze or silver plan, which has a lower premium but less robust coverage. Some insurers, such as United Healthcare and Aetna, offer online tools that itemize your expenses for the year.

Read the original:

It's Time for Open Enrollment for Health Care Exchanges