- Individual or Family Health
- Group Health Coverage
Experts Agree You Should Review Your Insurance Needs Every Year, Including Health Insurance.
Things change. It’s a given. Take a look around you, how much in your life is exactly the same as it was a year or more ago. Are you driving the same car? Living in the same house? Working at the same job? Has the size of your family remained the same?
Yet chances are your insurance policies, especially you health insurance policy if you have one, has probably remained the same. And experts agree this could be courting disaster. It is important to review your health insurance coverage every year, for the following reasons:
- Its time to upgrade – You may have originally purchased your policy at a time when money was tight and took only the minimal coverage you can afford with the highest deductible. Now things may be better and you may want to add some coverages or reduce that deductible.
- To Make sure you have the coverage you think you have – Its been a year since you signed up for or last read your policy. Give it another read including the fine print and be aware if exactly what your limitations and exclusions are. Have circumstances changed that might make you want to reconsider those exclusions?
- To make sure you still are getting the most affordable coverage – Many times insurance regulations change from year to year, and this may open up new markets in your state, and perhaps a lower cost health insurance option
- To avoid having too much coverage – Perhaps the kids have moved out, or other life circumstances have changed and you are currently carrying health insurance riders or ad-ons you no longer need.
People buy insurance in the hope that they will never really need it. And sometimes it may feel like we are making insurance payments month after month, year after year with nothing to show for it. Yet chances are that for any insurance and especially health insurance you will use it at least once if not more over time. And when that time comes it would be a tragedy not to have the coverage that you need. The best way to avoid potential financial ruin is to simply take the time once a year to review all of your insurance policies.