There are, of course, MORE than 3 reasons that will prompt you to take a look at your healthcare policy and make changes accordingly. In general, anytime you experience major lifestyle changes, it’s a good idea to review your Health Insurance Coverage and compare what you currently have to other options that might better suit your new circumstances.
You’ve Made a Significant Life Change
You may find that you qualify for a Special Enrollment Period when a major event takes place in your life that would change your coverage, including having a baby or adopting a child, getting married or getting divorced, as well as losing other health coverage, such as coverage previously offered and obtained through an employer or a spouse’s employer, or loss of your job. Other changes like buying a house or starting a business probably don’t qualify you to make a change outside of the regular enrollment period, but they can still affect your financial situation enough that it may make sense to change your insurance coverage.
You Can Save Money on Coverage
The cost of Health Insurance is rising in the U.S. Whether you’re insured though your employer or through the marketplace, the Annual Enrollment Periods are an opportunity to review how healthcare fits into your financial picture. Even if nothing major has changed in your life over the past year, you’ll still want to take a look at your health insurance options and compare the costs. If a new policy offers you some cost savings, or provides more value for your needs, then it may be worth it to switch. You’ll want to compare various items, including premium costs, deductibles, and what the plan does and doesn’t cover, as well as how any upcoming changes might influence your decision. For instance, if you are planning to start a family in the next year, it could be worthwhile to consider new coverage options now.
Your Health Needs Have Changed
Our health is ever-changing and the coverage options that met your needs in the past won’t always match the future’s needs. Perhaps in the past you had a reason for more doctor’s visits and you needed a plan with low co-pays and deductibles because you frequently needed to use healthcare services, but maybe now your health has improved and it might make more sense to take a plan with a higher deductible but lower monthly premium to help you save money. If funding your retirement savings has become your top priority, perhaps it’s time to find a High Deductible Health Plan (HDHP) that offers a Health Savings Account (HSA), which you can use to invest savings to pay for any future medical expense.
The right Health Insurance coverage for you is highly dependent on your specific needs and your specific situation, both health-wise and financially speaking. These reasons are just three of the important guidelines to go by in order to review and potentially change your Health Insurance Coverage. If you would like assistance in reviewing your Health Insurance policy and guidance on choosing the right plan options for you, please reach out to us at Group Plans Inc where we have over 42 years of experience successfully managing health risks for our local community as well as the state of Arizona. Take a moment and fill out the contact form below and we will reach out to you!