You’re working hard to provide stability for your family, when, out of nowhere, a medical emergency strikes. Choosing the right health insurance policy can protect you and your family in imperative moments like these, but the right plan now may not be the right plan down the line. It is important to review your health insurance policy annually to ensure that you are getting the best care for the lowest cost. Here, we’ve compiled a shortlist of frequently asked questions about re-evaluating your existing health insurance policy.
Why should I review my health insurance policy?
Health insurance policies change every year, either in premiums, in-network providers, or services covered. Insurance companies are constantly analyzing market trends and health care costs to ensure they have enough to cover their clients. Because of these constant changes, it is important that policyholders re-evaluate their policies regularly to make sure they are getting the coverage they need at a cost they can afford.
Life changes in the blink of an eye. Policyholders may find themselves getting married, losing a job with a group insurance rate, or being diagnosed with a chronic illness. Along with regularly evaluating their existing health coverage, policyholders should also look for plans that cover potential health care expenses they may run into.
How often should I review my health insurance policy?
Policyholders should review their health insurance plans annually. Re-evaluating a plan does not necessarily mean that a policyholder will search for a new policy, but rather, provides them with an opportunity to evaluate whether the plan was in line with their needs and expectations or not.
When reviewing a health care policy, consumers should consider the cost, coverage, provider network, prescription drug coverage, and their overall satisfaction with the plan. Any of these five points could change at any time, so it is important for customers to review their policies regularly. If a policyholder is unhappy with their current plan, they then can prepare to shop for a new policy during the upcoming Open Enrollment Period.
Since there’s no longer a penalty for not having health coverage, why should I keep/look for a policy?
Life is unpredictable; that’s where insurance comes in. Health insurance protects a policyholder or the policyholder’s family when unexpected circumstances arise. With rising health care and prescription drug costs, a medical emergency could spell a financial drain for an individual or family without health coverage. Even without the Affordable Care Act’s individual mandate, it is important to maintain a current policy that provides enough coverage to protect against unexpected financial hardship in the case of a medical emergency. Contact a health insurance agent to discuss new plan options if you are unhappy with your current policy at (844) 410-1320.
How do I switch to/from an Affordable Care Act policy?
All health plans are required to fit within the Affordable Care Act (ACA) guidelines, regardless of whether they are sold through an insurance Marketplace or directly from the carrier. According to the ACA, all health plans must cover ten essential health benefits, including emergency services, hospitalizations, and preventative and wellness services.
Health Insurance Questions?
We hope this information on reviewing your health insurance policy is helpful.
Empower Brokerage wants to help you understand the insurance coverage you need and how to save money getting it. Stay on top of your health and give us a call at (844) 410-1320
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