Why You Should Regularly Reassess Your Health Insurance Needs.
Updated: Mar 7
All good things must come to an end, even your current health insurance plan. But don’t fret, this isn’t a bad thing. Nowadays, health insurance agents will fight tooth and nail to get you to sign with them. After all, insurance is an industry that is built off of relationships.
As a consumer looking for the best rates, it is your job to leverage this to your advantage. Today we are going to be talking about why it is important to regularly reassess your health insurance needs and what type of things you need to be taking into consideration while shopping the health insurance market.
No One Can Predict The Future
No one can predict what medical emergencies or unexpected healthcare costs might be lurking around the corner. That is why it is hard to find a realistic balance between staying within your personal budget while making sure you still have sufficient medical coverage.
You may be missing out on savings simply because you’ve stuck with the same plan year after year while your situation has changed.
Now that the open enrollment period is approaching, it is the perfect time to reassess your current plan. If you are an adult that is going through big life changes you need to reassess your insurance to make sure that you are setting yourself and possibly your family up for success.
Things you should think about include:
Do You Understand Your Current Medical Coverage?
This should be the starting point for your personal healthcare assessment. If you don’t know where you stand currently, you won’t be able to gauge what kind of coverage you will need in the near future. You would be surprised about how many people don’t read the benefits guide that they receive after signing up for a health plan. So, you may be wondering, where do I start?
There are the core 3 things that you need to be aware of.
1.What you’re covered for:
When you sign up for a health plan, you are issued a benefits guide that covers all of the services that your specific plan has access to. These benefits include things like inpatient/outpatient hospital care, prescription drug coverage, mental health services, pregnancy, childbirth, etc. Typical coverage is broken up into 3 groups: cover for treatment of chronic conditions; cover for hospital admissions; and cover for out-of-hospital, day-to-day expenses.
2. What rates you are covered at:
Every medical scheme has a rate of reimbursement for the healthcare professionals that are servicing you. It’s always important to talk with your medical/healthcare provider about what types of rates they charge. This is important because you need to know whether you are covered in full or only partially.
3. What networks apply to you:
Nowadays, some plans are connected to network providers. This means that you have access to any doctors, specialists, hospitals, and even pharmacies within that network. You should check to see if you’re already a part of any medical networks, or if it makes sense for you to join on given your circumstances.
Do You Have Children That go to the Doctor Often?
Your children are your future. Are you setting them up for a long healthy life? According to The National Survey of Children’s Health (NSCH), 1 out of every 12 children above the age of 3 will have a medical condition that requires regular checkups with a doctor or physician. What does that mean for expecting parents? You need to have an insurance plan that helps cover medical charges so that you don’t overpay out of pocket for these visits, and in turn, put a financial burden on your family.
Do You Take a lot of Prescription Drugs?
Paying the full price for prescription drugs can deplete your bank account rapidly. With the right insurance plan, you don’t have to pay an arm and a leg to get the medicine you or your children need to lead a healthy, normal life. We have specialized plans that have great prescription drug coverage no matter your age or state of residence.
Are Tax Breaks Important to You?
Recently, due to the Affordable Care Act, many individuals that did not receive tax breaks or subsidies towards medical expenses are now eligible to receive such benefits. One of the many goals of the Affordable Care Act is to make comparison shopping easier for you. You can look at multiple options broken down in a simple way that takes the guesswork out of the entire equation. You can find these assessment plans in your state’s marketplace by going to Healthcare.gov.
At the end of the day, this might seem like a lot of work just to save a few dollars. However, in these strange times, you can never be too safe about your family and your health. That is why it is important to always be up to date with the latest laws and regulations regarding healthcare and always be shopping the market when you can to ensure you have a plan that is the best fit for you.