It can be a tedious and time-consuming process to find the right health insurance plan for you and your family. You have to check your state’s health insurance exchange, get affordable health insurance quotes from a number of insurers, and compare coverage options.
In fact, it can be so much of a hassle that many people simply renew the same plans from the same insurance company year after year. That may not always be the wisest course of action, and it may make more sense to at least reevaluate your insurance plan to see if it’s still the best choice for you.
Here are some of the most common reasons why you should recheck your health insurance plan instead of just automatically renewing:
- The premiums have increased. Prices for everything do tend to rise every year, and premiums are no exception to this rule. For many, this isn’t a problem because government subsidies cover most of these increases anyway. However, if you don’t qualify for many of these subsidies, then you’ll have to cover these increases yourself.
That’s why you should at least check several quotes from different insurance companies to see how your current plan compares. You may find a plan with a similar coverage but with lower premiums instead.
- The network has changed. It’s also possible that your insurance network has changed which may mean that the nearest hospital or your preferred doctor is no longer part of the network. If that happens, you will have to go to a different hospital or see a doctor that you’re not fully at ease with.
Or, you can get a different plan that still includes your doctor and your nearest hospital as part of their network.
- You just got promoted. Now that you earn more money, you can probably afford pay higher premiums, which comes with increased benefits. You don’t have to settle for a plan with low premiums if you don’t want to. You can get better coverage that can suit your new lifestyle.
- You just got married. After the wedding, you and your spouse need to sit down and figure out your insurance. You may find a joint insurance plan more useful and more convenient, although you two can always choose to keep different policies instead.
- Kids are on the way. When you’re married, and you enjoy a salary hike, you may find yourself thinking about having kids. If your previous plan didn’t cover that possibility, you now need a plan that does. Your insurance plan must cover maternity care and prenatal and postnatal care for the baby. You may also want to check that your insurance covers immunization and screenings for likely diseases. Also, you have dental care to consider, as well as hearing, vision, and developmental issues as well.
- You’re retiring. You’re older, and you no longer have a regular income, so it’s safe to say that your circumstances have changed. Your insurance should change as well to accommodate your situation.
Simply renewing the same policy year after year doesn’t make sense when your circumstances change. So reevaluate your policy and get health insurance quotes from other providers to ensure that you’re getting the best health plan.