Why Should I Review My Health Insurance Each Year?
If you have not been aggressive in shopping your health insurance options this year, chances are you are paying too much. In reality, your health insurance agent should be going over your plan with you each year and showing you how the alternative carriers compare so you don't have to spend time shopping around. However, I also know that this is rarely the case. If you haven't looked in over a year, here are some points to consider:
1. Carriers that were competitive may no longer be competitive: The health insurance market is constantly changing with carriers introducing new plan designs and changing their pricing structures. Often times you can find a plan with similar or better benefits and pay significantly less just by paying attention.
2. Higher deductibles may provide better coverage: Often times by raising the deductible, cost savings will be created that will more than off-set the deductible increase. In fact, many times families can go from a separate deductible for each person to one deductible for the entire family and still save a lot of money.
3. Research your clinic fit: In most areas, the majority of clinics will accept coverage from all the major carriers. However, good agents will double check to make sure there is a fit. Most of the time you will not be stuck with your current carrier due to the clinic you prefer.
4. It doesn't have to be time consuming: With the advent of new technology, the time it takes to process an application has been reduced substantially. In fact, most carriers will now allow you to do an online application that your agent can help you complete on the phone or email to you to complete on your own time.
5. Always use a good agent: This may sound self serving, but it is the truth. It does not cost you a penny more to use an agent compared to going direct through the carrier. The advantages to using a good agent are having an advocate for you go over your options each year to keep you up to date and spending less time on hold with customer service when you have problems or concerns.
6. You can always find coverage even if you have a health condition: No matter what your health condition may be, there are programs in place to make sure you can find coverage. The MCHA program is a state risk pool for individuals that have been declined by other carriers. The premiums are also heavily subsidized in an attempt to keep them affordable.
Make sure your options are aggressively being reviewed each year!
Matt Engelmann is the owner of Rock Ridge Benefits, an employee benefits and business owner planning firm located in Minneapolis. He can be found at http://www.rockridgebenefits.com
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