It is almost time for approximately one million people to get their health insurance coverage renewed. Estimates show that approximately 400,000 people are due for their renewal this month while a total of one million people are expected to get their insurance coverage renewed till the end of March of this year.
The best part is that the market has stabilized as compared to earlier months, which means that now you can avail various deals so that your budget does not take a hit.
How to Know If You Are Paying Too Much or If You Are Over-Insured
The following signs should give you a fair warning that you are paying too much to get yourself covered under a healthcare plan.
If you have been on the same health coverage place for at least three years or more, then it is likely that you are paying too much.
Also, if you have been on the same family plan for several years, then that also constitutes as a sign that you are paying more than the benefit you are getting in return. Moreover, if the annual premium for your health coverage costs more than $2,065 per adult, then you are definitely paying too much for your health insurance.
Another sign that you are paying too much is that you are not subscribed to a corporate plan, one which offers guaranteed refunds on out-patient expenses and on private hospital charges.
Moreover, if you have been unaware of the fact that special discounts are offered to children under the age of eighteen, then this means that you are paying too much because you have been paying for a child’s health coverage at a rate applicable only to an adult.
You do not even have to pay the full adult rate amount for your children who are between the ages of 18 to 24 as people within that age bracket can be added on your own plan as dependents.
How To Change Your Health Insurance Plan?
If your health insurance plan is not helping you as much as it costs you, then it is time to upgrade your plan. It is possible to do this before renewing your current plan as well. Just make sure to check on all the different types of discounts and dependents so that you do not end up paying more than you should.
Do not worry even if you have pending surgeries because the insurers are bound to let you on, at least under the law. To change your health insurance plan, you should follow the steps given below.
First of all, you must find out about your current plan because the first question you will be asked before switching to a new plan is the name of your current health plan. You should also check out how much your renewal premium costs. This will help you in deciding your healthcare budget for the entire year.
Next, you should conduct your own research by comparing your current plan with the plan that you are considering switching towards, and the best way to do that is through their official websites.
It is always better to compare the plans side by side before you make the final decision as it may so happen that your current plan turns out to be better than the plan you thought was the better option. After you are done with your research, you should talk to your insurer and commence with the best option.
Do Not Fall For The Auto-Renewal Trap
Experts continue to advise people to avoid falling into the trap of auto-renewal, a system which automatically renews your healthcare plan without considering other options that may be better for you.
If you have already fallen into the auto-renewal trap, then you can cancel your plan or make amendments to it within 14 days of your renewal.