It may cost you hundreds or thousands of dollars each year if your insurance isn’t up to date. You may be paying for coverage you don’t need because you had different insurance needs when you bought your policy. You may own the health insurance policy that is the most expensive today, because it was the least expensive when you bought your policy.
When you purchased your health insurance policy, you may have gone through a process of comparing policies and researching the medical insurance carriers. This is wise. However, what isn’t wise is relying on that information years later. New companies come into the market. New policies are created and offered to the public. The policy that best met your needs five years ago may be the worst option for you today.
You may have coverage that you no longer need. Plans that include maternity insurance are often owned by families that have no current interest in having more children.
Insurance companies’ prices change on a regular basis. Most companies will have a rate increase once per year. The percentage increases are different for different companies and different plans. The best plan last year might not be the best plan this year.
For example, Anthem Blue Cross Blue Shield had a 2009 price reduction for their Lumenos Health Savings Accounts while most HSA plans increased in price.
If you stopped smoking you may be eligible for a rate reduction. If you have lost weight, this may also be true. Even if you haven’t lost weight, your insurance company’s underwriting rules regarding BMI (body mass index) may have changed. They can’t give you a rate reduction unless you are aware of the change and you reapply.
If you were charged extra for your policy because of a pre-existing medical condition, you might now be eligible for standard rates. Companies change their rules about pre-existing conditions all the time. Also some pre-existing conditions have less effect on your rate as time goes on. Someone who had cancer a year ago, may be denied coverage or charged a higher rate. However, if five years go by without any reoccurrence of the disease that person may be eligible for a rate reduction if they reapply. However, if you are unaware of this and don’t reapply, you will continue to pay more than you should.
There are many virtues of working with a insurance agents like ourselves who specialize in health insurance for Connecticut families and individuals. We can help you review your coverage each year and help make sure that you are getting the best plan available to you and your family. Reviewing your options with us once a year can save you thousands of dollars. Give us a call and let us help you make sure that you have the best option today and not just when you bought your policy.