5 Reasons to review your insurance annually

We always hear that is important to review our insurance coverage annually, but often our health insurance is neglected or put on hold. Here are a few (hopefully painless) reasons to encourage you to review your coverage every year:

Changes in your Health

This reason is probably the most common. Perhaps your doctor said you need to pay closer attention to your cholesterol or blood pressure, you just had surgery, your daughter had a newborn, or you are fully recovered from that tennis injury last year and no longer need therapy. All of these are triggers that may change your needs for insurance coverage.

Changes in Medical Costs

Medical costs are continually increasing but that sometimes means the benefits that private insurance companies offer increase as well. The greatest financial risk is in the case of a medical emergency where extensive medical bills add up and consumers have to reach into their savings. Preparing in advance for unexpected medical services and knowing what potential costs could be is crucial.

Changes in Lifestyle

Maybe you and your spouse finally have the time to take that long sailing trip thru the Mediterranean this year. Or maybe you've taken on scuba diving as a new hobby. Or maybe you stopped smoking and are curious if there are any lower premium policies for you now. Re-evaluating your lifestyle and priorities each year can help you decide the amount of coverage that is right for you and your family.

Changes in your Medications

If we were discussing health insurance 25 years ago, prescription drug coverage would probably not be a big topic. But nowadays such a high percentage of the population takes medication as part of their daily routine. Drug manufacturers change their prices every year and sometimes new alternative medicines are available. Furthermore, new agreements with private insurance companies can allow certain prescriptions to be more or less affordable depending on the carrier and pharmacy network.

Changes in your Benefits

We often get calls from clients notifying us that their favorite doctor is no longer accepting their specific insurance starting next year. Or sometimes their policy will no longer cover a specific procedure or condition. Most health insurance policies must be renewed on a yearly basis. The annual expiration allows insurance companies to make changes (for better or worse) on the policies they offer. The best policy for your family this year might not be the exact same as last year.

In Conclusion

We hope that thru reviewing your coverage and learning about all your insurance options, we can build your trust to serve you. We want to partner with you and your loved ones throughout your retirement journey. Every year our lives change and the availability of healthcare options also change, so we are committed to ongoing communication and support.

Thank you for the opportunity to help you take these important steps for your health insurance. Please click below to schedule a free consultation:

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Nick Baurichter is a Medicare specialist, holding his state insurance license and a local resident of South Florida. Originally from Ohio with a background in financial planning, his team has been serving clients for a combined 15 years of experience in the Sunshine state. They are passionate about providing quality service and building strong long term relationships.