Here’s Why You Should Change Your Health Plan Cover Before 2020
Every single American knows the value of a great health insurance cover. As far as financial decisions go, this isn’t one that you make then forget all about it. Our health needs are ever-changing, largely due to the aging process.
But other happenings in life also prompt these changes, say something like starting a family and having kids. While you were single, you only had you to worry about. Now that you have a partner, the whole dynamic changes, and when you think about kids, it gets even more complicated.
An Important Financial Decision
We’ve already established that taking out a cover is as important a financial decision as any, right? And that’s where financial planners come in. Eric Roberge, a certified expert insists on the need to review your insurance each time there’s a significant change in your lifestyle.
In doing this, the expert says that you get to compare the plan you’re already on with other available options, and more often than not, you’ll find that with the change in your circumstances, you most certainly need a whole other coverage plan.
The Commonwealth Fund reports that approximately 158 million citizens in the US get their coverage through either their personal or partner’s employer. The rest opt for private coverage, taking out plans via the Insurance Marketplace brought into existence thanks to the Affordable Care Act.
The Marketplace is indeed helpful to many Americans, narrowing down the available options in the private sector while factoring in tax breaks. If you wish to enroll for the 2020 coverage, you are free to do so as from 1st November 2019 all the way to 15th December. There also exists a period termed as special enrollment, but there are certain requirements you have to meet.
These include marriage or divorce, adopting or having a child, or losing whatever coverage you previously had. If you fit into any of these categories, you are free to take out a Marketplace plan at any time of the year. With major changes such as in the first two, you may also want to review your current insurance just to make sure that it is at par with your health requirements.
Financial advisors, Roberge included, also say that you need to frequently review your cover, this being one of the ways in which you can save some few bucks. These experts insist on an annual review, and with the cost of insurance going through the roof in recent years, they certainly have a point. You may be paying expensive premiums when there are other plans that would serve you just as well and for a lower price.
So, what if no major change in your life has materialized; do you still need to review your health insurance? But of course, yes. You may not feel it, but your health needs are hardly constant and are ever-changing variables that need constant checking on. You know of the silent killer diseases such as hypertension, don’t you?
As such, you have to be proactive about this. It’s your health, and after all, don’t they say that it’s better to be safe than to be sorry?
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