Choosing the right health plan for yourself and your family can be very confusing with information packets being complex, leading many people to continue the same coverage from the year before. However, as your family grows or your needs change it’s important that you review your coverage to make sure it’s still aligned with your current needs. Otherwise, you might find at a critical moment your current coverage does not fully cover your medical costs.
Here are 5 tips on When You Should Reconsider Your Medical Insurance
1) New Job
Changing jobs often means changing medical coverage. Failing to evaluate a new job’s medical coverage can be a costly mistake. It is possible that the new coverage is not as inclusive as the previous employer. It is also possible that things like copays, specialty visits, and prescriptions are more expensive under the new plan. It is always a good idea to think about the medical coverage options when considering changing jobs.
If other important deciding factors outweigh a reduction in medical coverage, a supplemental insurance plan can make up the difference. Consider the differences between the two plans, and then choose supplemental coverage that appropriately fits all your healthcare needs.
2) Change of Relationship
A change in a relationship should also include a new evaluation of your current medical coverage. You may notice your coverage cost increases significantly when you get married or enter into a domestic partnership. Additionally, a divorce could mean you lose your secondary insurance, increasing your out-of-pocket costs if you need medical care.
Fortunately, there are Medicare supplement plans available for these types of situations. These plans cover the gaps that are not included in your current plan. They can reduce the costs of everyday medical expenses while also providing you with a safety net for medical emergencies.
3) Growing Family
Having kids or deciding to grow your family even larger requires that you evaluate your current medical coverage. Not only do you want your children to be covered medically, but you also want to know they will be taken care of should something happen to you. It is also necessary to consider your current coverage and what it includes for things like prenatal care and the delivery of each child.
Supplemental insurance plans can assist with the medical costs that many people never consider, such as childcare, household help, travel and lodging for medical treatments, and everyday living expenses following a medical emergency. It is important to re-evaluate current medical coverages with each new family member to ensure you are fully protected.
4) Chronic Illness
A chronic illness can cost individuals hundreds of thousands of dollars over a lifetime. In addition to medical treatments and medication costs, the individual may be unable to work. While traditional medical coverage may assist with treatments and physician visits, it does not often cover the additional costs that might be necessary.
Supplemental insurance can be a great way to cover things like household expenses and experimental therapies not included in your current medical coverage. Additionally, if you are required to spend an extended amount of time in the hospital, supplemental insurance plans can assist with things like lost wages, lost benefits, and household assistance.
Retirement brings a lot of changes. Your day-to-day schedule changes, you are often moved to a fixed income, and your health insurance coverage may be reduced. Most Americans spend their entire life preparing for retirement with savings and retirement accounts, yet many never consider medical coverage until they are close to retirement age.
During retirement, reducing medical coverages are often met with increasing medical needs. Seniors are faced with more medical concerns with costlier medical visits. A supplemental Medicare plan may fill in the gaps, ensuring that seniors can receive the medical treatments they need without dipping into their savings accounts.
Unfortunately, many Americans are not aware their insurance coverage has gaps until they are forced to cover those costs out of pocket. By understanding what is included in your current medical coverage, you can purchase the supplemental insurance that best meets your needs. Re-evaluating your medical coverage during major life milestones can ensure you are protected.
Mrs. Kathy King is the CEO of www.InsurewithKathy.com
Where she specializes in helping Small Businesses and individuals find affordable health coverage & legal plans for themselves, staff, and their entire families. Services include individual, group, Medicare, and Legal Plans.
Insure with Kathy’s mission is to provide you with superior customer service. Present Healthcare Insurance plans tailored to the specific needs that you clearly understand. At the same time, saving you on your monthly premiums so you can continue to secure your ultimate asset, your health! VISION Insure with Kathy’s vision is Help individuals and businesses find affordable health care coverage that fits their specific needs to protect their assets.”