How to Review Your Health Insurance Policy

The proposed open enrollment period for the upcoming year begins on November 1. Even if you’re happy with your current insurance provider, now is the perfect time to look over your policy and take note of any changes that might affect you. Health insurance plans are required to provide you with a Summary of Benefits and Coverage (SBC). You should review this as well as the rest of your policy to ensure that the plan you had last year will still fit your needs for the upcoming year. Here’s what you need to review.

1. Coverage

Think about the services you’ve used in the past year. Were you happy with your coverage? Check to make sure that the services you used will still be covered in the upcoming year. If your health has declined or you anticipate needing additional services, review your policy to see if these are covered.

2. Cost

Compare the premiums, deductibles, copays, and out-of-pocket maximums from this year and last year. Are there any changes you’re unhappy with?

3. Health Care Providers

Do you like your doctor? Make sure that he or she is still included in your insurance company’s network. Think back on the past year. Did you have to get referrals for specific tests or procedures? Were you happy with the process? Don’t forget to make sure that the nearest hospital is in your insurance company’s network.

4. Prescription Drugs

Are the prescriptions you’re currently taking still covered under your insurance plan? It’s best to make sure during open enrollment that you will have the coverage you need, including coverage on the medications you are taking or might be taking in the future. Additionally, you should see if there are any new coverage rules that might apply to your prescriptions.

5. Were you satisfied?

Think back to your experiences with doctors, hospitals, pharmacies, and of course, your health insurance carrier over the past year. What did you like or dislike? If you took advantage of a particular program, like health coaching, check to make sure that program will continue in the upcoming year. If there were things you wanted but didn’t have – for example, electronic health records, or mail-order prescriptions – then perhaps these policies have improved.

There’s so much to think about when choosing a health insurance policy, even if you decide to stay with the policy you used last year. No one wants to be hit with unexpected charges, or find out that they need to switch doctors after finally getting comfortable. That’s where HealthMarkets comes in. We will review your current insurance policy as well as thousands of others nationwide to help you find the plan that best fits your needs. Don’t just settle for the status quo, especially when you can have a licensed HealthMarkets Insurance agent act as your advocate and advisor. It doesn’t cost you anything, and we’ll help you get the most health insurance bang for your buck. Call today to discuss your options over the phone or find a local agent who can meet with you in person. Your health is worth it.

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