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Friday, December 7, 2007

Is Your Health Insurance Policy Up To Date

If your health insurance policy is more than 2 years old, you could be paying way too much.

It's a known fact that your health insurance premium is going to increase 5-10% every year. But when was the last time you had a health insurance review done? If your health insurance plan is 2 years old or older, then you could be paying way too much for your health insurance. Consumers who purchase their health insurance on an individual basis may not realize that they are paying too much for their health insurance.Health insurance companies generally guarantee their rates for one year after you purchase a policy from them. It's a sure bet that after that initial rate guarantee period is over that your health insurance premium is going to increase. It is generally good practice to complete a health insurance review every year before you renew your current policy. Health insurance plans change all the time. Health Insurance companies are adding new plans to their portfolio and taking olds off. What does this mean for you?If your current health insurance plan is no longer being marketed and sold by your insurance company, then your premium could be higher than what you could be paying if you were on a newer plan. Yearly Insurance reviews for your Health Insurance are a good idea. Talk to your insurance agent to find out if there are newer plans available that cost less money. As an insurance broker I see this happening everyday. I have a client who was insured through Company A. Well during the year Company A decided not to market the plan that my client a part of. They were introducing a new plan that they intended to market instead of the old one. Well when my clients' annual renewal came around, he received notice that his insurance premium was going to go up 25%. He immediately called me and we were able to get him a more comprehensive plan for less money than he was paying for the old plan. Make sure you do a yearly Insurance Review. This will insure that you stay up to date with the health insurance market. If you do not have an agent or don't know where to find one, then you can use a great service that I recommend: Affordable Health Insurance Website
If you decide to apply for a different insurance plan, DO NOT CANCEL your existing coverage until the new plan is in place. Cancelling your existing coverage before the new coverage in place could be disasterous for you if you don't qualify medically for the new plan. For example: If you cancel your current coverage and try to purchase new coverage and you aren't accepted, then you will be up a creek without a paddle because you may not be able to get your old policy back. You would have to be re-underwritten to get your old plan back. So I repeat...DO NOT CANCEL your existing coverage until the new plan is in place.If you have any questions, you can either contact me using my contact information or leave a comment on this article with your question and I will answer it to the best of my ability.

In the meantime, go to Affordable Health Insurance Website to begin your Yearly Insurance Review.


If you would like more health insurance information, click here!!!

2 comments:

Blue b said...

Make sure the few things and that is make sure the policy is up to date and it is the most affordable term life insurance that can be suited to you.

Patrick said...

Life insurance is the matter of securing future in case of any misshapenness or if some unusual event occurs, due to this reason life insurance is must necessary thing in such a dramatic life. www.everydaylifeinsurance.org