Do you carry your own health insurance policy?
Is it time to renew?
If so, don’t do it blindly. And don’t take anything for granted.
Before signing on the dotted line or sending in that premium, you need to know what, if any, policy changes will take place in the coming year. Specifically, check for the following:
- Provider networks & physicians: have hospitals been removed from the list of participating facilities; is your doctor still in the network?
- Co-pays: will you have higher coinsurance or deductibles?
- Benefits: check for benefits that are important to you, whether it’s mental health coverage, physical therapy or visits to specialists. What’s changed? Can you live with the changes?
- Pharmacy Benefits: what drugs have been added or changed tiers? Will you be paying more for your meds?
- Lifetime maximums: If you’ve been in the plan for awhile, are you hitting up against lifetime maximums? Often your expenses against lifetime maximums are not easily discerned from the Explanation of Benefits you receive when a claim is paid. Find out how much you have used and what’s left for specific services. Better to know upfront than find out too late you’ve had treatments that are no longer covered.
Buyer be aware. You may be glad just to have the coverage and assume that year after year changes will be minimal. Caveat Emptor – that isn’t always the case.
And if you’re having trouble figuring out your coverage, call your plan’s representative; be persistent or turn to a specialist who can help you understand your benefits.