There are significant price differences among health insurance plans. That's why it's always a good idea to compare your health insurance every year. In this blog, I'll explain the various reasons to review your health insurance annually.
Changes in Premium and Coverage
The premium and coverage of a health insurance plan change each year for several reasons. Firstly, medical costs and inflation may rise, prompting insurers to adjust their rates to maintain financial stability. Additionally, changes in legal regulations and government policies can affect both coverage and costs. Furthermore, insurers modify their policies to remain competitive in the market and offer customers better coverage options.
It is crucial to review and update your health insurance annually to ensure you always have the most suitable and up-to-date protection.
Changing Healthcare
Maybe you'll have a different healthcare need in 2024. You might find that you no longer require certain supplementary insurance or, conversely, that you need new ones. Here are some changes that can have a significant impact:
- Expecting a baby in 2024
- Your child needs braces in 2024
- You'll need glasses in the coming year
- You're likely to need a hearing aid or dentures shortly
- In 2023, you had high dental expenses, but not in 2024
- You had a baby in 2023 and no longer need the additional coverage in 2024
- Due to injuries, you probably need extra physiotherapy
Your Health Insurance Doesn't Affect Your Healthcare Allowance
The amount of your healthcare allowance is not dependent on the health insurance plan you choose. Opting for a cheaper health insurance plan does not affect the amount of your healthcare allowance. The allowance you receive is based on your income, assets, and whether or not you have a partner.
