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Main things you need to know about insurance renewal

Renewals documents

Believe it or not, the end of 2020 is only a step away from us all. Apart from all that has happened to us this year, we hope that life will go back to normal soon. New hope will arrive, new exciting plans to come, and fresh air to breathe without a mask.

Insurance renewals? Yes. You may not see that coming. When your health insurance renewal notification or packet arrives in your email inbox or mailbox, it is essential to read it carefully.

If you want to change your plan in the future and you decide to switch to a new health insurance plan, health insurance renewals are a time to learn information about them.

Let us look at some of the main things you need to know about health insurance renewals.

1.         Plan for annual check-ups

Your health insurance renewal allows you to elaborate or consider what works for you and anything that is not.

You can do a check-up on your:

–           Your benefits: Did you have to go to the doctor often? Did you get to use any of the insurance benefits that you did not expect? Do you think you may need new coverage next year?

–           Your cost: How much did it cost when you went to the doctor? How about the monthly premiums and deductibles? How was your financial situation this past year?

By carefully checking your health plan, you may decide on a better option and sense in making the best decision for you and your family.

2.         It’s important to understand the terms in your health insurance renewal

When renewing your insurance, you will notice the information given to you about how your plan will work for the upcoming year. Indeed, your insurance plan may still be the same, but there may also be some places where it’s going to be different.

You need to take the time to read and check everything. It will help you not to be surprised when you go in for care. Especially with some the most common health insurance terms such as:

–           Monthly premiums: This is the amount you have to pay each month for your health insurance. Often the premium insurance would change from one plan year to the next. If you plan to change your premium, think about whether it will fit into your budget or not.

–           Deductibles: These are the amounts you will need to pay before your health insurance starts helping with costs.

–           Copays and coinsurance: These are the amount of how much you owe after you meet your plan’s deductibles. For instance, when you pay a copay or coinsurance, your health plan will cover the rest of the expenses.

–           Out-of-pocket max: This is the most you will pay in a year for covered health services. It will include the deductibles, copays, and even coinsurance. Once you have met the out-of-pocket max this means your plan will cover the remaining cost fully.

3.         Extra plan benefits that your health insurance renewal may remind you of

A health insurance plan frequently comes with extra plan benefits that can save your pocket from additional money and help you achieve better health.

Many plans may offer benefits, for instance, 100% coverage for annual physical exams, discounts on eyeglasses, and so on.

People may often forget and not take advantage of these great benefits!

4.         You can choose to renew your insurance or not

After considering to renew your insurance and be satisfied with it, you can follow the instructions from your insurance company to renew your insurance. Usually, your health insurance will renew automatically. However, it is essential to check with your insurance company for the details.

–           Make sure you talk to your existing health insurance company regarding the best plan that works better for you.

–           Review health insurance plans offered by different insurance companies to compare.

–           Call your broker. They will help you to discuss your needs and other plan options that are best for you.

Once you have understood what insurance renewal is all about, you may be able to live your life conveniently. You can contact our Aexpat Team at infos@aexpat.com we will be at your disposal for new information on health insurance plans and quotations that suits you best.

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