As the holiday season approaches, it is time for reflection. As you think about everything that has happened during the year, you also have to start planning and preparing for what lies ahead in the upcoming months. Y ou should start thinking about potential opportunities and new goals to keep you motivated. One thing that must be addressed before the end of the year is your personal insurance coverage. Take a few days to create an insurance checklist. Educate yourself on the key benefits of your policy so that you can make the best decision possible.
Here is what you need to consider in your end-of-the-year insurance checklist.
1. Check Your Current Status
As you begin your insurance review, check the current status of your coverage. Look for any recent mail from your insurer regarding your coverage. If you haven’t received any mail recently, contact them to find out as many details about your policy as possible. Once you have a clear understanding of your policy’s current terms, you will be able to figure out if any changes are needed in the same. Likewise, if you are notified that your policy terms are changing, make sure to avail all the information related to the change.
If you have coverage through your employer, contact your Human Resource department to do an insurance policy check. Look over the policy carefully to see if anything has changed. If you don’t have a thorough insurance checklist, you may miss important details that could lead to an insurance coverage lapse or expensive delays.
2. Take Advantage Of The Current Time Left
Try to take advantage of every benefit offered by your policy, especially if you have already paid out your deductible. Consider scheduling one final checkup with your doctor. Check to see if you need any prescriptions refilled before the start of the new year. Review your insurance carefully to see if you can avoid paying a deductible. Scheduling these last-minute visits can also benefit you during tax season, so do an insurance revaluation to know if you need to make any appointments at the end of the year.
3. Research The Market
Even if you don’t plan to switch insurers for the new year, it’s still a good idea to research any changes to your state’s marketplace. While doing an insurance policy check, you may find that you have less coverage than instructed. Perhaps you’ll learn about new information regarding different services that insurers are now obligated to offer. You may also learn new information regarding new policy limits and pre-existing conditions that can help you decide whether to stay with the same coverage or choose something new. Researching the market may help you find a policy with access to a more extensive network and a better fit for your individual needs.
4. Contact Your Primary Care Physician
While you are going through your insurance checklist, speak with your primary care physician to learn about their future plans. Find out if they are staying with your current insurer or if they plan to opt out and join a new network for the upcoming year. You may need to ask for a referral depending on your physician’s decision. If changes are likely, try to schedule an appointment with your new provider as soon as possible. Work with the office to have your medical records transferred on time. It’s also essential that you have your prescriptions refilled ahead of the new year. Getting things done will save you time and money down the line.
Regardless of which decision you make, it’s essential to be proactive regarding your insurance coverage. The current pandemic has significantly affected the health care system, making it even more necessary for you to stay informed. Do you have additional questions about your life insurance or other personal coverages? If so, then contact the experts at Promised Land Insurance Group today.