Whenever you have a big change in your life, such as a new marriage, baby or career, there are advantages to changing your health insurance plan. In circumstances like these, supplemental insurance may be needed to maintain your current level of coverage. Switching to a new health insurance carrier may provide benefits that no longer exist for your present situation.
New jobs often come with additional responsibilities that may or may not be covered under your current health insurance plan. If your new job has come with an increase in pay, you might be able to afford a plan that offers a lower deductible than you currently have. This will allow you to better cover your family’s healthcare needs.
If you have left the corporate world to launch a new career as an entrepreneur, you are aware of the potential risks. Your finances were likely placed into your new business venture and you may need to lower your premiums for a higher deductible. Hopefully, you have chosen a career that would not interfere with any pre-existing conditions you may have but if not, switching to a new health plan with easier access to specialists, like Allergists and Immunologists, can be beneficial.
If you welcome a new child to your home, through birth or adoption, your health insurance policy will need to reflect this change to ensure that each of your loved ones is covered. Infants need to have all the traditional immunizations within their first year of life and adopted children from overseas often need a thorough health exam to ensure their well being. Frank Health Insurance recommends that if your plan does not have adequate provisions for these needs, it is a good time for a plan upgrade.
With the new Health Insurance Marketplace, annual enrollment opens in the fall and remains open into the next calendar year, so if your current insurance policy ends at the end of the calendar year, you may be able to shop for a better, more affordable plan that fits your needs before your current plan ends.
Qualifying life events, such as welcoming a new child, will permit you to take advantage of a Special Enrollment Period, which is generally 60 days following a marriage or birth. Outside this special enrollment period, you must wait until the next Fall’s Open Enrollment to take advantage of the Health Insurance Marketplace options. Job-based plans via the marketplace have special enrollment periods of 30 days.
Regardless of your reason for changing your health insurance plan, taking this important step to protect your family and yourself from financial ruin because of an adverse health event is a wise decision that will give you peace of mind.