By now, you should have received an automatic renewal letter from your insurance carrier. If you do nothing, your health insurance will renew, but may be 4-5 times higher than what you are currently paying. So do not just renew your health insurance without reading this because you may put yourself in a difficult situation.
Health Insurance Premiums are Rising
Every year, health insurance carriers evaluate their plans and determine if they need to increase their premiums (they almost always do). But what you may not know, is that your 2020 plan, may be terminated, which means that they will put you with the "closest plan to what you had in 2020". However, this is not always an apples to apples comparison. The changes can be drastic, and if you wait until January to check it out, it will be too late.
For example, we have a client, Ms. Gaines, from Biloxi, Mississippi. She is 49 years old, has 2 kids and is making $22,500 a year. Her health insurance for 2020 is $35 a month. Ms. Gaines suffered a heart attack this year and wants to make sure she can keep her doctors. Her insurance renewal is going to go up to $238 a month for 2021. She was in a panic, but we were able to find her a 2021 plan that had similar benefits, for a similar price she was paying in 2020. And most importantly, all 3 of her doctors accept the new insurance. It literally took Ms. Gaines a 5 minute conversation to ease her concerns about her health insurance in 2021.
Current 2020 Health Insurance Premium
2021 Health Insurance Premium
Reviewing her 2021 options
A 2021 Molina plan has 2 options, and both of them are in the same ballpark as Ms. Gaines 2020 insurance policy. The best part is, when we looked up all 3 of her doctors, they all accepted Molina!
Before You Renew Your Health Insurance
Do not renew your insurance without looking at your options. If you are working with an agent, please call them immediately. If you are not working with an agent, we would love to help.
Our services are 100% free.
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