However you celebrate it, a New Year is here, with a fresh outlook for 2025. Life changes rapidly. Healthcare coverage is meant to change with you so that as your needs, family, and income expand or contract, you always have the help you need. Here is a brief overview on how to keep your insurance coverage updated for optimal savings. Check your insurance policy regularly to keep it current. This practice can potentially result in financial benefits. Remember to stay proactive in managing your insurance policy, as it can positively impact your savings.
How Do I Update My Health Insurance Policy?
The government operates the Health Insurance Marketplace, where enrollees can search for the perfect plan. Open Enrollment runs from November 1 to January 15 each year.
- Log in: To get started, log in to your account on HealthCare.gov. If this is your first time purchasing health insurance, you can create a new account on the same page.
- Update your plan: Your account home page will help you review the details of your existing policy. You’ll want to ensure that changes to your household size, income, or other factors are updated. If you report your estimated income too high, you may miss out on some benefits; if you under-report your income, you may receive more savings, but these will have to be paid back when you do your taxes.
- Compare policies: With updated account information, check what plans are available. Consider each policy’s benefits, deductibles, and premiums before choosing. Pro tip: The healthcare insurance agents at our firm are licensed to help guide and advise you on the best plans for your needs and are required to put your best interests first; if you have questions, we can help.
- Enroll in a new plan: If you find a better plan, it’s time to sign up. Our insurance agent can help you complete the paperwork online or in person.
Can’t I Enroll in Health Insurance at Any Time?
No, you cannot enroll in health insurance at any time. To organize the process of managing hundreds of thousands of people applying for coverage, Open Enrollment is only during the November 1 to January 15 period each year. You might qualify for an exception called a “Special Enrollment Period (SEP).” You become eligible when significant life events require changes to your coverage, like a new baby or changing jobs. Your agent will be able to help you understand if you qualify for an SEP.
How Do I Update “Off-Market” Health Insurance?
Some health insurance policies are purchased from individual companies that do not provide their services on the government-run Marketplace. If you have an “off-market” policy, you must make any changes with your insurance company directly.
Protect Your Health in the New Year with An Updated Policy
Make your New Year’s resolutions for a healthier you and include a comprehensive health plan. Our healthcare insurance agents can help guide you through the process, answer your questions, and make it easy to get through the necessary paperwork. There is no extra cost to you to receive our help; give us a call to schedule a free consultation today.