Health Insurance – Is Yours Up To Date?

Are you paying too much for your health insurance? If you have had the same health insurance policy for a couple of years, the chances that you are paying too much are very likely. It’s a known fact that your health insurance premium is going to increase 5-10% every year. But when was the last time you had a health insurance review done? If your health insurance plan is 2 years old or older, then you could be paying way too much for your health insurance. Consumers who purchase their health insurance on an individual basis may not realize that they are paying too much for their health insurance.

Health insurance companies generally guarantee their rates for one year after you purchase a policy from them. It’s a sure bet that after that initial rate guarantee period is over that your health insurance premium is going to increase. It is generally good practice to complete a health insurance review every year before you renew your current policy. Health insurance plans change all the time. Health Insurance companies are adding new plans to their portfolio and taking old ones off.

What does this mean for you?

If your current health insurance plan is no longer being marketed and sold by your insurance company, then your premium could be higher than what you could be paying if you were on a newer plan. Yearly Insurance reviews for your Health Insurance are a good idea. Talk to your agent to find out if there are newer plans available that cost less money.

As a broker I see this happening everyday. I have a client who was insured through Company A. Well during the year Company A decided not to market the plan that my client a part of. They were introducing a new plan that they intended to market instead of the old one. Well when my clients’ annual renewal came around, he received notice that his insurance premium was going to go up 25%. He immediately called me and we were able to get him a more comprehensive plan for less money than he was paying for the old plan.

Make sure you do a YEARLY Review. This will insure that you stay up to date with the health insurance market. Most health insurance plans have a 12 month initial rate guarantee. After that initial time period your rates are subject to increase or decrease depending on the age class that you are in. If you do not have an agent or don’t know where to find one, then you can use a great service that I recommend:

If you decide to apply for a different insurance plan, DO NOT CANCEL your existing coverage until the new plan is in place. canceling your existing coverage before the new coverage in place could be disastrous for you if you don’t qualify medically for the new plan. For example: If you cancel your current coverage and try to purchase new coverage and you aren’t accepted, then you will be up a creek without a paddle because you may not be able to get your old policy back. You would have to be re-underwritten to get your old plan back. So I repeat…DO NOT CANCEL your existing coverage until the new plan is in place.

Affordable Health Insurance 4 Me is an outstanding service for checking out comprehensive health insurance quotes. You can get competitors quotes within minutes giving you the ability to shop for your health insurance in one place.

Richard Warren is an independent state licensed Insurance Broker in the state of Michigan. His company Warren Financial Center, Inc. has been in business in the Ann Arbor, MI area since 2006. WFC, Inc. specializes in finding affordable insurance solutions for individuals, families, small businesses, and the self employed. WFC represents the top insurance carriers available in the state of Michigan to ensure that our clients are getting the top notch products available in the marketplace. You can rest assured that when you have Warren Financial Center, Inc. as your insurance agency, you will have the best of the best working for you.

If you would like more information about Warren Financial Center, Inc. please visit our website: