Annual rate increases can increase your health insurance premiums significantly. Especially after multiple years of compounding. It’s important to thoroughly review your family health insurance policy once every couple of years, if not each year. Here are three things you can do to make sure you are getting the most affordable coverage with the best benefits:
1. Reapply with the Same Company
When you apply to a health insurance company and they approve you, they put you in a group with other individuals and families. Originally everyone is healthy or relatively healthy. However, over time people in your specific group develop health problems, need surgery, and start taking medications. When your plan renews each year, your insurance company raises your rates to help cover the cost of inflation in the health care industry, but they raise it even more to help cover the expense of the collective claims in your entire group.
Reapplying for the same company, and even the same plan you have now can put you back in a freshly underwritten group with no unexpected health problems. This means that you may get the exact same plan at a lower price.
