Author: Charlestien Harris
If this pandemic has taught us one thing, it’s to make sure we have adequate health insurance for ourselves and our family members. Having health care is a very important part of the economy; Lack of adequate health care has resulted financial loss for many families. This article is being written to sound the alarm about the need for proper health care.
In the next month or two, many employers will begin announcing their enrollment period for their employees and/or dependents to elect benefits for next year. Now it’s time to look at your health insurance plan and see if it meets your needs. Also, it may be beneficial to consider if you have any upcoming life events that may affect the benefits you have chosen for next year. This would also be a good time to look at “use-it-or-lose-it” currency exchange accountssuch as other health and medical issues, to ensure that you do not miss out on reimbursements.
Here’s a list of life-changing events that may affect your health plan, and your premiums.
- Changes in family culture. When you go through major changes in your family life, your benefits may need to change as well. These changes may affect the amount of money you pay, and you may need to add or remove a dependent from your health plan. Family changes that count as qualifying life events include:
- Getting married
- Bringing children into a family is the birth of a child, adoption, or adoption
- Death of a member enrolled in your health plan
- You or a dependent are at least 26 years old. Health insurance Learning to change when you or a dependent turns 26. It is “very important” to be born in the health industry – a sign for the birds to “leave the nest” their parents insurance insurance and get their Learning. If you have just turned 26, you will be removed from your parent’s plan and will now need to get your own plan. Some providers will notify you automatically, but don’t rely on that. Check your policy regularly and make necessary changes.
- Changing your address. Other changes that may affect your health plan are to move. It could be that you are moving to an area that is out of your way. Or, you may be moving to an area where your coverage is, but there may be new plans to consider. If you’ve moved recently, be sure to check your health status to see if you still have the same benefits, or if they change because now you can fall into the “network” that is in your original plan.
- Changes in your work. A career change can also be considered a life event that can affect your health care. A change can be voluntary or involuntary, such as: dismissal, layoff, resignation, resignation, or resignation. If you have changed jobs, now is the time to reassess your health. If you are retired or separated from your job, that is Consolidated Omnibus Budget Reconciliation Act (COBRA) may be one of the options you can consider.
- Turning 65 is another life-changing event. Turning 65 is another moment that can affect your health decisions, and is considered a milestone in life. This allows you to check your Medicare eligibility. The enrollment period for Medicare is three months in advance 65Th birthday or 3 months after the date of birth. If you’re not enrolled in Medicare, you risk a 10 percent interest charge on your Medicare Part B for each year you go without coverage when you qualify. This can also affect your retirement benefits. Make sure you check that you can make any necessary changes.
In many cases, you may need to change your health plan within a specific period of time for eligible life events. Changes can be made within 30 or 60 days from the time your employer set them up. Missing the deadline can mean waiting until the next open enrollment, which can be as long as a year. That is why it is very important to start reviewing your care plans as soon as possible – if there are any changes, you can make them in time.
Term insurance plans can cover your repayments from one month to less than a year until you reconsider your options. Knowing the details of your health insurance policies can save you money and give you the knowledge to avoid surprises or unexpected terminations because you didn’t change the things that changed your life.
For more information on this or other financial matters please email me at Charlestien.firstname.lastname@example.org, or call me at 662-624-5776.
Until next week – stay financially strong!
Charlestien Harris is a contributor to the DeSoto County News. He is a financial analyst with Southern Bancorp Community Partners whose articles are featured in several publications around the region. You’ll be seeing his articles every week on the DeSoto County News website and our social media channels.