Christmas is over, and it is time to start thinking about what your insurance needs will be in the new year, 2011. Think of it as making a New Year’s Resolution about your insurance policies. While it’s always good to re-evaluate your insurance policies from time to time, it is especially important to do it this year. There are going to be many changes to insurance that will take effect as soon as 2011 begins.
This is the time of year when people start thinking about the improvements they want to make in their lives. It is not unusual for people to make New Year’s Resolutions that involve losing weight, exercising more, or to quit smoking. Most people don’t realize that the end of the year is a great time to review your insurance policies, to see if they still meet your needs.
If you are someone who is eligible for Medicare, you need to be aware that the deadline for selecting a Medicare plan for 2011 is coming up fast. You need to do it before December 31, 2010. There have been a lot of changes to Medicare in the past year, which means that you will have more details to consider. If you need help with these changes, you can either visit the official Medicare website or, perhaps see if your local Senior Center has made arrangements to have insurance agents available to speak with on a certain day.
Now is the time to take a look at the health reform compliant insurance plans. Does your current plan come with a lifetime coverage limit? If you get a new plan, you can get rid of that limit, because new plans are not going to be allowed to impose them on customers. If you need to cover your adult children, who are from age 18 to 26, on your health insurance plan, it’s possible that you will need to get a new plan that will allow for that kind of coverage. Expect some changes to the health insurance plan that you get from your employer, as those plans adjust to new requirements.
Did you significantly improve your health in 2010? If you managed to follow through on your New Year’s Resolution, and successfully lost weight, or quit smoking, it’s time to let your insurance agent know about it. You might be able to qualify for a lower premium on your health insurance or life insurance policies.
Now is the time to put money into your Health Savings Account. Putting in the maximum amount at the start of the year allows you to use pre-tax dollars for deductibles and co-payments, and will let the rest of the money accrue interest. In 2011 you will no longer be allowed to use money from your Health Savings Account to pay for the cost of many over the counter medications. So, now is a great time to put some extra money away into your regular savings account, to be used for OTC medication this year.
Image by Sally Mahoney on Flickr