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Is It Time to Review Your Health and Life Insurance Policies?

Is It Time to Review Your Health and Life Insurance Policies?

September 09, 2020

It is always a good idea to review your financial plans every few years. When it comes to your health and life insurance policies, we highly recommend staying on top of your policies and coverage. In this blog, we are going to address four key areas to make sure you are staying in the know of regarding your health and life insurance policies. Keep reading to learn more! 

  1. Health Insurance

When it comes to your health insurance, you need to make sure you are aware of your monthly premiums, deductibles, co-pays, out-of-pocket expenses, any employer HSA matching, and the doctors within your network. You need to take into account if you have a spouse, if you are paying for your health insurance on your own, or if you are on Medicare. There are numerous items to consider for each of these. To view a detailed list, see here

  1. Life Insurance

Have your life insurance needs changed? If so, you need to consider funding future expenses, if you are able to pay off a new debt,  if your coverage has changed, if you own any permanent life insurance, and if you have any term insurance. Raising children and sending them to college can be expensive, as can a mortgage or new car. These are only a few things that can heavily impact your life insurance policy and financial situation. If any of these are applicable to you, it is key to review your policy every few years, if not more frequently. 

  1. Disability Insurance

Should there be a change in your employer coverage, you need to think ahead and think of the worst-case scenario should you become disabled. If your employer does provide disability insurance, you need to consider whether or not you will need to review the coverage and see if it is adequate for your needs. There are numerous sectors underneath disability insurance to take note of should you become eligible to receive it. See here.

  1. Long Term Care

Are you aware of what your policy states regarding homecare, assisted living, and nursing home care? You need to make sure you are aware of all services offered, benefit amounts, benefit period, and specific features your policy outlines. 

As you can see, there is a plethora of things to consider regarding your insurance policies. At Three Bridges Planning, we want  to make sure you are reviewing not only your policies and what each entail, but we also want you to make sure you are reviewing your insurance company as well. This is key to knowing if your policies will continue to provide for your needs as life continues to change.

If you would like to learn more about what all to consider for each of these insurance policies, check out this detailed checklist. Three Bridges Planning is happy to review your current policies with you and provide you with guidance as to what the next steps are. Contact us today at (321) 225-3154 to get started!