Time to Review Your Health Insurance Coverage
Major Life Change: It’s Time to Review Your Health Insurance Coverage
Many Canadians purchase an individual health insurance plan to bridge the gaps left by their provincial plans. But after the initial purchase, they don’t usually give their plan much thought. This can be a mistake, especially if you have recently experienced or will soon be experiencing a major life change. As your life evolves, so do your health insurance needs. It is important to periodically review your plan to ensure it still provides adequate coverage for you and your family. Listed below are four life changing events that should trigger an evaluation of your health insurance coverage, so you can be sure it meets your needs.
You Are Graduating From College.
If you will soon be graduating from college, chances are you’ve never had to give much thought to your health insurance plan. Until now, you were probably covered under your parents plan. However, when you graduate, you may no longer be eligible for coverage under their plan. You may need to purchase an individual plan for yourself to ensure you have adequate coverage for routine and emergency medical care. To find out for sure if you are still eligible for coverage under your parents plan, contact their insurance provider.
You Are Getting Married
When you get married, you need to consider more than just your health insurance needs. You need to consider your spouse’s as well. As two single adults, you probably each had your own plan or maybe one of you didn’t have individual coverage. As you prepare to tie the knot, it’s a good idea to review your and your soon-to-be spouse’s health insurance coverage or lack thereof. You may choose to keep two separate policies for a little while, or you may decide that getting a joint policy is a better alternative. No matter what you decide, make sure you choose a solution that meets your current and future health insurance needs.
You Are Having a Baby
New babies bring new expenses, and medical bills are some of the biggest. From prenatal care to labor and delivery to pediatric care for your little bundle of joy, it is important to make sure you have a health insurance plan that provides adequate coverage for the routine and unexpected medical expenses that come with having a baby. If expanding your family wasn’t at the top of your priority list when you purchased your current health insurance plan, you will need to re-evaluate your existing plan to find out if it still meets your needs.
You Are Retiring
If you are approaching retirement, your status as a full-time employee isn’t the only thing that’s going to change. As you age, certain changes to your health are inevitable. One of the best ways to prepare is to ensure you have adequate health insurance coverage. If you currently have a health insurance plan that covers only the bare minimum, now is the time to start thinking about a plan that offers broader coverage. You want to be sure you will have adequate coverage to get the care you need for whatever life throws your way. This is especially true if you are taking prescription drugs. When you leave your employer’s group health insurance plan, you have a limited amount of time to purchase an individual plan without being required to complete a medical questionnaire.