Health insurance plans generally offer coverage for a period of one year, so when it gets close to the end of your policy, it’s time to consider renewing your healthcare coverage.
This health insurance renewal period is an annual opportunity to review your plan, research what may be changing, and decide if you want to switch to a new plan or carrier.
Health Insurance Renewal: Does Health Insurance Automatically Renew?
Some health insurance plans renew automatically, and others require you to resubmit or update your information to continue being covered. Most insurance companies will send you a notification with information about the renewal period, how to renew your policy, and when enrollment is open.
If you don’t take action after receiving your health insurance renewal reminder, many plans will automatically renew your coverage for the next year, starting on the last covered date of your active plan. However, every policy is different, so it’s important that you read through the renewal letter and see what steps you need to take to ensure you remain covered next year.
Additionally, renewing your current plan may not be the best option for your family or health situation. Consider all your options before letting your coverage auto-renew.
How to Renew Health Insurance Coverage
Not all insurance companies renew coverage on the same day or month, although most plans renew in the last few months of the calendar year. Your renewal deadline may depend on when you first enrolled in your current plan.
The health insurance renewal period for your specific plan is a good time to reassess the needs of your family, business, or employees to find the best coverage option. When you receive your renewal notice, read it carefully. Determine whether you need the same benefits or are satisfied with the network provided in your current plan. The insurance company is also likely to make changes to your plan or adjust your rates during this renewal period, so review the details before making a commitment.
If you’re happy with your current health insurance plan and are interested in renewing it, look into whether your coverage renews automatically or if you have to take action to get covered.
If you want to find a new health insurance plan, make sure you enroll before the deadline so you can avoid gaps in coverage.
Contact Melton McFadden to Get Health Insurance in Michigan
At Melton McFadden, our experienced insurance professionals can help you develop a health insurance plan that protects your finances, family, and peace of mind. We are ready to guide you through the process of identifying coverage essentials, finding gaps in your current insurance plan, and creating a solution that works best for you and your dependents.
Whether you are looking to expand your current healthcare coverage, sign up for a new policy, or build a plan to protect your employees, we’re here for you every step of the way.
Contact us today or request a free quote to get started.