How To Organize Your Health Insurance To Start The Year

#009 – Know what you have! Grab your policy or the plan outline provided by your employer and review your coverage now, at the beginning of the year.

Understand what you will have to spend if and when a claim arises and set money aside, as best as you can, to cover the total.

Know the following:

Deductible amount

Your percentage share of Coinsurance

Your Out of Pocket Maximum (OOP)

Your premium – over the course of the year, not just for one month or one pay period

If you have a spouse and/or children, check to see if your deductible/OOP is double or more

If you have a Health Savings Account (HSA), know your annual maximum contribution and fully fund your HSA as best as you can – over 55 years old…..contribute an additional $1,000 and open a separate HSA for a spouse and contribute another $1,000

I recommend Lively HSA. Lively is free, online and paperless. I receive nominal compensation from Lively at no cost to you.

Open Your FREE Account!

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In the next show, we’ll discuss how health insurance is priced and why you need to pay attention to how much you are charged by your doctor, hospital, pharmacy and other providers.