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A Few Insurance Tips

Jul 01, 2015 02:29PM ● Published by Colleen Callahan

We are grandparents for the second time! My stepdaughter had her second baby last week, a little boy. My stepdaughter is also a licensed agent and the account manager for our group employee benefits clients.  Adjusting to maternity leave this week has been a challenge, and I am extremely grateful to my team for stepping up to help in unknown territory. While preparing this article, I reflected on client interactions this week. Here are a few tips. 

If you have new medical or dental plans, make sure to ask your doctor or dentist if they are contracted for all policies with your insurance company or you might get an unexpected bill. The contracting is plan-specific. If you have Covered California, check on the website for the new income guidelines for 2015. You don’t want any surprises at tax time next year.

If you are on COBRA, make sure to pay your premiums on time every month. If the COBRA is cancelled due to non-payment, you will not be able to obtain an individual plan until January. There are very strict rules regarding when you can apply or enroll for an individual plan. If you do not like the health insurance plan that your employer offers, do not ask them to pay for an individual plan of your choice.  The IRS frowns on employers reimbursing employees for individual plans.  In fact, there are penalties for employers that do that.

If you are a part-time employee, check with your employer about the new mandatory sick leave plan. It is a new law in California. If you have had your current life insurance plan for more than five years, it is time for a review. You might be able to find a better, lower priced policy. 

Colleen Callahan, CLU, CASL, LU
Business, Home+Finance
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