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Insurance and Details

Feb 07, 2018 12:30PM ● By Colleen Callahan

Insurance and Details

By Colleen Callahan

In our industry it is important to pay close attention to the details.  We must be certain about policy dates, premium payments, mailing addresses, plan selection, suitability, and more. Recently we learned about another detail, being matched on a joint policy with the correct spouse! We had a client call to tell us that the insurance company for her medical plan showed the wrong man as her husband.  Can you believe how many hours it took to fix that error?

Since dealing with insurance can be cumbersome, many people do not take the time each year to review what they have in place and make certain it still fits their needs.  I recently read an article that stated seniors and baby boomers spend more time reviewing cable and Internet service and ignore reviewing their health plans. 

For those on Medicare and a Medicare Supplement, remember, in California we have the “birthday rule” that allows one to make a change to a similar or lessor Medicare Supplement. It is worth reviewing; you will likely save money for the exact benefits. The beginning of the year is a good time to be certain the beneficiaries on all your policies are correct.  Make sure you do not have minor children listed as the beneficiaries.

If your family has grown, if you have purchased a home, or if you have gotten a raise, it is time to evaluate the life insurance you have in place. It is best not to assume any insurance you have with your employer is sufficient. Plus, it is not guaranteed the benefit will continue to be offered or that you will stay with the company. Seek out a professional to help with the review.  It is important for you and for your family.