Your individual and family health insurance renewal checklist
When you have an individual or family health plan that fits your needs and budget, it’s easy to just let it automatically renew year after year. But actively renewing your health insurance during the annual Open Enrollment Period (OEP) helps ensure you have the coverage you need and avoid surprises later on. Here’s why you should review your coverage annually and how to renew your Wellmark health insurance plan.
What is active renewal?
You actively renew your health insurance when you review and confirm that you want to keep the same health coverage as the previous year. If you don’t actively renew your health insurance plan, you’ll likely be automatically enrolled in the same plan for next year. However, health insurance plan rates and benefits change every year, and even small changes could have an impact on your coverage.
A checklist for how to renew your health insurance plan
Use this checklist before renewing your coverage during Open Enrollment.
- Review your current plan details — like what’s covered and your costs.
- Compare plan costs and benefits for the upcoming year to your current plan details.
- Make sure your providers and specialists are in-network.
- Update your income and household information if needed.
Once you’ve determined that your plan still meets your needs and your information is correct, complete the renewal process by the end of the Open Enrollment Period. Be sure to review renewal deadlines each year — find them online or contact your health insurance company. Enrollment timing may impact when your coverage becomes effective. Wellmark members can renew their plan online.
Have you reviewed your health insurance coverage?
Make sure you have the coverage you need for the upcoming year. Learn what you need to look for and how you can actively renew your health insurance coverage before the end of Open Enrollment.
Why you need to review your health plan every year
Reviewing your plan annually helps reduce future stress and frustration. Here’s how changes in coverage, cost and personal circumstances can affect the year ahead and why active health insurance renewal is important.
Your health needs can change
Consider these questions:
- Are you getting the coverage you need from your current plan?
- Can you access the providers and specialists you want to see?
- Are your prescription medications covered?
- Do you anticipate needing more care or less in the next year?
If your needs have changed, reviewing your plan can help you decide if you still have the right coverage.
Health insurance plans can change, too
Health insurance plan benefits can vary year to year. Active renewal helps you be more aware of the ways your plan may have changed and how that could impact your coverage, costs and overall experience.
When reviewing your coverage, look for changes to:
- Monthly premiums
- Deductible and out-of-pocket costs
- Network access
- Covered benefits and programs
It’s important for your personal information to be accurate
Besides changes in costs and coverage, there may also be changes to your income or household. Making sure your health plan has the correct personal information is especially important for individuals and families who buy their own health insurance through the Health Insurance Marketplace®.
These amounts are used to calculate your eligibility for premium tax credits (subsidies). Changes to your income or household size could impact your tax credit amount or eligibility. Even if you’ve qualified previously, any changes to your income or household could affect the amount of financial assistance available to you for the upcoming year.
What if I need a new plan?
If you complete your review and find that you need a different plan, Wellmark can help. You can easily shop and compare Wellmark health insurance plans online. Want help from a health insurance expert? Find a local Wellmark agent.