Got a Health Insurance Renewal Letter? Read It, Keep It, and Let’s Review Your Options
Last week, I talked about broker authorization. If you haven’t completed the request I sent you, please take care of that before our appointment.
This week, let’s talk about those health insurance renewal letters showing up in your mailbox.
If you opened yours, saw a higher premium, and immediately thought, “How am I going to afford this?”—take a breath.
Your renewal letter contains important information, but the premium shown may not reflect what you’ll actually pay after we update your application.
Before you decide what to do, let’s review your options together.
What Your Renewal Letter Tells You
During Open Enrollment, you may receive notices from both your insurance company and the Marketplace.
These letters can explain:
- Whether your current plan will still be available
- Changes to your premium or benefits
- Updates to deductibles, copays, and out-of-pocket maximums
- Whether you may be automatically enrolled in another plan
- Information or documents you need to provide
Keep these letters and pay attention to any requested action. They’re useful when we review your coverage. Learn about Marketplace renewal notices.
What If Your Plan Is Going Away?
If you received a notice that your plan will terminate on December 31, we need to review your replacement options.
This applies whether your notice came from Moda, Baylor Scott & White, Cigna, or another insurance company. What matters is what the notice says about your specific plan.
The Marketplace may match you with another plan to help prevent a gap in coverage.
However, that match doesn’t mean we’ve confirmed that the replacement fits your doctors, medications, healthcare needs, or budget.
Please schedule your review before December 15 so we can make an informed choice for January 1 coverage.
If you receive an automatic enrollment notice before we’ve spoken, don’t panic. Contact me promptly so we can review the plan and confirm what changes and effective dates are available.
Why the Premium in Your Letter May Change
The amount shown in your renewal letter is based on the information available when the notice was prepared.
It may not reflect your latest household information, expected income for the coming year, or updated eligibility for financial assistance.
Your premium tax credit can also change even if your income stays the same, because other factors—including available plan prices—affect the calculation. HealthCare.gov explains why renewal costs can change.
That means the amount in your letter may be accurate, or it may need to be updated.
We won’t know what applies to you until we review your application and run current quotes.
What If You Don’t Receive a Tax Credit?
If you pay the full premium without financial assistance, the renewal amount may accurately reflect your plan’s new price.
Even then, it’s worth comparing your options.
Your current plan may still be the right fit, or another available plan may better match your needs and budget.
The goal is to make that decision using current information.
Look Closely at Benefit Changes
Don’t focus only on the monthly premium.
Your renewal letter may also highlight changes to:
- Your deductible
- Office visit copays
- Coinsurance
- Prescription benefits
- Your out-of-pocket maximum
These details can make a significant difference in what you spend when you use your insurance.
We’ll review the notices and confirm the benefits in the upcoming year’s plan documents before making a decision.
Does Your Plan Still Fit Your Healthcare Needs?
Even if your premium looks manageable, we need to make sure the coverage still works for you.
Before our appointment, let me know if:
- You have a new doctor or specialist
- Your medications have changed
- You’ve had changes to your health
- You expect different healthcare needs next year
- Your household or expected income has changed
We also need to check whether your doctors and preferred hospitals remain in network and how your prescriptions will be covered.
Keeping the same plan doesn’t mean everything about it stays the same.
Keep the Letter, Then Get on My Schedule
Please don’t throw your renewal letters away.
Keep them as a reference, review any deadlines or requests for information, and bring your questions to our appointment.
Then we can:
- Update your application information.
- Review your current eligibility for financial assistance.
- Compare available plans and premiums.
- Check benefits, networks, and prescription coverage.
- Decide whether to keep your plan or choose something different.
A renewal letter is the beginning of that review. Let’s make sure you have the information you need before making your decision.
Schedule a consultation at:
https://calendly.com/jkappconsulting
