As promised, it is my goal to address the concerns and fears you have regarding purchasing a health insurance plan. The second concern on the list and probably one of the most common complaints the team at Balanced Care hears on a regular basis is rates going up every year making it hard to afford.
While both Auto and Home Insurance rates do go up each year, premium rates for both health and life insurance are much different. Although I cannot speak as an expert for both Auto and Home Insurance, I will offer my opinion. At a local networking presentation, an Auto and Home Insurance Agent that was speaking actually said that these two insurances are designed to increase every three years. With that said, he suggested shopping around for both auto and home insurance on an annual basis. There are also many insurance carriers that offer discounts if you insure both your home and auto together making it worthwhile to look at that option.
With health insurance, the rates are heavily regulated by both the Federal Government and the State in which you live. With individual and family plans not purchased through an employer, you have the opportunity to shop each year during the Open Enrollment Period (Open Enrollment this year will begin on November 1, 2015 and end on January 31, 2016). Once you enroll in a plan, your premium cannot go up until renewal. With that said, it is of utmost importance that you shop every year during the Open Enrollment Period to see which insurance companies are offering plans. Premiums and what the plan offers for protection is not only your main concern, but all of us at Balanced Care.
If you purchase your health insurance plan through your employer, the employer is responsible for working with their broker to look at different options before their Open Enrollment. This is a date that is set by the employer. At Balanced Care, we are contracted with each insurance company that offers plans in both Maine and New Hampshire. With this said, we can show your employer what is available while being mindful of budgetary requirements and work out a strategy for both the business and each employee.
Life Insurance is a little more tricky because of all the different types of Life Insurance available. Please note that premiums must be outlined in your Life Insurance policy. For instance, if you purchased a twenty year Term Life Insurance Policy, the policy would show that after the twenty year term, the rates will go up.
The truth is we cannot stop premiums from going up each year. We understand how frustrating it is to see increases. The best thing we can offer you is education and support on each insurance product we offer. This is best done by offering yearly reviews free of charge to make sure you are getting the protection you need and are using the insurance to your full advantage.
We want you to know that your questions and comments are always welcomed and expected. Your trust is important to us and we encourage you to get to know us and the products we offer. Give Balanced Care a call today where we “Insure Security and Peace of Mind One Family at a Time”.
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Jerry Boudreau is a licensed insurance agent with Balanced Care Health and Supplemental Insurance. Licensed in New Hampshire, Jerry’s specialty is with both Medicare and Life Insurance products. He believes very strongly in making sure that clients on Medicare understand the complex health program designed for them and making sure families are protected with Life Insurance products. He lives by seeing the value that each person brings to the world and making sure that they have the security and peace of mind that we all deserve.