What You Should Know About Your Health Insurance in the New Year

It’s a new year! That means it’s a good time to review the intricacies of your health plan for 2020 so you can maximize your savings. Here are some of the details of your health plan that you should keep in mind as you get organized for the year:

New ID Cards

Your health insurance ID card is your proof of insurance that may include personal information, your insurer’s name and contact information, your plan type, what benefits are covered, and your costs for services. You show this card when visiting a doctor, hospital, or any other provider so they can calculate how much you owe for services. If you receive a new ID card, be sure to check that your personal information is correct and update your records with copies of the new card with any pharmacies or providers that you use.

In-Network Providers and Pharmacies

One simple way to maximize savings with your health insurance plan is to find doctors and pharmacies that are in network. In-network providers charge lower rates in exchange for being part of the provider network of a given insurance company. Many insurers have convenient online tools that you can use to make sure your preferred providers are in network. If you need help determining who is in network and who is not, contact your ARC representative.

Deductible Resets

A deductible is the amount you pay for covered services before your health insurance plan begin to pay. Most health plans (not Medicare plans) have yearly deductibles that restart on the first of the year. Be sure to review your plan online to determine when your deductible will restart.

Recurring Payments for Premiums

To ensure that your making consistent premium payments month after month, set up recurring payments from your checking or savings account. This means the payment will be taken our of your account at the same time each month and you won’t ever miss a payment.

Our goal is to simplify your life. If you have any questions about your health plan throughout the year, feel free to contact us! We are here to provide the guidance you need to properly manage your health care.