What About Your Annual Health Insurance Policy Check?
Some health insurance companies update existing health insurance plan rates and benefits at the end of the year. If there are changes, these will be communicated through the mail. be sure not to throw these notifications away without reading them. Read all your mail from your health insurance company so that you don’t get any surprises about changes in your plan health insurance plan.
If your rates or deductibles are going to increase dramatically in the New Year, shop around. Insurance companies often add new products every year and you might find a better deal.
A new year may mean a new deductible. Most health insurance carriers reset the deductible every calendar year. If you've exhausted your deductible in 2008, make sure any year-end claims are submitted before January 1st so they are not applied towards your 2009 deductible.
Deduct medical expenses: If your family's medical costs for the year are approaching 7.5% of your adjusted gross income, those expenses may be tax-deductible. Check with your tax advisor or the IRS website to see if you are able to deduct these expenses.
The end of the year is a good time to review your health insurance policy. Your situation may have changed and you may need to make some changes to it.