When your coverage expires, you may no longer receive health insurance benefits. This means that you may no longer have access to life-saving care services, such as doctor visits, prescriptions and laboratory tests. Medical costs may also increase drastically, since you will be responsible for paying the entire bill out of your own pocket.
Here is what you should do when your coverage expires:
• Check your insurance policy to see how far in advance you can apply for a new plan. Different plans may have different deadlines.
• Contact your insurance provider to find out what other plans are available to you. Depending on where you live and income level, you may be eligible for government-sponsored health insurance.
• Explore private health insurance options. Private insurers may offer more tailored coverage that fits your individual needs. However, it’s important to keep in mind that private plans have their own set of rules about coverage and fees.
• Research health care providers in your area. Find out what type of coverage they accept and the fees associated with the services they provide.
• Consider supplemental insurance plans. These may cover certain services or medications that your primary health insurance plan doesn’t cover.
• Create a budget. Review your finances and determine how much you can reasonably afford to pay for health care.
If you have any questions about what happens when your coverage expires, you can speak to an insurance professional who can help you make sure you are properly covered.