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Fall - such a wonderful time of year. Fragile weather, scary costumes, hot fires, and of course, health insurance renewals.

Didn't you see the last one coming? Not many people do that. But when your health insurance renewal package arrives in your mailbox or inbox this fall, it's important to watch and monitor it carefully. Health insurance renewals are a good time to get basic information about changing plans or deciding whether to switch to a new health insurance plan.

Let's go over the top 5 things you need to know about health insurance renewals, plus how to get more information if you still have questions.

1. Renewing health insurance is the annual verification of your plan

Like the way you visit a doctor every year to review your health, renewing your health insurance is an opportunity to see what works for you and what doesn't.

You'll want to take a look back at last year at:

• Your benefits: Did you go to the doctor as often as you thought you would? Did you use any benefits you didn't expect? Didn't you use any benefits that you thought you would use? Do you think you might need different coverage next year, like upcoming procedures or medical equipment?
•  Your costs: when you went to the doctor, how much was it? Was it more or less than you thought it would be? What about monthly fees and discounts? Have you seen highs, lows or good in the last year?
• Your network: were you able to go to the doctors, clinics and pharmacies you wanted? Was it close and comfortable? Do you think you can visit a new place in the future?
  

By setting aside a few minutes to check out your health plan, you'll be ready to go deeper into the renewal with a better understanding of whether the plan still meets you and your family's needs.

2. It is important to take a look at your health insurance renewal numbers

The renewal notice contains information about how your plan will work for the next year. In many respects, your plan can work the same way. But there may also be places where it is different than what you are used to.

Take the time to read and review everything so you won't be surprised when you go to receive care. In particular, review common health insurance terms such as:

• Monthly Premiums - This is the amount you will have to pay each month for your health insurance. To keep up with health care costs, it is not unusual for insurance premiums to change from year to year. If your premium is changing, think about how it fits into your budget.
• Discounted amounts - These are the amounts you will have to pay before your health insurance begins to help with costs. You can have different discounts for different coverage areas.
• Copayments and coinsurance - This is the amount you will owe after meeting your plan deductions. When you pay a contribution or coinsurance, your health plan covers the rest of the cost. Copayments and coinsurance may vary by coverage areas, so take a closer look at the benefits you expect to use most often.
• Out-of-pocket limit - This is the maximum amount you will pay in a year for covered health services, including deductibles, copayments, and coinsurance. Once the out-of-pocket limit is reached, your plan will cover the remaining costs in full.
• Network - This is a list of the doctors, pharmacies, and clinics that your plan will cover. It is generally cheaper to get health care within your network. But networks can also change from year to year, so be sure to check if the place you want to go for care will still be covered.
  

Also, if you enrolled in your plan through the Health Insurance Marketplace, you will need to review your tax credit information to see if you still qualify or if your balance has changed.

 

 3. Renewing your health insurance can remind you of additional plan benefits

Most of the time, health insurance plans are not just medical, drug, or dental coverage; they often come with added plan benefits and benefits that can save you extra money or help you achieve better health.

When reviewing your renewal information, be sure to consider these bonuses as well. For example, several plans offer:

• 100% coverage for annual checkups and other preventive care
• Gym discounts to help you stay in shape
• Save on weight loss programs or other health products
• Discounts on glasses and contact lenses
• Assistance when traveling outside of your plan's coverage area
  

People often forget to take advantage of these benefits, but they can really add more money to your pocket and more peace of mind.

4. You can choose to renew your health insurance, or not

If you have reviewed all of the information on your plan renewal and are satisfied with it, follow your insurance company's instructions for renewal. In many cases, you don't need to do anything - your health insurance will automatically renew. However, your plan may vary, so check with your insurance company for details.

On the other hand, if you decide that you want to change health insurance plans, you have a few options:

• Talk to your current health insurance company. They may be able to help you find a different plan that works best for you.
• Review the health insurance plans offered by different insurance companies, usually online or over the phone with a member of your team. At HealthPartners, it's easy to review health insurance plans online.
• Check the marketplace for health insurance in your state. In the marketplace, you can view plan information from many different companies simultaneously, and you can also see if you qualify for financial help. In Minnesota, start at MNsure.org. In Wisconsin, go to health.gov.
• Contact your broker. They can discuss your needs and discuss other plan options with you.
  

5. You must decide to renew your health insurance before December 15th

Open enrollment runs every year from November 1 through December 15 (although open enrollment periods for employer and Medicare plans may vary).

During open enrollment, anyone can change their health insurance plan, for any reason. This means that if you don't want to renew your plan, you can shop and compare plans to find the one you like.

But to avoid gaps in coverage, it's important to renew or enroll in a new plan before open enrollment expires on December 15. If you wait too long, you may find yourself without health insurance coverage, and there is no easy way to get it.

Regardless of what you choose to do, keep the renewal notice for your records. If you have any questions about your renewal notice, please call the member services number listed in your health plan on the back of your current member ID. They will be able to help answer any questions you have.