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Recession Proofing Your Insurance

With many in the valley being laid off or facing deceasing budgets, it may be worthwhile to review your insurance policies.   Many forget your premiums are not only determined by what deductible you may have but by the optional benefits that may come with the policy.  For example, in health insurance policies, you may be able to look into the cost of optional benefits like doctor office co-pays, coinsurance levels, prescription drug benefits, and/or preventative services.   Determine your usage and look closely at the premium differences among different insurance carriers with the optional benefits of your policy.

If you have been recently laid off from work, look into the cost of COBRA or State Continuation of Coverage but also look into temporary health insurance to minimize your cost.  Temporary health insurance is short term health insurance for less than a year; but perfect for people in between jobs, waiting to become eligible for their new group health plan, or waiting to go onto Medicare.  It is often times the least expensive way to go to have health insurance coverage in these situations.

Lastly, if you have not shopped around – take the time to do so.  Many people, unfortunately, do not shop around for the most effective insurance and it ends up meaning hundreds or even thousands of dollars being wasted.  Remember, insurance companies change their rates and benefits and it is worthwhile to keep on top of it.