Health insurance is essential to protecting both your physical and financial health, but navigating it can be confusing. As 2024 approaches, here are some expert tips to keep you prepared and secure in a changing healthcare landscape.

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1.  Check for New Coverage Options

Insurance providers frequently update their plans, so the beginning of a new year is a good time to review new options. Compare what’s available in your area and consider whether any new plan better suits your family’s needs. Even if you’ve been happy with your current plan, a review might reveal better coverage or lower premiums.

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2.  Review Network Providers

Doctors and hospitals can change their partnerships with insurers, affecting whether they’re considered “in-network.” An out-of-network doctor can result in high out-of-pocket costs, so it’s essential to verify that your preferred healthcare providers are included. Many insurers offer online tools to check provider networks, making this process easy.

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3.  Prioritize Preventive Care

Many health insurance plans cover preventive services at no additional cost, including annual checkups, vaccinations, and screenings. Taking advantage of these services can help you catch health issues early, potentially saving on more expensive treatments later. Confirm with your provider which services are covered to avoid surprise charges.

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4.  Know Your Plan’s Out-of-Pocket Limits

Out-of-pocket maximums are the highest amounts you’ll pay for covered services within a year, excluding premiums. Knowing this number can help you budget for worst-case scenarios, such as accidents or significant health issues. Look for plans with out-of-pocket limits you can manage, as they’ll help prevent financial strain.

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5.  Understand the Plan’s Drug Formulary

Prescription drug coverage is a big factor for many, especially if you require regular medication. Most plans have a formulary, or list of covered drugs, with tiers for different levels of coverage. Ensure your required medications are covered under a plan’s formulary, or ask if there’s a more affordable option available.

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By following these steps, you can find a health insurance plan that safeguards both your health and finances in 2024. Remember, the best approach is to stay proactive, informed, and make changes as needed to suit your lifestyle and family needs. 

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