End of the Year Insurance Reminders For Health, HSA, Life and Dental Plans

With the holiday season almost upon us and 2010 quickly approaching it’s a good idea to address some insurance related issues that a new calendar year always brings up. Whether you have Individual Health Insurance or an employer sponsored plan, a Life insurance policy, Dental or Vision plan, or some combination thereof, here are a few things to keep in mind as we close out 2009 and usher in 2010.

Health Insurance:

For most policies, your Medical plan’s deductible (or copay maximum amounts for HMO plan holders) and maximum out-of-pocket limits are based on a calendar year regardless of when your coverage became effective. All deductibles, copays, and out-of-pocket maximum amounts will therefore be renewed on January 1, 2010. If you are unsure about your policy please refer to your policy booklet or call your independent insurance broker.

Dental and Vision Insurance:

If you have Dental insurance, your deductible and annual benefit maximums also most likely follow the calendar year and will reset January 1, 2010. If you have Vision insurance this is the only set of benefits that track to your last date of service. For example, if you visited a provider on March 15th of 2009, and your plan provides for an exam every 12 months, you would be eligible for another exam after March 15th 2010.

Health Savings Accounts (HSA)

As set forth by Congress and the IRS, the annual HSA contribution maximums will be changing for 2010. Individual contribution maximums will increase by $50 and Family contributions by $200. If you are age 55 or older your catch-up contribution will remain $1,000. Please refer to the table below.

HSA Contribution Limits for 2009 
Single – $3,000 
Single + 1 or more – $5,950 
Catch-Up Contribution (55 or older) – $1,000

HSA Contribution Limits for 2010 
Single – $3,050 
Single + 1 or more – $6,150 
Catch-Up Contribution (55 or older) – $1,000

Remember, you have until April 15th 2010 to make your 2009 HSA contributions. If you have any questions about HSA account funding be sure to contact your tax professional or visit the IRS website.

Life Insurance

If you have an existing Life insurance policy it is a good time to review the coverage and make sure the policy fits your current needs. If you have bought or sold a business, gotten married, had children, bought a house, or if any number of other important life events have take place since purchasing your policy, you may be under or over insured.

If you don’t currently have any Life insurance, start 2010 off right by protecting your family and the ones you love with a term Life Insurance policy. The process is easy and rates are very reasonable. Call your local independent insurance broker and request a quote today.

Lastly, this year steps are being taken by the federal government to address some fundamental problems within the healthcare and insurance industry systems. As soon as new legislation becomes law there will no doubt be confusion over how these new regulations will be practically implemented and how they will affect you personally. Think about contacting a local insurance professional to help answer your questions as legislation is implemented that shapes how and where you access insurance.

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