Health Insurance: Don't Let Your Cover Lapse
Health insurance renewal is straightforward until it isn't. Auto-renewal fails, premiums jump, or coverage changes without you noticing.
The Cost of a Gap
US: The ACA penalty is gone, but gaps in coverage can trigger waiting periods for pre-existing conditions on some plans. More importantly, one uninsured medical event can be financially devastating.
UK: Private health insurance isn't essential (NHS exists), but if you let a policy lapse, you may face new underwriting, exclusions, or higher premiums when you restart.
Australia: The Lifetime Health Cover loading adds 2% to your premium for every year you're over 30 without hospital cover. A 40-year-old who never had cover pays 20% more than someone who's been covered since 30.
What Changes at Renewal
Insurers can change:
- Premiums: Often increase 5-15% annually
- Coverage: Benefits may be reduced or removed
- Network: Your doctor or hospital may no longer be in-network
- Deductibles: Out-of-pocket costs may increase
Most people auto-renew without reading the renewal documents. This is how you end up paying more for less.
When to Review
30 days before renewal: Request your renewal documents if you haven't received them.
14 days before renewal: Compare your renewal terms to alternatives. Switching is often easier than you think.
Before renewal date: Make a decision. Doing nothing means accepting whatever they've offered.
Open Enrollment Periods
US: ACA marketplace open enrollment runs November 1 - January 15 (dates vary slightly by year).
UK: No fixed enrollment period for private insurance.
Australia: No fixed period, but April 1 is when most insurers raise premiums.
Add health insurance to your tasks. Confirm it when renewed, and we'll remind you when it's time to review again.