busysblog.com

You may not realize this, but every calendar year, insurance policies refresh or renew. What this means is, if you have health insurance, your list of benefits may change somewhat, rates and co payments may go up, and other things and features about your policy may also change. You might be thinking, “Well, my insurer is changing things all the time, about my policy.” Well, this is different. There’s a particularly definitive moment, between the months of December and January, in which the terms for these policies renew. They’re revamped. And what happens behind the scenes is that rates, reimbursement rates with providers, pharmacies, hospitals are re-negotiated. It happens every year, and those that are members to HMO products know this, because this is the time that they have to re-select their choice for their primary care physician or PCP. It’s a bit of a hassle, but it’s a required step in the insurance process.