Am I under contract to my health insurance company?

Aren’t cell phone contracts annoying?

When I sold cell phones, they weren’t smart at all and looked like this.

Years ago (starting around 1999!) I worked in the cell phone industry and regularly had people complain about the contracts, the termination fees, and all that stuff. Many balked… and then walked. Now, however, they’re just assumed. It’s just the price you pay for getting a nice phone.
Many people just assume the same thing is true in health insurance (or life, dental, etc.) — that once you sign up for a policy you are locked in for a year. Are you under contract to your health insurance plan?
The fact is, you can switch at any time with no penalties or silly fees. (Let’s pause here for a moment: in some situations this is harder than others – like Medicare, for example. I have in view your standard health insurance plan.)
Most health insurance policies will lock in your rate for a year, with the exception of you hitting magical birthday milestones. (“Congratulations on entering a new decade! Here’s your penalty!”). Of course, when your policy renews… we all know what happens.
Many people choose to wait until their policy renews to compare their options or shop around. And that’s fine. But if you’re interested in switching — if you don’t like your policy anymore, your needs have changed, or you find a better value — you certainly can do so. (Just be sure you don’t cancel your old policy until the new one is approved and in force!).
If this is something you’re curious about — and, why wouldn’t you be interested in seeing if there’s a better value in a shifting marketplace — please let us know. We can show you comparative quotes on individual health insurance plans in a minute or two. We can show you comparative health insurance quotes for your small business too, though that takes a bit longer.
Why not check it out now?