Now is a good time to review your insurance coverage. Just like your car needs an oil change every so often, your insurance policies need a tune-up too. Let's go through some key questions to ask yourself to ensure your health and life insurance are still the best fit for your current situation.

Health Insurance:

• Married with Employer-Sponsored Plans? If you and your spouse both have health insurance through work, it's worth comparing both plans to see which offers better overall value. Look at the premiums, deductibles, copays, out-of-pocket maximums, and network coverage. Don't forget to factor in any employer HSA contributions!
• Buying Your Own Health Insurance?  If you're purchasing coverage on your own, it's especially important to shop around before your plan auto-renews. Compare plans carefully, considering the total cost, network, and any changes in your income or family size that might affect your eligibility for subsidies.
• On Medicare? If you're new to Medicare or moving to a new state, take a fresh look at your options. Medicare Supplement and Advantage plans can vary significantly by location. If you've lost employer drug coverage, be sure to enroll in Part D within 63 days to avoid penalties. And don't forget, your drug needs and plan coverage can change yearly, so it's important to review those annually.

Life Insurance:

• Have Your Needs Changed? Life changes like marriage, having children, buying a house, or taking on new debt can significantly impact your life insurance needs.  Review your coverage to ensure it still aligns with your current situation.
• Own Permanent Life Insurance? If you haven't reviewed your policy in a while, it's time for a check-up. Request an in-force illustration to assess its performance, including premium payments, dividend usage, and cash value accumulation.
• Own Term Insurance?  Check how many years are left on your term policy and whether you'll need a new one soon. If you have the option to convert to a permanent policy, review the terms. And if you have annually renewable term insurance, check if the premium has increased and if other policies might be more cost-effective now.
• Beneficiaries Up-to-Date? Review the beneficiaries on your policies to make sure they reflect your current wishes. Consider whether an Irrevocable Life Insurance Trust (ILIT) might be appropriate for estate planning purposes.

Remember, it's always a good idea to consult with a financial professional to discuss your specific situation and ensure your insurance coverage meets your current and future needs. Savvi Financial can help you navigate these complexities and find the right solutions for your unique circumstances. Need personalized guidance? Reach out and talk with a SAVVI advisor today.

By taking the time to review your policies now, you can ensure that you and your family have the right coverage for whatever life throws your way.