8 Questions for Your Insurance Agent

How much healthcare coverage do I need? 

The amount of coverage you need depends on your personal health needs and your budget. A good way to think about it is: What kind of care might you need, and what can you realistically afford on a monthly and annual basis? 

Our independent insurance agents can walk you through the different levels of coverage and explain the pros and cons of each plan for your specific needs. 

Start by thinking about your current health and spending. Do you visit the doctor often or take regular prescriptions? Do you have any upcoming procedures or chronic conditions to manage? Sharing these details with your agent helps you figure out whether a high-deductible or low-deductible plan might work best for you. 

If you expect to use a lot of care, a lower deductible (with a higher monthly cost) might be worth it. If you’re generally healthy, you might prefer a plan with a lower premium, even if you’d pay more out-of-pocket when you need care. 

Our independent insurance agents can discuss this with you further.  

What costs should I look for when shopping for a plan? 

When considering different healthcare plans, it’s important to understand the key costs involved: 

1. Monthly Premium: This is your regular monthly payment to have insurance. 
2. Deductible: The amount you pay out-of-pocket before your insurance starts covering services. 
3. Copay: A set fee you pay for specific services, like a doctor's visit or prescription. 
4. Coinsurance: A percentage you pay for care, after you've met your deductible. 

These costs vary from plan to plan, so it’s helpful to consider what you’ll pay monthly and what you could pay if you unexpectedly need more care during the year. 

Another way to cover your healthcare costs is by getting a Health Savings Account (HSA) or Flexible Spending Account (FSA), which allow you to set aside pre-tax dollars to pay for eligible healthcare expenses like copays, prescriptions and various out-of-pocket expenses. Each FSA or HSA will have different rules, such as contribution limits and rollover policies.  

Will I qualify for a subsidy or discount? 

Many factors go into whether you qualify for a discounted healthcare plan.  

When speaking with our independent insurance agents, consider your income and your tax filing status. You may qualify for tax credits that lower your monthly premiums or can save you money on out-of-pocket expenses.  

What if my medical needs change?  

It's normal for your healthcare needs to change as your life goes on. Every year, you’ll have the chance to shop around for new plans during Open Enrollment, which begins each year in November. Your new coverage will begin the following year.  

Even if you’re happy with your current plan, it never hurts to shop around or speak with an insurance agent to see if you might get a better deal or find a plan that’s a better fit for your life. Consider the costs you’ve had in the past year and look for areas where your coverage could be more comprehensive.  

 Life events can also change your healthcare needs. Outside of Open Enrollment is the Special Enrollment Period, triggered by life changes such as marriage, divorce, having or adopting a child, losing your current coverage or moving your place of residence.  

If you think your healthcare needs have changed enough to qualify for a Special Enrollment Period, please set up an appointment with one of our independent insurance agents and we can discuss your needs further.  

Will my current providers and doctors be covered? 

Every insurance company has a different group of in-network providers that agree to certain rates for services.  

If you have a preferred healthcare provider, please take note and bring this information to your meeting with one of our independent insurance agents so we can ensure your provider remains covered in-network throughout plan changes.  

Will all of my current prescriptions be covered? 

Every plan has different coverage for medications. Health insurance plans have a drug formulary that explains what medications are covered. Sometimes name-brand medications aren’t covered, but generic alternatives are.  

Your independent insurance agent can go over these questions with you, so please bring a list of medications you anticipate needing so you can go over different levels of coverage and costs between plan options. 

Will my healthcare plan cover me while traveling? 

This is a great question, particularly for AAA Minneapolis customers. Your healthcare coverage generally covers you in Minnesota, though some care may be available outside of the state. Your independent agent can discuss this with you further.  

For travel abroad, you may need Travel Insurance that can support medical care in different countries. These plans are generally offered on an as-needed basis, rather than annual coverage.  

What if I have more questions? 

Sometimes you don’t know what questions you have until you begin meeting with an independent insurance agent. That’s okay! Look over the questions above and make a thorough list of your anticipated costs and needs. Consider making a need vs. want list to discuss with your agent.  

Our AAA Minneapolis independent insurance agents are on your side. We want you to have the best coverage for your needs and are happy to help you each year to adjust coverage as needed.