How to Review and Update Your Insurance Coverage Every Year
Getting insurance, whether it’s life, health, or long-term care, is an important step in protecting yourself and your family. Letting a policy sit untouched, though, can lead to gaps or higher costs you didn’t plan on.
Ideally, you should revisit your insurance policies annually, or at least every few years. A thoughtful review helps make sure your coverage stays relevant as your life and healthcare needs evolve. It also gives you a chance to adjust your premiums, benefits, or provider networks in time.
In the sections below, we’ll walk through why you should review your insurance policies annually, how to check in on your current plans, what to update, and when to talk to a senior insurance agent about making changes.
Table of Content
1. Why You Should Review Your Insurance Policies Annually
2. Annual Life Insurance Policy Review
3.Health Insurance Coverage for Seniors
4. How to Review Your Health Insurance Coverage Annually
5. Tips for Reviewing and Updating Your Insurance Policies
6. Final Checklist for Reviewing Your Insurance Coverage
7. Make Annual Insurance Reviews a Habit
Why You Should Review Your Insurance Policies Annually
Insurance is meant to protect you from the unexpected, but it only works if your coverage stays in step with your life.
A lot can change in a year, including:
- Your Policy Terms: Premiums, deductibles, and provider networks can shift, especially with health insurance. A staggering 29% of consumers said they wanted to change their health insurance carrier in 2025.
- Your Health: Starting a new medication, seeing a specialist, or getting a new diagnosis can all affect how well your current coverage serves you.
- Your Finances: Retirement, income changes, or budget adjustments may require a new plan or a different mix of benefits.
- Your Goals: Maybe you’re planning to downsize, relocate, or increase your financial protection for loved ones.
An annual insurance review gives you control over your policies instead of leaving you to react to these changes after the fact.
Annual Life Insurance Policy Review
As a general rule, it’s wise to review your life insurance coverage once a year. However, you should pull it out sooner after:
- Marriage or divorce
- Birth or adoption of a child
- Buying a home or taking on a mortgage
- Starting or selling a business
- Changes in income or employment
- A major health diagnosis or lifestyle shift
- Retirement or significant changes to your financial plan
Any of these can directly impact how much coverage you need and who you want it to benefit.
What to Look for in a Life Insurance Review
During an annual life insurance policy review, you’ll want to focus on:
A) Coverage Limits
Does your policy still reflect your household’s needs? If your debt, income, or family size has changed, your life insurance may need to be adjusted.
B) Beneficiaries
Make sure your listed beneficiaries are still accurate. It’s easy to forget to update this after a major life event, but it’s one of the most important parts of the policy.
C) Premiums and Policy Terms
Review your premium payments, especially if your budget has changed. If you’re holding a term policy, check how much time is left on it and what your options are when it expires.
D) Type of Policy
Different types of life insurances in Nevada serve different purposes. A young family may prioritize affordability with a term life policy. Someone approaching retirement might prefer the consistency and lasting protection of a permanent policy. A review allows you to weigh those options with fresh eyes. If you’re unsure about any of this, consider consulting an insurance agent. Working with someone who understands the nuances of life insurance can help you identify opportunities to improve your coverage or confirm that what you have is still working well.
Ensure Your Insurance Meets Current Needs
Health Insurance Coverage for Seniors
As we age, our healthcare needs become more specific and frequent. If you’ve started seeing new doctors or managing chronic conditions, you may want to review the health insurance coverage for senior citizens you have in place.
Choosing Health Insurance Coverage for Seniors
There’s no single best health insurance coverage for seniors. Instead, your choice will depend on your personal needs, financial situation, and healthcare priorities.
Seniors typically have a few options:
- Traditional Medicare (Medicare Parts A and B)
- Medicare Advantage (Part C)
- Prescription drug coverage (Part D)
- Medicare Supplement Plans (Medigap)
Choosing a Medicare Plan
One of the most important choices seniors make is choosing between Traditional Medicare vs Medicare Advantage.
Traditional Medicare, sometimes referred to as ‘Original Medicare’ includes Part A (hospital coverage) and Part B (medical coverage). While it gives you broad provider access and flexibility, it doesn’t cover everything. Services like dental, vision, hearing, and prescription drugs aren’t included unless you add extra coverage.
Medicare Advantage (Part C) is offered by private insurers approved by Medicare. These plans include the same basic coverage as Parts A and B, but may offer extra benefits like drug coverage, dental and vision insurance in Nevada, hearing aids, and wellness programs.
Depending on the plan, you may also receive perks like gym memberships, rides to medical appointments, or allowances for over-the-counter items.
However, certain Nevada Medicare Advantage plans may have provider networks, which means you may need to stick to certain doctors or facilities. If you don’t use the extras, you might end up paying for things you don’t need.
You can also adjust your Medicare Supplement Insurance (Medigap) plan if you’re on Original Medicare. This can help lower your out-of-pocket insurance costs or expand your coverage based on what you need right now.
Start Your Yearly Insurance Review Now
How to Review Your Health Insurance Coverage Annually
When it’s time to reassess your Medicare plan, start by looking over your Annual Notice of Change (ANOC) and Summary of Benefits. These documents outline what’s changing in your current plan (things like coverage, costs, and provider networks) so you can decide whether to stick with it or explore other options.
Ask yourself:
- Are my prescriptions still covered at a reasonable cost?
- Are my doctors and specialists still in-network?
- Are my monthly premiums and out-of-pocket costs still manageable?
- Am I actually using the extra benefits like dental, vision, or wellness programs?
If you need to update your plan or coverage, the Annual Enrollment Period (AEP) runs from October 15 to December 7. In this window, you can:
- Switch between Original Medicare and Medicare Advantage
- Add, drop, or change your Part D prescription plan
- Update your plan based on any health, budget, or provider changes
Need help sorting through your options? Our senior insurance services offer personalized reviews, side-by-side plan comparisons, and support through the enrollment process.It’s also a good time to step back and look at your bigger financial picture. Some seniors include annuities in their retirement plans to help create more stable, predictable income, especially when planning for healthcare costs.
Tips for Reviewing and Updating Your Insurance Policies
We realize you can’t revisit every detail of your insurance coverage constantly. Still, taking time for a thoughtful review every few years (or ideally, once a year) can go a long way in helping you avoid coverage gaps and keep your costs in check.
1) Set a Schedule
You don’t have to review your coverage every year to the day. But try not to let more than three years go by without a check-in. Life changes like a move, retirement, or major health event are also natural times to revisit your coverage.
Working with a trusted senior insurance agent can make this easier. Our senior insurance company can help keep track of plan updates and alert you if it’s time to revisit your coverage.
2) Check for Gaps
Coverage changes can sometimes leave unexpected gaps. For example, switching from a Medicare Advantage plan to Original Medicare might leave you without drug coverage unless you enroll in a Part D plan.
Be sure to double-check what’s included and what might be missing before making a final decision.
3) Evaluate Deductibles and Premiums
A plan that made sense years ago may not be the best fit today. Your financial needs may have shifted, or maybe you’re not using some of the benefits you’re paying for. Take a close look at your current premium, deductible, and other out-of-pocket costs.
Think about:
- Does this still fit comfortably within my budget?
- Am I using the coverage I’m paying for?
- Could another plan offer a better balance of cost and benefits?
Reviewing your numbers alongside your health needs can help you make better, more informed choices.
4) Consult with an Agent or Advisor
Insurance can be filled with fine print, industry terms, and shifting regulations. A knowledgeable advisor can help you understand your current coverage and explore better-fitting alternatives.
Senior Insurance Agency helps Nevada residents sift through the clutter and make sense of their Medicare coverage. If something’s changed in your life or you’re simply not sure if your current plan still benefits you, we’re here to walk through it with you.
Final Checklist for Reviewing Your Insurance Coverage
Here’s a quick recap to help you tie it all together:
Life Insurance
- Are your beneficiaries up to date?
- Do your coverage limits reflect your current responsibilities?
- Are premiums still affordable?
Health Insurance
- Are your prescriptions and providers still covered?
- Have your out-of-pocket costs increased?
- Are you getting value from your extra benefits?
Long-Term Care
- Does your plan still match the level of care you might need?
- Are benefit limits in line with current service costs?
- Are there waiting periods or usage conditions you should know about?
Learn When and How to Update Coverage
Make Annual Insurance Reviews a Habit
Think of your insurance review as a yearly wellness visit. It doesn’t take long, but it helps catch issues early and makes sure you’re still protected in the ways that matter most.
At Senior Insurance Agency, we’re here to support you with clear information and trusted guidance. Whether you’re exploring your Medicare options for the first time or reviewing your current plan, we’ll help you understand what’s available and walk you through the choices that fit your needs.
Our licensed insurance professionals serve individuals and families throughout Nevada, and we’re proud to be a local resource when it comes to health coverage, Medicare plans, and more.
Reach out today to schedule a no-cost consultation and explore your options with confidence.