Your Annual Insurance Check-Up
- Kevin Dulitz
- Jan 20
- 3 min read
How to update your health, life, disability, and long-term care coverage to reflect real-life changes and stay aligned with the latest tax rules.
A new year is a natural time to check in on the big picture—your goals, your finances, your plans. But one area most people forget to revisit?
Insurance.
Your insurance needs evolve as your life, your income, and the world around you change. With recent tax updates, shifts in employer benefits, and changing regulations that impact everything from long-term care to health plan limits, this is an ideal moment for an annual “insurance reset.”
Here’s what to review this year to help ensure your coverage still fits the life you’re living — and planning for.
1. Health Insurance: Recheck Your Plan Against This Year’s Limits
Even if open enrollment has passed, it’s worth reviewing your coverage, especially if your health needs or family dynamics have changed.
What to review:
Deductibles & out-of-pocket maximums: These typically adjust each year — check for updates.
HSA eligibility & contribution limits: The IRS often increases contribution caps, which can provide additional tax-saving opportunities.
Prescription coverage changes: Formularies can change; confirm that your medications are still covered.
Telehealth benefits: Pandemic-era expansions may have shifted — see what’s now included.
Why it matters: Your health needs can change quickly. A plan that aligns with your current situation can help manage unexpected costs — and if you’re HSA-eligible, it may offer valuable tax advantages.
2. Life Insurance: Do Your Policies Still Match Your Responsibilities?
Life insurance isn’t a set-it-and-forget-it product. Your coverage should reflect your current income, debt, and family structure.
What to review:
Coverage amount: Have your income, mortgage, or dependents changed?
Policy type: Is term or permanent still the best fit?
Employer-provided coverage: Has anything changed with benefits or premium structures?
Beneficiaries: Make sure they’re still accurate and relevant.
Why it matters: Many people either underinsure or maintain more coverage than necessary. An annual review can help realign your policies with your current needs.
3. Disability Insurance: The Most Overlooked Coverage
Your ability to earn income is a critical asset. Disability insurance is designed to help protect it. In a time of rising living costs and financial interdependence, this coverage is worth a second look.
What to review:
Short-term vs. long-term: Do you have both? Through your employer?
Benefit amount: Does your coverage replace enough of your income to meet basic needs?
Elimination period: How long can you cover expenses before benefits kick in?
Definition of disability: “Own occupation” vs. “any occupation” — especially important for specialized roles.
Why it matters: Many disability claims are illness-related, not accident-driven. Having adequate coverage in place can provide financial stability during recovery.
4. Long-Term Care Insurance: Revisit Costs, Eligibility, and Potential Tax Benefits
LTC conversations can be uncomfortable — but ignoring them comes at a cost. Premiums and regulations continue to evolve, especially at the state level.
What to review:
Annual premium adjustments
Inflation protection and benefit duration
Newer hybrid or linked-benefit products
Tax considerations: Some policies may qualify for partial tax deductibility depending on age and structure
Why it matters: Early planning often allows for more options, more stable pricing, and better protection of future independence.
5. Bonus Check: Coverage Gaps from Life Changes
Even without regulatory changes, life events can create new insurance needs. Consider reviewing your coverage if any of the following happened last year:
A new baby
Marriage or divorce
A significant income change
Buying a home or refinancing
Changing jobs or benefits
Becoming self-employed
Caring for aging parents
Children aging out of dependent status
Life changes fast. Make sure your coverage evolves with it.
A One-Hour Review Can Make a Meaningful Difference
Insurance might not be the flashiest part of financial planning, but it’s one of the most foundational. A quick annual reset can help ensure you’re protected — and may also help you take advantage of any available tax benefits.
And if you’d like help reviewing your coverage or understanding what to adjust? The intellicents team is here to help — clearly, calmly, and without the jargon.
Comments