The Hidden Audit: How to Tell if You Are Over-Insured
Most people never question their coverage levels. But paying for protection you don't need is just as costly as being underinsured. Here's how to audit yourself.
We're conditioned to fear being underinsured. But the opposite problem—over-insurance—quietly drains thousands from healthy Americans every year. Let's conduct a hidden audit of your coverage.
Sign #1: Low Deductible, High Premium
If you're paying for a $500 deductible plan but rarely visit the doctor, you're likely overpaying. The premium difference between a $500 and $5,000 deductible plan can exceed $3,000/year. If you don't use $3,000 in care, you're losing money.
Sign #2: Paying for Benefits You Never Use
Maternity coverage when you're not planning children. Mental health benefits you've never accessed. Prescription drug coverage when you take nothing. ACA plans bundle everything—and you pay for everything.
Sign #3: Your Premium Exceeds Your Risk
Calculate your last three years of medical expenses. If the average is under $2,000/year but you're paying $6,000+ in premiums, you're statistically over-insured. The math doesn't lie.
The Rebalancing Strategy
Consider shifting to higher deductible, lower premium plans—then using the savings to build an emergency fund or purchase targeted supplemental coverage for catastrophic events.
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