We all know that change is inevitable, but it’s not always easy to make. This is especially true when it comes to our long-term services like insurance, banking, and healthcare.

While we may not think about them often, these services are necessary for our everyday lives. However, many of us stick with the same provider for years without ever considering a change. If you haven’t looked at these services in a while…it might be time to consider your options.

Banking

According to a 2023 Frost Bank study, “those who feel a sense of belonging (at their bank) are 160% more likely to have better financial health, but only 11% feel a sense of belonging with their current bank today.”

While loyalty is admirable, it’s essential to do your research and ensure you’re getting the best deal and service available. When choosing a new bank, you should consider interest rates, fees, ATM accessibility, and online banking services.

What are some criteria to consider when selecting a bank? CLICK HERE for 8 Tips for Choosing the Best Bank.

Insurance

If you’re thinking of changing your insurance provider, start by assessing your current policy. Consider how much coverage you need and if you’re currently paying for coverage you don’t need. Shop around for alternative providers and compare their premiums, coverage options, and customer reviews.

It’s also essential to look beyond the price tag and consider the types of services and quality of care the provider offers. A good insurance provider should have excellent customer service, offer online and in-person assistance, and be able to provide you with a comprehensive policy tailored to your needs. You might also consider asking friends and family members who they use and how the insurance company has handled claims. Have they been happy with the service?

Healthcare

Determining the right insurance when it comes to healthcare has gotten so complicated; gone are the days when we would just accept the benefits that a job offered and be done with it.

Now, some companies might offer higher compensation and no health insurance or the health insurance they offer might not be what you need (or more expensive than getting your own policy). That’s why it’s important to shop around.

Fortunately, there are people out there who can assist you with general healthcare and help you understand things like Medicare. In Colorado, you can find an insurance broker by visiting Connect for Health Colorado; this service is free to you and these professionals will help you determine the best fit based on income and healthcare needs. This is an appointment you might want to make every year during open enrollment to find out what has changed and to ensure what you have is still what you need.

Changing a long-term service provider may seem daunting, but it’s crucial to ensure you’re getting the best possible service and value for your money – especially if it’s something you haven’t looked at in a while. Ultimately, the key is to do your research, compare your options, and choose a service that offers the best match for your needs.

DPWM

Denver Private Wealth Management is an independent fee-based financial planning practice with 80+ years of experience in the financial industry. DPWM customizes portfolios based on your financial goals and works closely with you, your tax advisors and estate attorneys to form a comprehensive view of your financial situation. For more information or to set up a free consultation, contact us at info@denverpwm.com.