Suze Orman warns 'financial havoc' is in store if you overlook 2 changes to your health insurance in the next few weeks

But if your premium is all you’re paying attention to, financial advisor Suze Orman says you might get a nasty surprise once you start paying for healthcare.

“I want you to review the coverage of all your benefits, of course,” says Orman in a blog post. “But health insurance is the one I really insist you review.”

As Orman notes, you should be receiving updates for your 2027 benefits over the next few weeks. Here’s what she recommends you pay special attention to when considering your healthcare coverage.

Deductibles and out-of-pocket maximums are also important

Premiums are one way that employers pass on healthcare costs to their employees. Orman says that, for 2027, employers expect the cost of providing health benefits to workers to increase by 8.27%.

But premiums aren’t the only thing to pay mind to, Orman says.

“The other two costs are easy to overlook, and they can create financial havoc,” says Orman.

Your deductible and out-of-pocket maximum may seem easy to ignore because there’s no promise you’ll hit either of them. But a high deductible can lead to a big bill if you’re in a car accident or have another surprise healthcare need.

What’s more, research shows that those with chronic illnesses on high-deductible health plans (HDHPs) may skip important healthcare services to keep costs down.

If your employer gives you options, or if you’re a freelancer who chooses your own health insurance on a national or state exchange, don’t just choose an HDHP to keep your premium costs down. Consider all parts of your healthcare budget: how much you can afford to put toward premiums each month, as well as how much you can put in an emergency fund to cover your deductible in case you have to stay in the hospital.

If your employer gives you only one option for healthcare, make sure to strategize in order to account for all costs.

Know what kind of patient you are

If you have a wealth of different health insurance options, you should carefully consider what sort of care you’re likely to need before you choose a specific plan.

Marketplace health plans are available in metal tiers indicating roughly what percentage of your healthcare costs you can expect to pay if you get that plan. Bronze is the lowest tier; it comes with lower premiums, but a higher deductible. Platinum is the opposite; platinum plans generally come with high premiums and a low deductible.

If you know you’ll accrue high healthcare costs over the course of a year — if you have at least one chronic illness, for example — you might want to go for a plan with higher premiums. The sooner you expect to hit your deductible, the more you save.