Understand when and how to re-evaluate your family health insurance plan. Read this article to know more.
It’s the most delightful time of the year. With the upcoming festival of Diwali coming soon, you love to cherish every single moment sipping the hot barista coffee, hogging the Diwali sweets with your loved ones followed by some super crazy shopping. However as they say, good times don’t last forever. Insurance too is nothing different.
We highly recommend you to re-evaluate your family health insurance plan every 6 months. Nevertheless, if you are really happy with the coverage and the premium as well as the Insurer, you may not really plan to re-evaluate your health insurance policy twice a year.
Just like re-vamping your wardrobe or redoing your house, it is utmost important to re-evaluate your family health insurance policy. You might feel the necessity to re-evaluate your health policy during certain life changing events such as marriage, birth of a new born, career change etc.
When is the Right Time to Re-Evaluate Your Family Health Insurance?
Understand what creates a change in your insurance needs.
Did you Tie a Knot?
Marriage is the most beautiful thing that God creates and human nurtures with their love and affection. The moment you are back from your honeymoon, it’s the right time you think about your insurance coverages for your spouse too. The first thing you need to do is check for a suitable health insurance plan wherein you may be able to save some money thereby re-evaluating your current policy. You may either choose to keep two separate policies or go for a joint policy. Re-viewing is must.
Is There an Addition to Your Family?
Your bundle of joy comes along with a list full of expenses! Right from prenatal care to delivery to pediatric care, you are loaded with all expenses you would not have ever thought of. This is the time you should re-evaluate your family health insurance considering the unexpected medical expenses.
Are You Heading Towards Retirement?
Who doesn’t wish to live a healthy and happy retired life? However, certain serious ailments and sickness can act as a hindrance in your happy life. In order to assure that your retirement would be well taken care of, you need to opt for a good senior citizen health insurance plan. These plans would help you stay independent financially as well as remain stress-free during critical illness. Due to sudden loss of income, you feel handicapped financially too. Re-check if your current plan can meet your health insurance requirements or does it need a re-evaluation?
Did You Have a Salary Hike or a Promotion?
A promotion or may be a better workplace with higher perks and salary would be like a stepping stone to success. Due to rise in income level and sudden change of lifestyle it is very important for you to re-evaluate your family health insurance plan. With the additional financial security you can easily go for a better plan with a better coverage to meet your expensive lifestyle.
Did You Just Hear Something Nasty About Your Insurer?
If you start hearing stories of bad claim settlement of your insurance provider, it’s better to re-evaluate your family health insurance policy. You can find out about the Claim settlement Ratio of different insurance companies, and go for the one with a good claim settlement ratio.
If your answers to the above mentioned questions are yes, it is the right time for you to re-evaluate your family health insurance policy.
Let’s look at the reasons why you would want to re-evaluate.
1. Save Money
There might be a better health plan custom-made as per your health requirements. So why linger with the same old plan with less or inadequate coverage? You might save some of your hard earned money by switching to another plan simply because the premium might be lower than the one you had got stuck for years together. People earlier used to spend a lot on health plans not realizing that little is too much. Now, it’s time for you to understand and re-evaluate at the right time.
2. Network Hospitals May Change
The network hospitals nearby your vicinity might change leaving you in a hassle for running to hospitals away from your location. It is so disturbing as well as frustrating to know that your favourite network hospital no longer takes your insurance. On the other hand, check for insurers who provide even better network hospitals which might turn out to be cost-effective.
3. Increasing Costs of Medicines
Inflation has made the costs of medicines sky high. Though the costs of medicines are not covered in a health insurance plan, the expenses shelled out for hospitalization can be well taken care of in a plan tailor made for you. Re-evaluate your family health insurance policy if you come across situations that only adds to your expenses.
Co-pay is nothing but your share of payment done for medical treatments. This is a payment wherein you will be making a part payment and the balance amount would be borne by the Insurer. It is always better to go for a No Co-pay plan. If your current insurer has a factor of co-pay, it is better to re-evaluate your family health insurance policy.
5. Difference in Policy Features
You might have got stuck to your current policy with basic features you were content with. However it’s time to research and find out better products in market with additional features like room rent, no claim bonus, restore benefit etc. to name a few. Re-evaluate your health insurance policy the moment it clicks that you are paying a huge chunk for hardly any benefits attached to the policy.
So, the verdict says whether you newly bought your health insurance policy or you bought it a couple of years ago, remember to re-evaluate periodically.
With changing circumstances, you family health insurance needs might change. We have just listed a few of the many reasons why you'd want to re-evaluate your health insurance coverage. Do you think we missed on something? Tell us about your experience in the comments below.
Recommended Link: Why Family Health Insurance Required?