6 Reasons to Change your Health Insurance Plan

The trail of life is unexpected and goes through several ups and downs and probably the best thing you can do for your loved ones is gifting them financial security. Health insurance plans for family allow you to push yourself to your limits and achieve your goals at an accelerated pace. It offers peace of mind so that you and your loved ones can lead a stress-free life.

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      Most people prefer buying health insurance plans at the early stages of life as the payable premium is directly proportional to the age of the buyer. This basically means older the applicant higher will be the premium for health insurance plans. However, the insurance needs of an individual and a family tend to change at different stages of life and hence it becomes vital to upgrade or change your health insurance based on your needs. 

      The cost of healthcare services in our country have skyrocketed within the past few years. Moreover, after mankind witness one of the worst pandemics’ healthcare facilities seem to have gotten out of hands. Thus, it becomes extremely vital to upgrade your health cover at different stages of life. If you haven’t done it yet, you don’t need to worry. In this thread, we’ll shed light on some of the major reasons to change your health insurance plan, so stay tuned. 

      The rising cost of Health care Services and Facilities

      The health care system in India is still developing and the government is working in the direction of building a reliable system that offers best in class services to all citizens. However, as of now considering the high population and density of the country the medical services in the country are largely driven by the private sector. 

      The cost of availing health care services has increased exponentially making it difficult to get the right treatment without a suitable health insurance plan. If your health plan offers low coverage and your requirement is higher you should immediately start looking for better health insurance quotes online to avoid any inconvenience. With the right cover, you and your loved ones will be safe against the strokes of uncertainties on the rollercoaster of life.

      Altered Needs

      As mentioned earlier, the needs for health cover tend to alter at different stages of life, and to keep up with the transforming needs it becomes necessary to upgrade your cover as well. According to financial experts and insurance specialists with increasing age, one needs more rigorous medical attention and treatment to avoid health issues. With the appropriate health insurance plan that matches your needs, it becomes easier to manage medical expenses and save money to build a corpus for your future. 

      Poor Quality of Services

      Every one of us gets attracted to lower prices of premiums and this where some of us make the mistake of choosing the wrong provider. In order to build a name in the highly competitive Indian insurance industry providers come up with health insurance plans that have low premiums. However, the glitch in the matrix here is that these providers do not offer satisfactory services to their customers and therefore the money they spend turns out to be of no use. 

      In case you come across a similar situation where your provider is unable to provide you with promised services, you should start looking for health insurance quotes online/offline and switch your plan as soon as finding the right choice. 

      Economic Factors

      Most of the private firms and MNCs working in India regardless of the industry offer health insurance cover to their employees. If your employer offers you a suitable health cover with the right sum assured you can change your personal plan in order to save some money. Make sure you do not end up cancelling your personal health cover as plans offered by employers are only valid for the time you work for the organization. 

      Better Services, Lower Prices

      As mentioned earlier the insurance industry has been growing substantially and the number of competitors has increased within the past few years. As a consumer, we can use this situation in our benefit by simply comparing, assessing, and analysing different providers based on different factors to choose the best provider and plan. You can make use of online web aggregators that offer a free comparison between different plans and providers. By this, you can not only the same money but also get the best health insurance plan for the family.

      Welcoming a New Member 

      Whether you’re getting married or welcoming a new member in your family as a child it becomes important to review your health insurance plan to make sure that it offers adequate cover. Look for life insurance quotes online based on your current needs and switch your plan to secure the future and well-being of your family. 

      Summing it Up

      Upgrading or changing your health insurance plan is an important decision as it directly affects the financial security of your family members. It is recommended you should talk to a professional or your provider before you make any changes in your current plan.   

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      *₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

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      *₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.

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