Why Family Health Insurance Plan Needs a Timely Re-evaluation

The fascinating time of the year has arrived. Yes, we’re talking about Christmas and New Year. As the festive season starts with Diwali and ends with Christmas, people in India have lots on their bucket lists. Those golden evenings after office when you enjoy sipping hot coffee at CCD, prepare for Christmas, hog over sweets and cakes that end with super crazy shopping are some signal that you’re up to having a good time ahead. Just like good times don’t remain forever; your health insurance policy is no exception!

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      It is highly recommended that you should explore health insurance plans before buying one. First, you need to analyze your requirements and then check if the plan you are inclined towards is as per your needs. If you are satisfied with the services and coverage offered by your existing health insurance plan, you may not like to explore anymore plans.

       

      As you renovate your house or refurbish the furniture, it is equally important to review your family health insurance plan as well. However, before that, you should know when and how to evaluate your health policy.

      When your Health Insurance Needs an Assessment

      To evaluate a health insurance policy, you need a hands-on knowledge of what actually brings changes in your insurance needs. Here are some situations:

      • When the Wedding Bell Rings - Marriage is the most important event in one’s life. The initial days are packed with guests and other preparations, but once you’re back from your honeymoon, you might think of insuring your spouse as well. Look for a good health insurance plan that offers adequate cover and that saves you some money. Review your existing plan or go for a separate one if required. If you don’t want a separate plan, then look for a policy that offers the joint option.
      • When you’re ready to Welcome a New Member in your Family - They say ‘parenthood is not easy’. We do agree! When you welcome your bundle of joy, it comes with a bucket of added-expenses. Starting from pre-natal cares to delivery period, you remain occupied with expenses that may wipe out your lifelong savings.

        Before it happens, here is the time when you need to re-evaluate your family health plan and see if it covers maternity. If not, then buy one that offers the required on a priority basis. You should purchase a policy before you are planning to conceive, as maternity plans usually come with a waiting period of 3 to 4 years. This is the only way you can avoid unexpected any medical emergency during pregnancy.
      • When you are heading towards the Old Age - Leading a healthy and happy life is what individuals desire for. Don’t let anything dampen your feelings. In old age, you are more prone to illnesses and regular hospital visits may cause a financial crisis, as you can’t ignore your health. To ensure that your retirement is secured and financially well-planned, you need a senior citizen plan, as these plans are designed as per the needs of aged persons. You do not have to be dependent on others in your old age. It keeps you stress-free financially, in case of any medical emergency. Don’t let a financial crisis hinder your sorted life because you stop earning. Here, you need to stop making plans and take decisions. Review your health insurance timely.
      • A Better Workplace with Salary Hike - You recently got a promotion a sufficient hike is given to you by your employer. With the rise in income and change in lifestyle, you should consider re-evaluating your health insurance in an effort to make it the best health insurance policy. Does the plan offer sufficient health coverage and financial security? Or, should you go for a better plan that meets your expensive healthcare needs?

      In Case you’re Not Satisfied with your Current Insurer

      You, all of a sudden, hear something mean about your insurer, i.e. regarding claim settlement or reimbursement; review the policy immediately. Compare claim settlement ratio of your insurer with that of other insurers. If you find a better deal, then switch to that particular insurer without hesitation. It is better not to compromise on your health and stick to the one that does fulfil its promises.

      If you are going through one of the above-motioned situations, then it is certainly YES for you to take a call on this!

      Reason You Need to Re-evaluate Health Insurance

      • Save More - While buying the best health insurance policy, there is no hard and fast rule that you’ll have to stick to the same insurer or the same plan. When you can get better tailor-made plans to meet your requirements, why stick to the same plan that offers limited coverage. Even switching to another insurer may save you money. The main reason why you might want to switch your existing health plan is the premium. If another insurer offers a plan with similar or better coverage at a cheaper price, then go for it.

        In the past, people used to be happy with little and whatever was given to them. But, time has changed; now customers know their needs well and with increasing Internet awareness, it has become more convenient to choose the right insurance deal. You too should utilize it by re-evaluating the existing plan.

      • Limited nearby Network Hospitals - This can be one reason that you may need to re-evaluate the coverage of your plan. The network hospitals in your vicinity may shift and you find commuting to another hospital in the nearest locality a hassle. It is also annoying to know that the nearby hospitals in your locality no longer accept your insurance. Here, you need to look for the insurance companies with a bigger network of hospitals, which are within your vicinity and cost-effective too.

      • Inflation Touches healthcare Sector - With inflation, healthcare expenses appear sky-high. In this scenario, you surely need health insurance policy to beat the expenses arising from a medical emergency. A health insurance plan covers hospitalization expenses, pre and post-hospitalization costs that may definitely leave you bankrupt. Here’s why at the time of buying a plan, you should be calculative about choosing the coverage.

      • No Co-Pay - Co-pay is clause in your insurance policy, which states that you and your insurer agree on payment that has to be made during a claim for medical expenses. Here, you make one part of the payment and the rest of the payment is made by the insurance company. We suggest avoiding opting for a plan with co-payment. You can reduce your premium to a certain amount, though. Don’t choose this option if you’re above 40 years. Therefore, if your current insurance policy includes co-payment clause, it is time to review the plan and switch to a new one.

      • Policy Features may Attract You - Until and unless you don’t shop around, you cannot know what others are selling. If you stick to one insurer, you only know what is offered by your insurer and consider that the best you can get. However, when you compare multiple plans online and check the benefits and coverage, you may find more attractive than yours. Some insurers come up with additional benefits, such as NCB, restore benefit, room rent etc. that your insurer might not offer. Re-evaluate your policy the moment you feel you’ve wasted a huge chunk of your hard-earned money.

      To Summarise!

      So, the point is whether you buy a plan recently or have bought a few years back, don’t forget to review it periodically. With time and lifestyle changing rapidly, it is necessary that your health insurance policy is best fitted as per your requirements.

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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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      *Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.

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