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Why Is It Necessary to Re-Evaluate the Family Health Insurance Plan Timely?

Published On Mar 29, 2019, Updated On Sep 17, 2021

To live life successfully, we all need to follow a saying, “change is the only constant thing in the world”. Those who don’t go with this quote may need to face a lot of challenges ahead. If someone denies changing with time, he or she might be left isolated by society, could face confrontations from the kids, and so on. Similarly, getting stuck at a family health insurance policy can make you and your family suffer in the future. Therefore, try to re-evaluate family health insurance to individual health plans according to the situation-based changes in the family and life. 

When your family health insurance plan need re-evaluation?  
To successfully access health insurance, one requires complete and accurate knowledge pertaining to real factors that have the potential to generate the requirements of changes in your insurance needs. Following are some conditions, which can compel you to modify your plan: 
A) The insurer is not good - Sometimes, getting a health insurance plan at a lower price looks like the best thing, but later, things get changed. When it comes to health insurance, one can’t just do the assessment on a financial basis but customer support also becomes important. Many times, it is observed that policyholders go irked due to helplessness and callous behavior of the members of the insurance organizations. It comprises several factors such as providing assistance in claim settlement, answering plan related queries, helping the customers understand the other plans, etc., can also lead the insured individuals to re-evaluate the policy.    

B) Tying the knot - When it comes to life, the wedding is considered a crucial event in everyone’s life. This changes life a lot emotionally as with happiness, it also brings responsibilities. Insuring your partner is one of those responsibilities. The simple solution to this problem is to create a fine search for a perfect health plan as per your requirements and budget. Thus, after marriage, every person should evaluate the plan, reckon the modifications required and apply for the change or go for a new scheme.

C) Expecting a baby - Post-wedding, another best moment that every parent comes across is about expecting and having a baby. It is one of the most special events for all the married couples. But, apart from bringing joy in abundance, the baby also contributes to enhancing the responsibility of parents. It starts from the moment a woman conceives a child and includes the prenatal care procedures, delivery process and baby care facilities, chiefly. Here a transformation in the health insurance plan to initiate the inclusion of maternity cover, baby cover and so on, can gift a huge relief to you. As any health insurance plan incorporate a waiting period, thus, plan your baby and insurance policy accordingly to enjoy your parenthood to the fullest. 

You may also like to read Health insurance for a newborn? Know why it is important

D) Reaching to old age period - The old age is truth and no one can escape it. So, it’s better to plan for that to shield yourself and your family members from facing the adverse consequences related to ageing. In old age, individuals fall prey to illness quite easily and frequently. This not only increases the requirement for extra care for them but also push the family to bear the hefty medical bills due to medical emergencies. To counter such situations, one needs to own family health insurance policies or senior citizen health insurance plans as these are framed according to the requirements of old age people. So, take a step forward towards seeking a change in your existing insurance scheme or pick a new senior citizen plan.

E) Enhancement in income - Everyone works hard every day so as to provide the best things for our families. Although, every time we couldn’t manage to deliver the same, tend to enhance the quality as per our earnings. On a similar note, everyone should go for an upgraded health plan on finding better returns in business or an appraisal of the job and so on. Money enhances the lifestyle and living standard, so why go to a mediocre health facility when you can approach the better ones. So, whenever you start gaining more, consider that time to analyze and revamp the health plan.

These were some psychological and situation-based factors that lead the insured individuals to reassess their policies. But, if someone doesn’t go to these situations or all of these elements in life, still he or she will be required to re-evaluate the health plan. Here is a checklist of some practical reasons due to which every policyholder is advised to re-evaluate their policies at times - 
1. To enhance the savings - While choosing a health plan, people think of two basic factors, one is the need and other is money. If any of these aspects start affecting you or your family, then it’s time to bring the transformations in the plan or buying a new health insurance policy.

We have discussed the needs in the above section, now it’s time to think about the money. Due to competition in the market, companies are ready to offer better plans at a lower cost. Thus, if anyone finds more benefits in a health insurance plan at a lower cost, he or she should approach it to save money through cheaper premiums.   

2. The effect of inflation on the health care industry - When inflation touches the market like every sector health care too, faces the surge in prices. Although, one can curtail his or her choices in general lifestyle, but can’t compromise on health grounds. This makes the influence of inflation become more distressing. A good medical plan can save an entire family from going through the phase of the financial crisis and even bankruptcy in the worst situations. Therefore, changing the health policy to tackle the growing medical costs is the best way out. Due to such situations, the policyholder is always suggested to opt for a plan considering the inflation factor too, especially if he or she is financially sound. 

3. Unavailability of network-hospitals in the vicinity - It may look a trivial issue to go for a change in the insurance plan due to no or limited network-hospital in the nearby, but it’s not. At the time of the health problem, everybody wants easy commuting to hospitals or clinics. But, the unavailability of network-hospitals or shifting of your existing hospital can make your travel longer in the medical emergencies. This is quite irritating to realize that the close-by emergency clinics in your territory never again going acknowledge your protection. Here, you need to search for the insurance agencies with a greater network of emergency clinics, which proves to be closer as well as cost-effective. 

4. Presence of co-payment clause - When it comes to health insurance, co-pay is a condition, which expresses that you and your insurance provider concur with the payment point that is required to be made amid applying for the claim for medical costs. Here, the policyholder needs to make the payment for one part of the payment and whatever is left is paid by the insurance agency. It is widely advised to keep yourself aloof from finalizing a policy with co-payment features. However, you can lessen your premium to a specific sum, but try not to pick this option, especially, in case you're over 40 years. Consequently, if your present health insurance plan incorporates co-payment provision, the time has come to re-evaluate your policy and change to another one. You may also like to read Top health insurance plans without co-payment feature

5. Better policy features available in the market - Knowledge doesn’t just give the power but provides better options too. To gain more information about the insurance plans, you can enhance interaction with insurance-related people. surf more on the internet, and so on. Without, doing this you would never be able to find better plans and will keep spending your life comprehending that you have got the best. Thus, it is good to go for research and find different plans of different insurers with better benefits like room rent, NCB, and so on, which your insurer may not be offering. Re-evaluate your policy the moment you grab better plan at a lower price. 

Also Read

Why Choose a Family Health Policy Over an Individual Insurance Plan?

What to Buy Between Individual Health Plan and Family Floater Plan?

No matter, that either you have bought your policy a few days back or a long time ago, re-assessing it at regular intervals is very crucial. With time, the market situations, lifestyle and personal conditions, changes, so it’s better to shift to plans that provide you with more fruitful results as per your needs.  

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