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Here's why you should periodically re-evaluate your family's health insurance cover

It always better to look around before settling for one. If you don’t shop around, you would never have an idea of what others are selling

December 03, 2018 / 09:36 AM IST

Rakesh Goyal

We often revamp our closet or renovate our house or change the interiors. Similarly, it is vital to re-evaluate health insurance on a timely basis. Health insurance might sound bothersome or like something that will drain your finances, but eventually, it turns out to be a boon when there is a medical emergency.

Before investing in a family insurance plan, you may have to think carefully and take the step ahead because if you don’t do that, you might end up opting for some other plan that is not a part of your requirement list.

We go through a number of websites before buying a new laptop or TV, so why don't we really take some time out to re-evaluate health insurance plans. The question is "Do we actually need such timely re-evaluation?"

Mentioned below are a few situations in which re-evaluating your family insurance plans proves to be a wise decision:


Better workplace with salary hike

Switching to a new workplace with a good salary hike is indeed a thing to celebrate. It is also the best time to move one step ahead and consider re-evaluating your health insurance plan. With a rise in income comes a change in lifestyle. You can look for a better plan with some extra perks.

Tying the knot 

One's wedding is one of the most precious moments in their life. With the beautiful bond of marriage comes some added responsibility. At this point, you must look for a good health insurance plan that provides adequate cover for your spouse and saves you money at the same time. You can review your existing family floater plan or go for a separate plan if required.

Addition of a new member to your family

Welcoming a new member to your family comes with a lot of new responsibilities and expenses. Right from prenatal care to delivery charges and other pediatric expenses, parents are saddled with expenses when a new member is added to the family. It is important to re-evaluate your existing family insurance plan and make the new member is a part of your current plan.

Stepping towards the retirement

Retirement sounds exciting as you start living your life with ease and fulfilling all your dreams. However, retirement without planning is like "pizza without cheese". You may have several things to do in your bucket list after your retirement but your medical expenses won't allow you to do them. Opting for a senior citizen plan is always recommendable as it helps meet the rising cost of treatment of old-age ailments and lets you enjoy your retirement at the same time.

No good experience with your current insurer

If you have any prior unpleasant experience with your current insurer pertaining to claim settlement or reimbursement, do not hesitate to switch to another insurer that would offer you a better deal. Instead of compromising, it's always better to move to the one that fulfills its promises.

Why should one re-evaluate health insurance plan?

As it is rightly said, "Progress is impossible without change". In the same way, changes (re-evaluation) in your health insurance plan can bring with them new benefits.

You end up saving some extra money

No one hates getting some extra money in their wallet, and neither there is any rigid rule that you need to stick to your current insurer for the rest of your life. Moreover, in today's internet era, things have become much better and easier, and you can find the best available options with just one click. So, do not hesitate to shift to some other insurer that offers a plan with similar or better coverage at a cheaper price.

Change in network hospitals

There might be cases wherein the insurer may suddenly change the list of network hospitals. In such a situation, it would be a hassle to commute to another hospital that is far away from where you live. Moreover, there are chances that the other insurers might have a good list of tie-ups within your proximity. Here, you must look to for insurance companies with a bigger network of hospitals that are within your area and are cost-effective at the same time.

Attractive policy features

It always better to look around before settling for one. Also, if you don’t shop around, you would never have an idea of what others are selling. There are chances that some other insurer is providing the same policy as your current one at a lower price.

Various options for senior citizens or other family members

When a person's age increases, so does their health issues. If a senior member of your family is still covered under a family floater, it's time to shift them to a senior citizen plan. These plans are cost effective and can be tailor-made.

All in all, it's always better to review a policy periodically. Re-evaluating from time to time is a win-win in all circumstances because it gives you good value of your hard-earned money and gives you peace of mind at the same time.

(The writer is Director of Probus Insurance Broker. Views expressed are personal)
Moneycontrol Contributor
first published: Dec 3, 2018 09:36 am

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