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Why You Should Timely Re-Evaluate Your Family Health Insurance Plan?

Posted On : 20 March 2021, 3 Years Ago. Health-Insurance

Family health insurance plans have almost become a necessity these days in order to ensure quality healthcare and save on the mounting expenditure. Health insurance comes with a wide variety of advantages and long-term benefits, including cashless claim. Healthcare is a very extensive domain and since robust health is the precondition for every other thing in life, there should be an uncompromising attitude when it comes to health insurance. Just like other policies and investments we make, it’s essential to re-evaluate health insurance over time, based on both changing situations around you, your own priorities and any new needs.

 

Timely re-evaluate family health insurance policies. It keeps you well-informed about the latest market offerings as well as map out what type of insurance you need at that particular moment. Just like refurbishing a house or upgrading the software of your workstation, constantly staying up-to-date regarding health insurance is quite essential. No one wants to stay behind the curve in a rapidly changing world where newer and better offerings are unveiled each day.

 

How to Re-Evaluate Family Health Insurance Plans?

 

1. Better Deal

Your priorities as well as market offerings keep changing with time. When you bought a particular policy, it must be the best deal with lots of benefits and value-for-money, but after a year or two if you explore more options, that policy may seem outdated in front of the newer and more attractive options at a lower price. If you will get a better plan at the same or lesser price, it goes without saying that you will consider switching your insurance provider. However, if you don’t explore opportunities, you may miss on the offerings and would have no option but to continue with the old plan. Bygone are the days when there were scant options on the healthcare insurance spectrum. With insurance providers prioritizing customer satisfaction and newer providers rushing in, there are a plethora of options to explore. That’s why it’s important to evaluate family health insurance time to time.

 

2. Network Hospitals

You may not be satisfied with the quality of the network hospitals listed by your insurance provider. This could be because newer hospitals with better facilities, more qualified staff and state-of-the-art infrastructure may have opened in your city. It could also be that network hospitals in your current plan are too far away from your residence and you feel they overcharge. There may be multiple similar reasons why you would want to change network hospitals. Exploring other family health insurance plans along with their list of network hospitals, would enable you to make an informed decision regarding the network hospitals, one of the most crucial aspects of health insurance. So, don’t think twice before you start to re-evaluate family health insurance plans.

 

3. Co-Payment Clause

Co-payment may be one of the terms & conditions of family health insurance policy that you overlooked while buying the plan. Co-payment means that there's an agreement between you and the insurance provider on the payment made. One part of the payment, as per the terms, will be made by you, and the remaining expense will be borne by the insurance provider. Co-payment is not beneficial especially for those over 40 years of age. If you have an old policy with a co-payment clause that you didn’t bother about while buying it a few years back and now you have entered the middle age bracket, it's better to switch the policy to one without co-payment. Evaluate family health insurance whenever you feel like there’s scope for better options at lower prices.

 

4. Additional Features

Howsoever satisfied you are with your insurance provider; you won't know whether or not there are better options unless you explore. While your insurance provider may be offering you with what you perceive to be a clincher deal, if you explore more you may get pleasantly surprised to find that there are many better options available. Even if you don't want to switch from your current health insurance provider, it's advisable to explore options so that you have first-hand knowledge about the plans being offered and the most competitive rates. This enhances your negotiating power with your current insurance provider as well. Specially if you are a long-time customer and you get to know that you are not getting the latest services and customized features that a lot of others are offering at lower prices. It’s best to keep exploring because you never know when you may stumble across a policy that’s just made for all your needs. Like all decisions in life taken after thorough consideration, re-evaluate health insurance constantly and assess all before buying health insurance plans.

 

Conclusion:

If Health is lost everything is lost, says an old proverb. In this age of hectic lifestyle, it’s extremely important to take good care of health and go for routine check-ups. A good family health insurance cover plan is essential these days to look after the healthcare needs of your family and seek quality treatment at the time of emergency without depleting your savings. But just like any other investment in life, it’s important to re-evaluate health insurance, re-assess it and, if need be, switch it. Constantly exploring newer plans and offerings, keeps you well- informed about the ongoing trends and prices, and enables you to save more while choosing right health insurance.

Secure your health with comprehensive insurance plans from Niva Bupa

Tell us a bit about you

Whom are you buying for ?
Myself Icon Individual
Wife Icon Husband & Wife
Family Icon Family
Enter valid name
Enter Valid DOB
OTP sent Resend OTP
I authorize Niva Bupa to call me. This will override your existing registry in DNCR. I want to get my quote and policy details on WhatsApp.
FIND MY PLAN