Is there a need for a timely re-evaluation of Family Health Insurance Plan ?

We often revamp our closet or renovate our house or change the interiors, similarly, it is very vital to re-evaluate the health insurance on a timely basis. Health Insurance might sound bothersome or financial drainage initially but eventually, it turns out to be a boon at the time of medical emergencies.

Before investing into a family insurance plan, you might 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 which 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?”

Below mentioned are few situations where re-evaluating your family insurance plans proves to be a wise decision:

Better Workplace with Salary Hike

Switching to a new workplace with good salary hike is indeed a thing to rejoice about. Also, this is the best time to move one step ahead and consider re-evaluating your health insurance plan. With rise in income, there comes a change in life as well. You can look for some better coverage with some extra perks.

Tying the beautiful knot of marriage

The wedding is the most precious moment in one’s 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 your money at the same. You can review your existing family floater plan or go for a separate plan if required.

Addition of a new member in your family

Welcoming a new member to your family comes with lots of new responsibilities and expenses. Right from the prenatal care to delivery charges and other pediatric expenses, the parents are loaded full of expenses that come along with the new member. It is important to re-evaluate your existing family insurance plan and make the new member a part of your current plan.

Stepping towards the retirement

Retirement sounds to be exciting as you start living your life with ease and fulfilling all your dreams to visit places. 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 doing it. Opting for a senior citizen plan is always recommendable as it helps to meet the rising cost of old age ailment’s treatment and letting 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 related to claim settlement or reimbursement, do not hesitate to switch to other insurer that would offer you with a better deal. Instead of compromising, it’s always better to move on with the one which 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 up new sweet fruits of benefits:

You end up saving some extra money

No one hates getting some extra money in their wallet, 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 options at 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 the 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 matter of hassle to commute to another hospital far away from your vicinity. 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 the insurance companies with a bigger network of hospitals which are within your area and are cost-effective at the same time.

Attractive policy features

It always better to look around before settling for the 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 and that too at a lower price than yours.

Various options for senior citizens or other family members

As a person’s age increases so are 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 chosen with tailor-made plans.

Summarizing, it’s always better to review the policy periodically. Because re-evaluating from time to time proves a win-win situation in all circumstances which gives you a good value of your hard earned money and gives you peace of mind at the same time.


Author Profile

Mr. Rakesh Goyal – Director, Probus Insurance Brokers Pvt. Ltd

To head one of the leading Insurance firm with 230 + Crore premium in a year, customarily from the retail clients paired along with its pan-India presence and also balanced by an equal mix of Life and Non-Life Insurance, is both a coveted and challenging job. The job mix makes the person most sought after in the Insurance Industry – Mr. Rakesh Goyal, Director and the man behind the very successful ‘Probus Insurance Brokers’ (Top 5 Insurance Brokers in India).

An MBA degree with a diploma in International Trade, Mr. Goyal has been in the field of financial services since 1996 bringing utmost understanding of the market and sharp thinking that has been the reason behind the continuous growth and success of Probus. Excelled in the fields of general and life insurance distribution, channel management and relationship management Mr. Goyal has implemented pioneering strategies for distribution and has helped build corporate relationships and management skills.

With his cosmic background and an array of experiences with multinational companies he has worked in various utilities. His previous work experiences include several prestigious Brands; Bausch and Lomb (India), World Index Investment, International Foreign Currency Market & Gogia Capital Ltd.

An Avid reader and a travel junkie, Mr. Goyal in his free time loves to explore new places.