Importance of Timely Re-evaluation of Family Health Insurance Plan

It is an undisputed fact that health insurance is a must-have investment; more so today than ever before. Health-related distress from the premature occurrence of lifestyle diseases and critical illnesses as well as unprecedented viral outbreaks have reinforced the importance of being and remaining protected, to safeguard the health and finances of our loved ones, by health insurance. 

Merely purchasing a family floater health insurance policy isn’t sufficient. Our family dynamics alter significantly over time. Given this natural progression of life, our family’s medical needs also undergo substantial changes. Besides, there could be instances in which you are dissatisfied with your ongoing policy and would like to explore better options. As a result, we must periodically reconsider the attributes and benefits offered by our health insurance plans to ensure sufficient and extensive long-term coverage. 

Benefits of timely revaluation - 

1. Ample Coverage Vide Sum Insured: Revisit the sum insured amount of your health insurance plan at critical milestones of life. This will guarantee sufficient coverage for all members of the family according to revised medical requirements. 

2. Comprehensive Coverage: Typically, health insurance plans have categories of coverage that are enhanced as you opt for the higher variant. Increasing the sum insured of your health insurance policy could, therefore, enable you to get wider coverage for more medical conditions. 

3. Affordability: Re-evaluating your health insurance plan could also lead to comparison with alternatives that offer the same or better features at a lower premium. 

4. Better Benefits: A better substitute health insurance policy could offer you more bang for your buck via features such as no-claim bonus, reinstatement benefit, and family discounts. 

Just as with any other long-term financial investment, health insurance requires frequent assessment to consider the growing and changing needs of your family members. 

The author is Head – General Insurance, SANA Insurance Brokers

 DISCLAIMER: Views expressed are the author's own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.