When you buy health coverage for your family for the first time, you need to do a lot of research, comparison and decision-making. Only after confirming every aspect of a health insurance policy do you choose the best one for your family’s protection.
However, as your children grow and your parents age, their medical needs will also change. Thus, it becomes necessary to re-evaluate your
health insurance in a timely manner. However, there are other benefits of re-evaluating family health coverage.
Reasons For Timely Re-Evaluation of Health Insurance
Changing Healthcare Requirements
The primary reason to re-evaluate your
family insurance plans is your family's changing healthcare needs. As your family members age, their health insurance needs to adapt and should include more comprehensive features. Annual check-ups and increased health coverage are some of the upgrades you must look out for during re-evaluation.
New Coverage Policies
The healthcare insurance industry is constantly evolving with treatment, healthcare services and medications. Insurance companies often include these changes in their policies to offer better coverage to policyholders. By re-evaluating your health coverage, you can upgrade to better coverage policies that can meet your family’s growing healthcare needs.
Evaluating Finances
Health insurance premiums, deductibles and taxes associated with them change frequently. By re-evaluating your family insurance plans, you can see how they impact your finances. This way, you can change your policy and choose the one that fits well in your budget and your family’s new healthcare needs.
Rules and Regulations Updates
Health insurance policies undergo periodic regulatory changes, which impact policy coverage, compliance and benefits. It is crucial to stay informed about these changes and their impact on family insurance plans. Then you can make necessary adjustments and customisations and comply with new rules and regulations, thus avoiding any coverage gap in the health coverage.
Network Hospitals
Insurers can choose to tie up with any hospital as their network hospital. Any change in their choice can impact you. For instance, revision in their network hospital removes the nearest hospital in your vicinity. It can cause trouble for you as you have to look for another hospital. Thus, during re-evaluation, you can choose to change your insurer and go with one which has your nearest hospital in their network.
Policy Features
It can be a policy that your current family health insurance does not provide necessary health coverage for your family’s evolving needs. Moreover, some plans offer better coverage options at the same price. Doing a timely family policy re-evaluation helps you understand this difference so that you can make a wise choice for your family.
Change in Family Dynamics
Families grow, and new members join them. With the addition of new members comes a need for re-evaluation of family insurance plans. The coverage needs to be increased, new add-on covers should be chosen and if necessary, the insurer needs to be changed.
Change in Income
Another reason to re-evaluate your family’s health coverage choices is a change in income source. If you have gotten a raise in your current job or switched roles with better pay, then it is time to upgrade your family’s healthcare protection, too. Choose a better coverage plan, customise your current plan with add-on covers or change the current insurer.
Senior Citizen Health Insurance
If your senior-citizen parents are still included under the family floater plan, it is time to change it. The right decision is to get separate health insurance for your senior parents that will provide for their healthcare needs. Moreover, it leaves you and your other family members with better family floater coverage.
Summing Up
It is crucial to re-evaluate your family health coverage on a timely basis. As your family grows and ages, their medical needs will also change. The old and basic plan might not be important for providing comprehensive medical coverage. Thus, with re-evaluation, you can make sure to opt for a higher sum insured plan or change the add-on cover requirements.
Health Insurance With TATA AIG
Whether you are buying a new health coverage plan or customising the current one after re-evaluation, your insurer plays a big part in both steps. An approachable and transparent insurance provider can help you make the best customisations to your plan according to your medical needs. One such insurer is TATA AIG. Their family insurance plans come with several benefits and are highly customisable and affordable to protect you and your loved ones.
TATA AIG offers benefits like cashless hospitalisation, AYUSH benefit, consumables benefit, day care procedures cover, vaccination cover, pre and post hospitalisation cover and ambulance cover. Moreover, their claim settlement procedure is swifter with an insurance expert at your assistance 24/7.
