Here Is How Re-Evaluating Your Health Insurance Plan Can Help You Save Money

To keep your savings secure, health insurance is imperative. In the current phase of medical inflation, a single hospitalisation is enough to wipe off your savings. In such a case, you can rely on your health insurance for bearing the expenses incurred during hospitalisation. Moreover, for people who are not good at saving money, health insurance is the true saviour!

However, a nick in time saves nine and this perfectly goes with investing in a good health insurance plan. Let us explain…

Due to today’s unhealthy lifestyle, we’re unable to lead our lives in fine fettle. The busy lifestyle, wrong eating habits and sedentary work schedules have made our lives risky. Adding fuel to the fire, quality health care expenses are skyrocketing because of which a normal health cover may not be enough to fulfil your insurance needs. Hence, you need to re-evaluate your existing health insurance plan. To make it more effortless, compare and buy best health insurance policy online.

Situations Where a Re-evaluation is Required

Till now, you are happy with the coverage or benefits your health insurance plan offers. However, you can’t be sure about the future. Your liabilities might increase, you might get a better job opportunity which demands you to maintain a class, or you may find other insurers’ plans more attractive. The reason could be anything, but a timely re-evaluation of your existing plan is a must. Below are some situations when one should re-evaluate his/her health insurance:

  • When Planning a Family: Addition of a new member to the family always comes with a handful of expenses. Starting from delivery to postnatal phase, the couple is loaded with endless expenses. To limit the expenses, one should include his/her spouse and the new-born to the existing health coverage. This is possible only when you analyse your needs beforehand, and evaluate the benefits which are being offered.


  • Job Change or Promotion: A good job, promotion, and more money- who doesn’t want that? These stepping stones also bring change to your lifestyle. To cope with these changes, shouldn’t you avail a much better plan with extra coverage?


  • To Secure the Old Age: Everybody aspires for a stress-free retirement. In fact, as we grow older, the medical expenses tend to rise as well. Some may develop critical ailments that require frequent visits to hospitals.

But, in case a senior citizen is covered under a family floater, the cover will soon cease. Hence, opting for a senior citizen plan on time can help avoid such circumstances. This can only happen when one carefully analyses his/her health needs and buys a plan accordingly.

  • If Unhappy with the Current Insurer:  It is really unpleasant when you invest your hard-earned money in a plan which doesn’t provide sufficient services, or has a horrible claim process. This is one of the obvious reasons for re-evaluating the insurance plan. In such a case, you can opt to port the plan and switch to another plan of the same insurer or change the insurer altogether. By comparing plans online, you can find a good deal for you.

Advantages of Health Insurance Re-evaluation:

Avail a Plan with Affordable Cost: Insurance market is flooded with plenty of insurers, and it is better to select the one that offers a policy that meets your requirements. By not giving it a try, you will miss out on availing the same benefits or features at a more affordable premium. Hence, why not look before you leap?

Changes in the List of Network Hospitals: All of a sudden, you come to know that your insurer has changed/modified the list of the network hospitals. Now, those hospitals which were in your vicinity earlier are no longer on the list of the insurer. Nothing can be more annoying than this. However, the possibility is that some other insurers have a list of network hospitals which are in your vicinity. This is a good factor for re-evaluation.

Add to Cost of Medicines: Although a health insurance plan doesn’t cover the cost of medicines, other hospitalisation expenses can be well taken care of with an adequate plan. By evaluating a plan, you can club your existing policy with suitable add-ons and enjoy the benefits of a tailor-made health insurance policy which also proves to be cost-effective.

Different Insurers Come with Different Features: You never know if your current health insurer is providing you with only the basic cover where, at the same price, there are plans that come with an extensive cover. Some provide you with additional features as well. Here you need to re-evaluate your current cover and look for a better one if needed.

Separate Plan for Elderly People: If you own a family floater plan with elderly people covered under it, it’s time to buy a separate plan or shift them to senior citizen plans. Irrespective of the large premium you will pay to cover them, the sum insured for each individual will remain small. Considering the age factor, the insurer will demand a higher premium to cover them, regardless of whether they are in a family floater or a senior citizen plan. If you have to compromise on the benefits available for each family member, then what is the point in paying a higher premium? So, it’ll be better if you opt for a senior citizen plan that comes at an affordable cost, and save yourself from paying a higher premium for nothing.

So, What’re You Waiting For?

As we can see, timely re-evaluation of health insurance comes in handy and can help you put your hard-earned money in a right direction. It is a win-win situation where you can ensure that your investment is in safe hands!