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Why critical reviewing while renewing your annual health insurance cover is a must?

As is the case with each and every one of us, health is definitely considered to be the topmost priority as only a healthy body, mind and soul can make every other thing possible in life for an individual. With health being right at the forefront for all, having an adequate health insurance policy becomes the natural elementary step to safeguard the future of oneself and one’s family. While most of us have health insurance cover these days, the question that comes to the mind is that how often we actually pause and take a look back at the plan we have opted for. Do we have any analysis of whether the chosen policy has been right for us with regard to our schedules, needs, circumstances and the corresponding needs. This is where comes in the crucial aspect of reviewing one’s health insurance plan on an annual basis at the time of renewing our health insurance plan. Be it the family health plan or an individual plan, one must take into account the pointers that signify the actual utility and practicality of the cover one has opted for, if not on a half yearly or quarterly basis but at least on an annual basis when it comes to renewing the plan with the insurance provider.

Moreover, when one has an individual plan, it is still easy to analyze the success of the plan as there is only person’s details you need to consider but when it comes to having a multi-person insurance plan i.e. including health insurance for parents or family health insurance policy, it gets even trickier to evaluate the feasibility of the plan for each and every member separately. Still, the process of yearly reviewing makes the situation much better as it is gives a clear indication of the overall benefits acquired from the plan on the whole and one can accordingly, make a sound decision as to continue with the same plan or advance it further for adding more features or even losing out the unnecessary aspects with no practical utilization for any one of the members. Let’s have a look at some of the primary aspects one needs to keep in mind.

Health Insurance for Parents/ Individual- Major Advantages

  • Covers up for all big-small medical expenses like hospital bills, cost of surgeries etc.
  • More options in terms of network of reputed hospitals and coverage of better facilities at a relatively lower cost
  • Family benefits inclusive in one group plan at a much lower premium cost yet providing ample peace of mind
  • Access to tax benefits in relation to the policy and premium amount

Need for Reviewing the Health Plan

  • When one doesn’t feel content with the existing plan coverage level or the current dealing of the insurance provider selected.
  • When it’s time to renew the policy on annual basis and the premium cost has increased.
  • When one gets a raise in one’s financial sources through higher income etc., it’s time to consider spending more on one’s future security
  • On some important event such as at the time of marriage, having a child or when retiring from the job, it’s an ideal point to pause and reconsider the sufficiency of the plan.

Plausible Benefits of Reviewing One’s Family Health Plan Annually

  • Access to better coverage for more diseases or injuries at a lower premium by comparing newer plans available in the market
  • No claim bonus facility access that other companies may be providing at a better rate and terms
  • Other discounts and good promotional offers being given by competitors of the brand you are with
  • Analyzing one’s health condition also is a necessary eye opener for taking better care of oneself
  • Other perks such as access to more number of hospitals that are high quality and good in dealing