Importance Of Timely Re-evaluation Of Family Floater Health Insurance

Investing in a comprehensive health insurance plan for yourself and your family is imperative, especially during current pandemic times. Modern unhealthy lifestyle and food habits are putting more people under health risks, irrespective of age. A family floater insurance policy can help pay medical and hospital bills during a health emergency.

Our job is not done with just the purchase of the policy. Health Insurance is a lifelong ongoing investment in the wellbeing and safety of your family.  A lot of developments occur in our family over time, and our lives undergo numerous changes as we grow and mature. Timely re-evaluation of your family floater health insurance policy is critical as it may need to be modified in due course of time, depending upon revisions in your and your family’s lives.

Situations in which Re-evaluation of a Family Floater Health Insurance Plan is Needed

  1. A Wedding
    One’s wedding is a milestone event in one’s life, and the bond brings in added responsibility. At this juncture, it will be a prudent decision to shop around for a health insurance policy that provides coverage for your spouse and at the same time saves you a good amount of money during a health emergency.  You can re-evaluate your existing family health insurance policy to include your spouse to your existing plan, enhance the coverage and Sum Insured, and / or explore an individual health insurance plan for your spouse.

    This would also be a good time to review if your existing policy covers maternity expenses. Since this involves a waiting period, you should check if you need to get additional maternity cover.
  2. Addition of a new member to the family
    While a new baby in the family is a celebration, there are also sudden expenses that arise related to prenatal care, delivery, and pediatric care. You must be financially capable of managing these sudden expenses. You can re-evaluate your existing policy and add the new family member to your family floater insurance plan. This will not help with prenatal and delivery costs since maternity cover involves a waiting period, but subsequent costs such as the child’s vaccination etc could be covered
  3. A Salary raise, promotion or job change
    When your job offers you a promotion or a remuneration hike, you may consider extending your family floater plan to include more coverage in the form of beneficial add-on covers. It would also be prudent to consider raising the Sum Insured amount to match your household income. This is the right time to re-evaluate your family health plan to add better coverage with extra benefits aligning with your lifestyle.
  4. Unsatisfied with the current insurer
    You may have had a poor customer experience with your existing insurance provider in terms of services provided (for example, lack of sufficient network hospitals nearby) or claims reimbursement. This is a significant reason to re-evaluate your family floater policy and the insurer. You can leverage the portability feature of your current insurer to switch to another provider, who has a higher Claims Settlement Ratio, more network hospitals and offers better customer service.

Benefits of Re-evaluating a Family Floater Plan

Saves Premium Cost

Only through re-evaluation of your insurance policy, you will find out about all the options that other insurers are offering. Then, you can choose the one that satisfies your health requirement and offers you comprehensive coverage at an affordable premium.

Varying Policy Features

By re-evaluating your family floater insurance policy, you get an opportunity to assess other products available in the market and evaluate their better features and lower premiums.

Better Benefits

Upon re-evaluation of your existing plan, you might realize that you are missing out on some benefits that other insurers offer in their plans at no extra cost. For example, say your plan does not have Health Checkups. You might come across a similar or better plan provided by another insurance company that extends to give you Health Check-ups perhaps for the same premium amount or lower.

SANA.Insure helps individuals and families re-evaluate their existing health insurance plan and find the best medical insurance plans for the family that is suited to their specific needs. Our unique service called SANACheck can guide you with re-evaluation of your family floater health insurance. SANACheck alerts you on critical benefits in your policy that you might be missing out on. It compares your policy features with hundreds of other health insurance plans available in India, and highlights the above-average, average and below-average features. This will give you a better perspective on which features need to be strengthened in your policy for ample coverage.

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SANA.Insure will help you with comparing and analyzing plans to upgrade your health insurance policy in the best manner. Log on to SANA.Insure for quick access to policy information and all other details needed for family health insurance plans in India.

Get in touch with us over WhatsApp chat on 8278271818, or call us on 1800 202 8118 to connect with a Health Insurance Expert at SANA.Insure.

Wish you a healthy and happy life!

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