Top 7 Reasons Why You Should Regularly Review Your Family Floater Health Insurance Policy

Having a family floater health insurance plan is one the most important financial decisions you can make. With the rising cost of healthcare, having a family health insurance policy has become a necessity. It not only provides financial protection against unexpected medical expenses but also gives peace of mind, ensuring that your family has access to quality healthcare whenever the need arises.

However, to ensure that your policy provides the best coverage for your family's needs, it is crucial to regularly review your family floater health insurance. This article explains why regularly reviewing your family floater health insurance policy is so important and what advantages it offers.

You might wonder why it is necessary to periodically review your health insurance policy. The reason is that with growing age, your insurance needs change, and it is important to keep up with changes in your healthcare needs over time. Hence, it is recommended to review your health insurance coverage yearly.

Here are the top 7 reasons why you should regularly review your Family Floater Health Insurance Policy:

1. Keeping up with changes:

With innovations in finance and technology, the insurance sector industry is undergoing significant changes, and health insurance policies are constantly evolving. The leading health insurance companies in India are introducing innovative and unique policy features to make their plans more attractive to customers. They regularly add new and improved benefits to their offerings. These features might not be available in your policy when you last reviewed it.

It is important to stay up-to-date with the changes. Regular policy reviews allow you to keep abreast of any changes in coverage, benefits, or policy exclusions. For example, a policy may change its coverage for certain medical procedures, or it may increase or decrease the maximum amount of coverage. By reviewing your health insurance policy every year, you can ensure that you are aware of any changes and that your policy still meets your family's needs.

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2. Managing changes in your lifestyle:

The rise of technology and sedentary lifestyles has led to a surge in lifestyle diseases such as cardiovascular disease, diabetes, hypertension, cancer, obesity, and depression. With a considerable global population leading sedentary lifestyles, it is important to take steps to mitigate the risk of these illnesses. The cost of healthcare is also significantly impacted by lifestyle changes, making it wise to regularly review and adjust your family floater health insurance to meet your changing needs.

3. Assessing coverage needs:

As your family's needs change over time, it is important to reassess your coverage needs regularly. For example, if you have a new baby, you may need to increase your coverage to accommodate the added expenses. If your children are grown and have left home, you may be able to reduce your coverage. Regular policy reviews can help you assess your coverage needs and ensure that you have the best coverage for your family's current needs.

4. Better managing the waiting periods:

Health insurance providers impose a waiting period before they offer coverage for pre-existing medical conditions, and this waiting period is typically between 2 to 4 years. By reviewing and comparing your health insurance plan with other insurers, you can better understand the waiting period and make an informed decision if you or someone in your family has a pre-existing condition. For example, if you have a health plan with a 4-year waiting period, you may find another policy with a shorter 2-year waiting period at a lower cost. In this case, you would benefit by switching to a different insurance company.

5. Exploring premium and coverage options:

The post-Covid-19 world has seen a highly competitive insurance market, particularly in the health insurance sector. This competition has driven insurance companies to offer various benefits to attract customers. They are continually updating and improving their health policies to stay ahead of their competitors while also striving to provide the best customer experience. To meet the needs of different people, they may add new coverage for various medical conditions and procedures, such as daycare treatments like varicose veins or cataract surgery.

6. Ensuring you do not lose on NCB:

Health insurance providers provide a no-claim bonus (NCB) to policyholders who have gone a year without making any claims. By not filing claims during the policy period, you can receive a discount on your premium rates. The amount of NCB you receive depends on the number of claim-free years you have and can range from 10 to 100 percent. However, if you fail to review your family floater health insurance policy annually, you may miss out on this benefit.

7. Maximising policy benefits:

Regular policy reviews can also help you identify opportunities to maximise the benefits of your policy. For example, some policies offer discounts for preventive health check-ups or rewards for leading a healthy lifestyle. By regularly reviewing your policy, you can identify these opportunities and take advantage of them to maximise the benefits of your policy.

Conclusion:

Regularly reviewing your family floater health insurance policy is crucial for ensuring that you have the best coverage for your family's needs. By understanding your policy, staying up-to-date with changes, assessing your coverage needs, and maximising the benefits of your policy, you can ensure that you and your family are protected in the event of unexpected medical expenses.

In today's fast-paced world, it can be easy to forget about your health insurance policy. However, taking the time to review your policy regularly is a small but important step towards ensuring that you have the best coverage for your family's needs.

So, don't wait, review your family health insurance policy today and rest assured that you and your family are protected.

KETKI JADHAV is a Content Writer at PersonalFN since August 2021. She is an MBA (Finance) and has over seven years of experience in Retail Banking. Ketki specialises in covering articles around banking, insurance, personal finance, and mutual funds and has been doing it for over three years now.