Why family health insurance needs timely re-evaluation

economictimes.indiatimes.com:

Reasons for re-evaluation of a family health insurance plan

Securing your family with a comprehensive family health insurance plan is a wise decision. But what next? Sit back, relax, and be rest assured that you have complete financial protection when a medical emergency strikes? That may be the case, but not always.

That’s why you must re-evaluate your family health insurance plans periodically. Here are some use cases for timely re-evaluation:

1. Changes in the family: Planning to tie the knot or waiting to welcome your bundle of joy? This is when you have to review your existing health insurance plan to ensure adequate coverage for new members. Based on the requirements, you may have to enhance the sum insured. Similarly, if you are planning to start a family in a couple of years, you must consider adding maternity insurance soon because there’s a waiting period of 2-4 years, before which you cannot avail of maternity benefits.
2. Enhanced coverage: Your family health insurance plan covers yourself, your spouse, and two children with a sufficient sum insured. But if you have to add your ageing parents to it, the plan needs re-evaluation for additional coverage for age-related conditions.
3. Change in job/income: If you have moved to a new role or switched to a new workplace with a good salary hike, it’s time to re-evaluate the family plan and upgrade it with extra benefits and enhanced coverage that aligns with your new lifestyle.
4. Dissatisfied with your current provider: If you are unhappy with the services of your