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Why Family Health Insurance Plan Needs a Timely Re-evaluation

By Juhi Walia
08 September 2022, 12:05 PM

It goes without saying that you should always explore different types of health insurance policies before you choose “the one” that lives up to your expectations. If you have explored all the other options and finally settled down for a family floater health insurance plan after seeing its benefits, keep in mind that your job doesn’t end after buying health insurance plan. To get the utmost benefits from your family health insurance plan, it’s crucial to re-evaluate timely. 

By doing this, you get all the updates regarding new additions and see what the market offers to decide the insurance you need based on that situation. Apart from that, there are quite a few benefits of the periodical re-evaluation of family health insurance. In this article, you will know about those health insurance benefits and understand how you can simply make the most of your family health insurance.

Why Should You Regularly Re-evaluate Family Health Insurance Plans?

Re-evaluating a family health insurance plan is imperative to enhance your savings. It also enables you to tackle inflation. Moreover, you can find health insurance plans with better features. Lastly, timely re-evaluation of family health insurance helps you solve the issue of unavailability of network hospitals.

To Tackle Inflation in the Healthcare Industry

Inflation has affected several industries in recent years, including healthcare services. The skyrocketing cost of medical treatment can make even a very financially secure person helpless at times. Without health insurance plans, it’s often impossible to safeguard yourself and your loved ones during emergencies. The treatment for critical illnesses, severe accidents, etc., can be costly. Therefore, to avoid a financial crisis during such unfortunate situations, one must opt for a health insurance policy with a high sum insured before it’s too late and keep re-evaluating the policy to get the best pick within their budget.  

To Look for Policies with Better Features 

Everyone wants the better option if it comes at a reasonable rate, and a health insurance policy is no different. Knowing as much as possible about various health insurance plans and their insurers is highly recommended, as it will help you make wiser decisions. Price isn’t always the factor, but if you have a specific premium price you don’t want to exceed, see what other insurers offer at the same rate. You can switch to that insurer on renewal.

To Solve the Issue of Unavailability of Network Hospitals in Vicinity

When you get a family health insurance plan, see the list of ‘network hospitals carefully. These are the hospitals that will give you cashless health insurance benefits. During medical emergencies, almost everyone prefers going to the hospital nearest to their home. So, it’s better to check regularly whether the insurer you have opted for offers the benefits in hospitals near you or not. If not, you can always look up other insurance companies that will fulfill these criteria. 

Ideal Situations to Re-evaluate Family Health Insurance

Certain situations call for re-evaluating your family health insurance policy. Listed below are a few reasons why it might be necessary to re-evaluate the policy under these circumstances.


A wedding is considered a big milestone in a person’s life, and this event adds more responsibilities to an individual. It’s a wise decision to re-evaluate your existing family health insurance plan at that time and add your spouse to the list of policyholders. This way, you save plenty of money during medical emergencies.

Reaching Old Age

Even though life after retirement is pretty much sorted for most people, old age is something that comes with a lot of health problems. Many things can go wrong if proper planning isn’t done, including the health insurance plan. At this age, doctor’s appointments become very regular, and to manage your finances while taking good care of your health. So, once you reach that stage, it's better you have a separate family plan for yourself, wherein you could include your spouse in it. See if the insurer allows you to take your and your spouse's name off the family floater plan where your kids would be there too. 

Addition of New Family Member

It’s always a good time when new family members come into a family. However, there’s also a sudden rise in expenses because of the pediatric care of the baby, prenatal care, and delivery. So, in such times, it’s always better to stay prepared beforehand to avoid financial distress later on. Even though a family floater health insurance policy will not cover the delivery and prenatal care, you can get the cost of vaccination of your child covered through child health insurance plans

Job Change, Promotion, or Salary Raise

When you get a promotion in your job or a salary hike, it’s wise to extend your family health insurance plan by including more coverage. Raising the insurance sum is also a prudent step to consider. Many people get health insurance just for the sake of it and opt for the cheapest one. Investing more into health insurance premiums can help you stay financially secure during medical emergencies. 

Unsatisfied with Your Current Insurance Plan

It’s normal to have a bad experience with the insurer even after carefully going through all the related documents before opting for the family health insurance plan. You can always change your insurer if unsatisfied with the service and see that other health insurance companies are ready to offer more at the same premium rate. You can look up online health insurance plans to see which insurer has the best to offer at a decent premium and go for the one that satisfies you. 


The best part about family health insurance is its affordable premium. Even if your family health insurance policy is newly bought or very old, it’s equally important to re-evaluate it regularly. The market, as well as personal conditions, keep changing with time. So, it’s better to make changes in your family health insurance plans according to the changes in your surrounding to get fruitful results when in need.

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1. What should be the first consideration when choosing a family health insurance plan?

The first consideration while choosing any family health insurance plan should be the plan itself, its coverage, and the policy provider's network of hospitals across the country. Go through all the plan-related documents to see what the insurer has to offer, and next, check which hospitals and pharmacies come under the list of ‘network hospitals'.

2. Which health insurance is the best for a family?

To cover your family, it’s best to opt for family floater health insurance as it offers way more coverage and added benefits, unlike most other health insurance plans. You can insure your elderly parents, spouse, or even your children with a family floater health insurance.

3. Is it okay to have two family health insurance plans?

It’s completely legal for a person to have two family health insurance policies. In fact, many experts recommend having more than one family health insurance for better comprehensive coverage during medical emergencies in the future.  

4. Can we claim family health insurance immediately?

It depends on the type of claim you make - cashless or reimbursement. A cashless claim, available only at the network hospital of the insurance company, can be planned or unplanned. For a planned cashless claim, one must intimate the insurer about it around 2-4 days before the scheduled admission to the network hospital. In the case of unplanned admission, raise a cashless claim within 24 hours of the incident. The insurer will pay the medical bills and other payables to the hospital upon your discharge. Whereas you can file a reimbursement claim only after you are discharged from the hospital.

5. Who cannot be covered under a family floater health insurance policy?

The family floater health insurance plan has an age limit of 60 or 65, depending on the insurance company. This implies that your parents must be under the age of 60 or 65 to get the benefits of the family floater health insurance policy. If the applicant’s parents are older than this age, it’s advised to buy the senior citizen health insurance policy additionally to cover for parents.

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