When should you switch health insurance providers?

A great deal of research & analysis usually goes into the selection of a health insurance policy. Therefore, after buying a plan, most of us kick and relax, thinking we’ve put our insurance needs to bed. However, this is a false notion. 

A person’s coverage needs change with time and we must constantly reassess the protection provided by our insurance plans. In some cases, it may even become necessary to reassess the insurance provider on the whole. That’s right, in certain instances, switching your insurance provider can become vital and extremely beneficial as well. Let’s have a look at some of these instances. 

1. If the premiums are hard to handle.
   The premium of your health insurance policy can rise with time. If it starts to put undue pressure on your finances, maybe it’s time to look for more affordable alternatives. You can visit insurance websites and get instant quotes. This will give you a good idea of the price points of all the other options available to you. 

You should be able to find another insurance provider that offers a similar amount of coverage, but a lower premium. If so, you could go ahead and port your health insurance policy.

2. If you need more protection.

As we mentioned earlier, your protection needs can increase over time. If your current plan does not offer the coverage or the choice of add-ons you need, it makes sense to consider other alternatives. Today, you can find health insurance plans that offer an immense level of flexibility and add-on options. This will allow you to tailor a plan around your medical requirements and get the coverage you need.

1. Customer support isn’t up to the mark. 

Are you making multiple calls just to get a couple of your doubts cleared? Well, maybe it’s time you look for an insurance provider that’s truly there for you. These days, you will be able to find several insurance companies that offer round the clock assistance, dedicated relationship managers, app-based services, and claim settlement in just 4 hours! 

1. If you need an upgrade. 

Not all insurance companies are equal in terms of features. If you find your insurance plan lacking in terms of network hospitals, technological advancements, plan enhancement options, and so on, you could consider making a change! 

What to keep in mind when porting your health insurance policy:

-Do not settle for lesser cover.

When changing plans, make sure your new insurance policy equals or betters the coverage that you currently enjoy. The last thing you want is for the switch to leave you underinsured. 

-Mind the gap. 

When porting your health insurance policy, make sure the expiry date of your old plan and the commencement of your new plan coincide with each other. Being uninsured even for a single day could leave you exposed to significant financial risks.

-Your benefits are carried forward.

If you have any NCB or cumulative bonus, make sure it is carried forward to your new plan. You’ve worked hard to stay fit and avoid making a claim and you should enjoy the benefits of the same even with your new plan.

Hope this article has been helpful, good luck and all the best, take care!