August 10, 2020
Health and Wellness

Signs That You Need A New Medical Insurance Plan

signs that you need a new medical insurance plan

Health insurance plans are always a good idea, and it’s become especially evident during a medical crisis such as the COVID-19 pandemic. As we age, however, our bodies and health evolve, so the type of coverage you’ve initially invested in may not be suited for your current needs. That’s why it’s important to regularly review and update your health insurance plan to ensure that you have adequate coverage.

If you haven’t taken a look at your medical insurance in a while, here are some telltale signs that you may need to change it.

What are the Signs You Need a New Medical Insurance Plan?

You’ve made a significant life change

If you’ve made any big changes in your life in the past year, such as having or adopting a baby, getting married or separated, you’ll need to change your health insurance to update it to include new riders or to remove ones that you no longer need.

You can save money on coverage

There are many options when it comes to health insurance providers. If you haven’t scoped the market lately and done your research, it may be a good idea to check it out and compare costs. Some things you’ll want to look at are the premium costs, deductibles, what the plan covers, and more importantly, what it doesn’t.

Your health needs have changed

As we’ve mentioned before, our bodies are constantly changing and our health is always evolving. Your needs five years ago, or even two years ago, may not be the same as your needs now. Perhaps when you first got your health insurance plan two years ago, your health was not as good so you needed to visit the doctor more frequently, which is why you needed an insurance plan that allowed low co-pays and deductibles. Now that your health has significantly improved and you no longer need to see the doctor as frequently, you may want to consider adjusting your plan. It would be better to have a plan with a higher deductible but lower monthly premium to help you save on costs.

You often resort to out-of-network providers

If your insurance plan’s network is somewhat limited and you’ve more often than not had to resort to going out-of-network because you require more specialized services, then it’s about time you look into a different health insurance provider. Find one with a wider network of providers that you can utilize which will result in less out-of-pocket costs for you.

You’re paying a large premium for coverage you rarely use

Many people choose health insurance plans with higher premiums to keep their deductibles low. But if you aren’t diagnosed with any medical conditions and don’t require any immediate medical attention, then paying a high premium for your policy isn’t very cost-effective. You may actually be better off switching to a plan with lower premiums and higher deductibles. This way, you can save money on your monthly premium and still have coverage for any unforeseen medical expenses that may arise in the future.

Things to Consider in Getting New Medical Insurance

When considering getting new medical insurance, there are several factors to consider. Here are some things you should consider before deciding:

Cost - One of the most important factors to consider is the cost of the insurance plan. This includes premiums, co-pays, deductibles, and any additional fees or charges.

Coverage - It's crucial to understand what services and treatments are covered under the insurance plan. Make sure it includes the necessary coverage for your employees' needs.

Network - If you're considering a private health insurance plan, be sure to check the network of healthcare providers included in the plan. This will affect your choices when seeking medical care.

Additional Benefits - Some health insurance plans may also include additional benefits such as wellness programs or mental health coverage. Consider these extras when deciding.

Reputation of the Insurance Provider - It's important to choose an insurance provider with a good reputation and track record in providing quality healthcare services.

Having health insurance is great security for both you and your loved ones and offers protection for those unforeseen moments. If you’re having trouble figuring out your health insurance needs, don’t hesitate to contact us at InLife! As one of the leading life insurance companies in the Philippines, we have been providing Filipino with our services for over a century. We’re glad to offer you assistance in choosing the right plan for your ever-changing needs. Get in touch with us today and have a member of our team walk you through your best options.

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