When to review your health insurance cover?

Henil Shah
/ Categories: Mutual Fund, MF Unlocked
When to review your health insurance cover?

When it comes to your personal finances strategy you always have to review them periodically to understand how it is moving and whether it requires changes. Changes may be required due to many reasons, but when it comes to health insurance upgrading it gradually as your age increases is very important. This is for the fact that once you grow old, getting the same sum assured would cost you much more than what it is costing you today. So, let’s check out when is it right time to review your health insurance cover.

After marriage
When you are single you must be having an individual health insurance policy which would be covering your health. However, when you get married it is important to review your existing health cover. This is because your existing health cover would only cover your health and not of your spouse. Even if we assume that before marriage your spouse also had an individual health policy like you. Then also carrying individual policy would not be a great idea as it would pose more cost on you. Rather in such cases giving up yours and/or your spouse’s individual insurance policy and taking a family floater policy would be better.

After child birth
Birth is one of the most important life events in everyone’s life and all wish that they can provide their children with the best of the things possible. That said, it is really very important to cover your children also in your health insurance plan. So, here you need to add your children to your existing family floater plan. This would surely increase the amount of premium that you would be currently paying. However, doing so would help you to protect your financial goals such as child’s education for which you are saving. So, having health insurance in place is one of the smart ways in which you can manage your personal finances without giving up on the quality of life.

Salary increment
Though this is not the time when you should be reviewing, this is the time when you would be upgrading your existing health insurance cover. Increase in your salary would help you to pay an extra premium for an additional sum assured which in turn would help you to contain the steep increase in the premiums with your growing old.

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