Our health insurance requirements are always changing through the different stages of our lives. This is due to several reasons: family dynamics, expenses, changes in income, changes in assets and liabilities. Therefore, it’s wise to consider your changing needs when renewing your health policy.
It is wise to consider your changing needs while renewing your health policy. Health insurance is important as it assists in covering the costs of your hospital bills. With the right policy, you have access to better medical facilities and enjoy tax benefits. Reviewing your health insurance portfolio is crucial for various reasons. Here’s what you need to consider when reviewing your health insurance policy.
When should you review your health cover?
Health insurance in South Africa is not set in stone, meaning you should change it according to changes in your lifestyle. Your healthcare costs are influenced by your lifestyle changes. Things like age, stress levels, work environments, diet and level of exercise are factors that play a role in shaping your health.
You should also consider swapping to a different policy if you’re not happy with your current policy. If you had a tough time making a claim or had a horrible customer experience, you should consider getting a policy with a different health insurance company. Here are some instances where you might change up your health insurance policy:
Getting A Promotion at Work
When you get a promotion, you may receive extra benefits or be given the option to upgrade your health policy with your company. Here, you can opt for health policies that come with better benefits for you and your family.
Becoming A Parent
Speaking of family – upgrading your health cover becomes even more important if you are about to become a parent. Expenses usually pile up from the beginning and they’ll only get higher as your child grows. You will also need to budget for their many visits to the paediatrician.
Looking to Retire
If retirement is looming, this would be the right time to review your health plan and move to a senior citizen option. At this stage, it’s important to choose a plan that takes care of your specific needs in your golden years.
Affording the co-payments
When it comes to a health policy in South Africa, co-payments are quite the norm.
What should your health cover include?
Most companies’ policies cover employees, their spouses, and (depending on the insurance provider) up to two children. Some do cover parents of the insured, but these will be additional charges. It’s important to make sure that your cover size is adequate for your health needs for the entire year.
It’s vital to plan an annual review of your insurance policies as it can save you time and money in the long run. Speaking to us about your next health insurance policy and get quotes from top health insurance companies today!