In today world when we have learned that health is the most imperative thing for any human being, people have also started to buy health insurance to be financial stable and strong at the time of any kind of medical emergency, but what if our plan does not cover the new age diseases? What if the employees of the company mislead us and provide us the wrong information about the plan that we have now? If you have these problems then you should definitely consider switching or upgrading your plan at the time of renewal, here are the list of advantage and disadvantage of switching the plan-
Advantages
1 More coverage-
Your current plan might not give you all the cover that you want, at the time of your policy renewal make sure to check and compare your plan with the other new plans that are available in the market, there is a high possibility that you find a plan that gives you more coverage with lower premium. Also if you are affected by any illness such as diabetes after taking plan and your health plan does not cover that illness then you can change your plan to a plan which gives cover to the illness also.
2 Adding or removing family member-
– If you want to remove or add another family member after life changing incidents such as divorce, marriage, new born baby or death of a family member then you should definitely switch your health insurance to get cover for all your family members.
3 Can get suited plan-
We all can do mistakes, and you might have mistaken while buying your insurance plan, you can correct your mistake by switching or upgrading your plan, which will suit you well, for example after a certain period of time our body gets weak and can catch diseases easily, you should try to buy a plan which suits your medical conditions better.
4 Lower premium with similar features-
The insurance sector is growing day by day, and to become number in the market companies are offering so many features with low premium, if you also find an insurance plan which features are similar to your current one then you should change your plan.
Disadvantages
1 Pay higher for new premium- While there are so many advantages of switching plans, disadvantages are also there and one of them is paying higher to get new premium to get new features in your plan.
2 New features- The other disadvantage of switching plan is some of the previous features of your plan will not be continued in this new plan
3 You can only switch your health plan at the time of renewal.