Why Compare Your Medical Insurance At Renewal?

27 May 2019

So you have an existing health insurance plan. Every year you have just renewed the cover, you hand over you credit card details and pretty easily it’s a job done and another task crossed off the list. Why bother looking at other plans when your current plan seems fine? Here we look at 5 reasons why it is essential that you conduct this exercise every renewal and the major benefits it has.

 1 - Cheaper premium

The medical insurance market is something that constantly changes. New plans and new insurers are launched ever more frequently these days which means that there is now simply more choice available. From a customer point of view this is great news! With increased competition prices from new insurers and on new policies are much cheaper as insurers aim to cut prices to attract new members. Since the start of 2019 we have seen new insurers expand their cover into different countries, provide discounts for families, launch specific plan aimed at reducing the cost of premiums. 

2 - Better Benefits

With new plans and new insurers entering the market the benefits that can be on offer at your renewal can be much improved from what you currently have. All industries evolve and innovate and the insurance industry is no different.

Each year insurers bring out new plans and can change benefits on their existing product range to keep up with changing medical practices, treatments and market demands. This is really important as ensuring that you are covered for the right treatment is essential in your medical insurance plan.

 3 - Enhanced Servicing

While the benefits are the visible improvements to see on a plan the servicing by an insurer is something that is equally important. Insurers are continuously trying to improve service standards and enhance the experience of customers. Mobile apps to submit claims and improved direct billing networks are just some of the recent ways which we have seen insures advance their ability to serve and give a better offering to members.

4 - Change Of Circumstance

Life doesn’t stand still for any of us your country of residence, lifestyle and circumstances change, so will your health insurance needs.  

When comparing medical insurance it is important that you do your research. A change in needs is usually the driver behind people looking at changing cover. Have you just started or are you planning to start a family? Do you or will you in the next year require additional benefits that you did not before? A change in lifestyle will sometimes require a change in your health policy. International health insurance providers make changes to their policies usually on an annual or bi-annual basis. Sometimes these changes will mean adding or removing benefits or benefit limits the terms and conditions. When your insurance provider makes a change, check to see how it affects you as it relates to your needs because it may warrant a switch to another policy.

5 - Cover For Pre-existing Conditions

Each insurer has different ways in which they asses pre-existing conditions. If your exiting policy excludes a specific condition it is possible that a new insurer could provide you cover. Some insures simply exclude everything that you have ever been ill for, others may provide cover after you complete a medical questionnaire and some insures may give cover with a premium loading. Some insures provide moratorium plans which means that they would provide full cover for pre-existing conditions after a waiting period when no treatment is received.


Often it can make sense to switch your policy if a better deal exists in the marketplace. Shopping around allows you to find the best deal from across the market. Benchmarking your cover on an annual basis can really mean you reap rewards.

If you would like to receive a free quote for any of the medical insurance plans, click get quote on the right side of this page.  

Got a question that is specific to you? Email info@i-brokers.com

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