The Best Health Insurance Plan in the Market Essay

The Best Health Insurance Plan in the trade - Essay ExampleShopping around for the best health insurance plan can be beneficial to both the insured and insurers competitors. However, many concourse dislike shopping around, and that is not only harmful to them but it also detrimental to the competitors (Frakt 2). Customer loyalty and availability of many insurance providers are the briny cause of customer resistance to switching from one provider or plan to anformer(a). Customer loyalty can disadvantage consumers and the insurance market. For example, clients who are mechanically re-enrolled to the previous insurance plan end up paying higher premiums for the similar serve offered at a lower premium by other providers (Frakt 2). Also, it prevents insurance companies from attracting new customers. In addition, it hinders consumers from assessing better insurance packages that can suit various needs of different clients. It hinders innovation and superiority of services leading to se rvices of poor quality (Frakt 3). However, having various alternatives in the market can disadvantage the consumers because it is hard to select the best plan among many alternatives (Frakt 3). It can make consumers remain to the previous plan in order to avoid the struggle of selecting an unfamiliar plan. Consumers can benefit from various alternatives when there is adequate information about the on tap(predicate) products or service in the market (Frakt 4). In conclusion, having various alternatives for products and services can yield benefits to both consumers and the companies if adequate information is made available for sound decision-making. It promotes innovation among the companies and can lead to a reduction in prices.