Everyone dreams of landing an ideal job in a good company and why not? The benefits that good companies offer to their employees make these jobs a lot more fulfilling. Amongst the bunch of benefits these companies offer, the most important one is health insurance.
In your 20s, buying health insurance might not be in your bucket list. But if your employer is paying for it, it’s like cherry on the cake! You get the assurance of financial security and every other benefit that a health insurance policy provides, for free.
But the question remains – Is your employer’s health insurance policy enough to cover all your healthcare costs? The answer is a big NO!
Often, the insurance cover provided under these policies is limited and comes with various loopholes. In this article, we have jotted down some of the basic pointers which will prove that the health plan provided by your employer might not be enough. Read on to know more.
Restricted Customization Options
When an employer provides you with healthcover, they tend to negotiate terms and conditions in every aspect. These include selecting the number of critical diseases covered, amount of coverage, policy term and many others. It means that while you are provided insurance cover, there’s no assurance that every healthcare cost that might come your way will be covered.
However, on the other hand, if you opt for a health insurance policy other than the one provided by your employer, you can customize it and get more benefits and better security.
Post-Retirement Coverage
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Under the employee health insurance, you are only covered till the time you are working with the company. Post-retirement, when health insurance will hold utmost importance to you, you won’t have any cover. Moreover, purchasing a policy after retirement will not only be expensive but also a hassle.
Therefore, you must buy a personal health insurance policy. When you opt to buy a personal policy, you also get a chance to compare various plans available in the market. Thus, helping you select the best health insurance policy in India that suits your needs.
No Guarantee Of Continuation Of The Plan
When an employer offers you a health insurance plan, it has a prerequisite that the coverage provided is directly linked to your tenure in that company.
Once you quit the job for any reason, the coverage is terminated automatically. However, in the case of personal health plans, you can continue the plan and renew it annually.
Number Of People Covered
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The health insurance policies provided by employers many times do not cover your dependents, and even if it does, the number is restricted to one or two.
On the other hand, some of the best health insurance policies in India offer you the option of covering health care expenses of your whole family. These expenses can vary from ambulance costs to covering post-hospitalization costs for up to 60 days.
Co-Pay Clause
Majority of the health insurance policies provided by employers contain a co-pay clause that most of us ignore. However, this is something that can prove problematic in the future.
Under the co-pay clause, the insurer only covers a part of the expenditure incurred during treatment while the rest has to be compensated by the insured. This reduces the benefits of having an insurance cover as the financial burden is not entirely eliminated.
However, private health insurance plans from reputed insurers may or may not have such a clause; thus, providing higher financial aid to you in time of need.
‘Summing Up’
While having an employer health insurance is beneficial, it should not be your only resort. It would be best if you analysed all the benefits and loopholes in the health plan provided by your company and then purchase a personal health policy to cover them.
DISCLAIMER: While we have taken steps to check the accuracy of information & practices shared here. The views shared here are of the insurance company Do check for the details before buying insurance or investing
