Is my corporate health insurance enough?

Many corporates nowadays provide their employees with a health insurance policy. These policies are bought as group insurance policies with the same coverage provided to each and every employee. Many people think of this insurance as enough to provide them protection in case of any emergency. However, that is not the case. There can be situations where the corporate health insurance policy may prove inadequate to meet your requirements. This is why it is important to buy another policy apart from the corporate health insurance policy. In this article, we look at some of the reasons why you should buy a separate health insurance policy from your corporate health insurance:  

·        Inadequate policy: The most obvious drawback of trusting one’s corporate health insurance blindly is that it is not customized for every employee. The employee accepts a generalized health plan that may not account for some of the diseases he/she may be affected by. Also, the parameters like

·        There is also a possibility that the insurance company selected by your organization may not cover a particular disease in the core protection or as an add-on.

·        Job change and resignation: Another complication occurs when a person changes their job and assumes he/she is still being protected by their corporate insurance policy. This is a wrong assumption as the corporates stop paying premium once the employee leaves the organization. So, the individual is completely unprotected by any insurance until the time they buy another health insurance policy. Any medical emergency during this period will have to be bear by the person from his/her own pocket. Another health insurance policy bought besides the corporate policy becomes very useful in this situation.

·        Post retirement problems: Probably the worst case situation happens when a person is retired still assuming their corporate policy is protecting them. Again, this is a false assumption because many such policies stop protecting the employee after retirement. The individual is left without any protection for any medical emergency at an elderly age. The person also does not have an option of buying a health insurance policy because at such a senior age, the premium amount becomes too high and also the number of policies that a person can buy becomes very limited. Most of the insurance companies do not provide insurance to people in their 60s. A healthinsurance policy bought in their youth would be immensely helpful at this time and would save the individual from any financial dilemma in such a situation.

So, as we saw in this article, there are many situations when a person’s corporate health insurance policy fails to protect him or her from a medical emergency which is why a person should always have another health insurance policy for additional protection. We hope this article was helpful to you and gave you a new perspective to look at the way you buy your health insurance policy. Have a great day!