Most corporations offer health insurance plan benefits these days. They are extremely important as they offer a certain level of protection for both you and your family, from the employer’s pocket which only gets better the longer you stay in the company.
But, there are problems that could arise when you are solely dependent on just the corporate health insurance plan.
The standardised sum in employers’ health insurance policy leaves little room for flexibility. It is highly likely that your healthcare needs differ from the other employees in your organization. In an ideal scenario, the sum insured should be based on your age, lifestyle, family structure, medical history, and other such factors. While an employer’s health insurance policy does provide you with a cover, it might not align completely with you and your family’s requirements. Thus, in the advent of any unfortunate health emergency, you will ultimately end up breaking into your savings for the treatment and other expenses. This could leave you financially unprotected for the future and cause a lot of mental strain. If not planned right, health insurance could become a cost as opposed to a benefit that provides you with a financial safety net.
Secondly, an employer’s health insurance policy is only valid until the time you are employed. This makes it an extremely uncertain source of protection. When you quit your job, your corporate health insurance cover immediately ceases to exist. So, the period of time you spend in between jobs or on a break from employment, you are basically without any health insurance policy and open to great financial risk. If any unfortunate incident were to occur during this period, you would be completely unprotected.
The third reason is family health coverage. While some corporate health insurance policies cover dependents in your plan, the range of coverage that they offer might not be enough to include all your requirements, thus leaving you with inadequate protection against sudden health
The best way to work around this is to also take a personal health insurance plan parallelly with the right sum insured that fits all your healthcare requirements. This would ensure that you stay protected even if your corporate health insurance plan cannot cover your health expenses completely.
But if you think that maintaining two health insurance policies would prove to be a hindrance, you can stick to your corporate health insurance plan and take a top-up plan to meet your other requirements. This way you get more comprehensive coverage and all your healthcare needs are taken care of.
In the off chance that you leave your job, the portion of cover that was borne by your organization earlier will be deducted from your pocket.
Thus, it is advised that you don’t just depend on your corporate health insurance plan and do the wise thing by taking an additional personal health insurance plan, in order to ensure that you are never under-insured or left without health insurance coverage at any given point in time.