Working Professionals & Employees in Corporate rarely think of personal health insurance as they are mostly covered under the Group health Insurance Schemes provided by their Employer. As health cover is offered as perquisite or benefit attached to their job contract. They always have a thought process that taking a personal health insurance policy, which is separate from group health insurance scheme, is an unnecessary financial burden. But before reaching some conclusion, one should consider the following scenario:
Check Terms & Conditions of Group Health Insurance-
One should thoroughly check benefits, terms & conditions in the group health insurance policy offered by the employer. Also, check whether the employer is providing an optimum level of coverage in the group health insurance or not.
Are you Married to your Company?
In today’s scenario, where the employee switches the corporate very frequently, it becomes necessity to get covered in personal health insurance policy separately, as no health cover would be available to the employees & their families between the period leaving old company & joining new company.
Also, there is less job security in most private corporate, which further increases the need of a separate personal health insurance for the employees & their families.
Little Scope Left for Financial Planning-
Personal health plans are easily and cheaply available at the young stage of life. As you grow older and realize the need to buy personal health insurance, the plan becomes expensive which further affect adversely to your pocket. Also, in the later stages of life, the chances of illness/disease (diabetes/hyper-tension/thyroid etc) are high, which further decreases the probability of getting personal health coverage or the Insurer may proceed to provide health insurance coverage after addition of monetary loads which further increases the cost of insurance.
So, it becomes essential to opt for a personal health insurance policy for self and family. Group health insurance plans should be considered as secondary or additional coverage to personal health insurance plan.
- Also Read: Health Insurance: Do you really need it?
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