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Is corporate health insurance enough for you and your family?


When someone talks to you about your investments and finances, you have your answers ready! You have done all the research on what is right for you and how to select the right avenues. But when someone asks you about your health insurance plan for your family and yourself, often your answer is, ‘Why do I need one? My employer covers me and my family under their corporate health insurance plan.’

Most of us relate to this and you might wonder what is wrong with this line of thought? Well, technically nothing! However the integral part to know is whether the corporate health insurance plan is enough for you and your family. First of all let us understand the benefits of corporate health insurance plans:

  • Offer coverage with none or minimum cost.
  • Employees get covered from the day one of joining.
  • Offer cashless facility and direct settlement of bills with the hospital.
  • Offer to cover pre and post-hospitalization charges for a specific period.
  • Some policies may offer maternity benefits.
  • Extended cover for certain critical ailments above hospitalization benefits.
  • Some policies may provide cover for pre-existing diseases after payment of extra premium.
  • Some of the optional benefits include waiver of waiting period, first year exclusions besides reimbursement of ambulance charges among others.

Now that we know the benefits, let us understand the shortcomings of corporate health insurance plans:

Restricted customization plans: Given that you have a medical history, you cannot customize your cover to accommodate for the same. The disease you might be prone to may not be covered under the plan.

No guaranteed continuation of the plan: You are insured only till the time you are associated with the company. The moment you stop working for them, your coverage will cease.

No insurance after retirement: Once you retire, your corporate health insurance plan will not cover you. You will have to look at individual health plans which becomes more expensive at that age with higher premiums.

Little scope for planning for future: Corporate health insurance are suitable for routine and ordinary health problems. To truly plan for the future, you need an individual health insurance plan that offers lump some benefits at very lenient terms and conditions.

Less coverage amount: These plans generally give a coverage of 2-3 lakhs only. This is not enough to protect yourself and your family from the soaring medical expenses of today.

Keeping in mind the shortcomings of corporate health insurance plan, you must look at individual or family floater health insurance plans to safeguard yourself and your family. If you are in need of a complete health insurance plan, you can look at Bajaj Allianz Health Insurance Policy. It is one of the most holistic health insurance policies in India with easy online buying, 24×7 assistance, quick claim policy, free claims from more than 6000 reputed hospitals and easy reimbursement policy.

Even though you have a corporate health insurance plan, it is always advisable to safeguard yourself and your family with another health insurance policy for complete cover and peace of mind for future.  Get insured with Bajaj Allianz’s Health Insurance Policy today!

 

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Published on:8 Nov, 2019

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