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You Think You’re Safe with Your Employer’s Health Insurance? Think Again!


Nilesh was extremely happy. Apart from getting a hefty salary, his employer was also providing health insurance. So when his financial advisor suggested that he take health insurance for himself and his family, he refused to pay any heed to the advice.

Unfortunately, a few months after, his father was rushed to the hospital due to a stroke. He then realized that the health insurance plan offered by his employer did not cover his parents. The treatment cost was huge and it had burnt a huge hole in his pocket.

A corporate health insurance plan is meant to protect the employee from the burgeoning medical costs. In most organizations it is mandatory for employees to opt for this, and a certain amount of money is deducted from the salary towards this policy. The benefits of this policy can be availed when the employee or any of the covered family members are hospitalized. Although your employer provided health insurance may be the most affordable, it is not necessarily the complete solution for your health care needs. Here are some reasons why.

5 Reasons Why Your Corporate Health Insurance is NOT Enough

1. Your Employer May Make Changes to Health Benefits

Corporate health insurance is a perk that most companies provide. Your company may decide to make certain changes to the policy or modify it. In such case you might suddenly realize that you are left without sufficient cover against many diseases

2. Your Corporate Health Insurance May Not Offer Sufficient Coverage

Not many employees bother to check the benefits offered by their employer. Companies may introduce restrictions on health covers to cut costs. Suppose you want to make more than one claim in a year, you may have to pay out of your pocket if your corporate health insurance is exhausted.

Moreover, your employer-provided insurance will cover hospitalization only. But what if you were to suffer from a critical illness like a heart disease or cancer? The corporate insurance plan will not cover the high costs of treatment. This is why you should supplement your health insurance with a critical illness plan or a top-up cover.

3. Employer’s Health Insurance May Not Cover Your Parents

Employer provided health insurance usually covers employees, their spouse and children. The cover does not extend to the parents. So when your father or mother is hospitalized, you will have to pay out of your pocket and lose all your hard-earned savings. This can be avoided if you have a family floater policy or a separate senior citizen policy for your parents.

4. You Lose your Job or are Between Jobs

There are many people who suddenly find themselves without health insurance when they are switching jobs or when they lose their job. A medical emergency at that time can topple your budget completely.

5. You Do Not Have Health Cover After Retirement

You have worked for corporates all your life and availed health insurance offered by the company. But what do you do when you retire? Buying health insurance in old age is not easy. Although insurance companies do have senior citizen plans, you may have to undergo medical tests, pay additional premium for pre-existing diseases and be subjected to compulsory co-payment features.

While there is no problem in availing inexpensive health insurance offered by your employer, you should take a standalone health cover which will help you in times of need.

There are different types of health insurance policies to suit individual needs. To find the best cover for yourself, check out our health insurance plans.

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Published on:25 Aug, 2015

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