If you are a salaried person, then in all probabilities you must be having your employers’ health insurance plan which must be covering you, your spouse, children and parents or some of them. It is true that some of the best things which an employer health insurance provides are that it’s easily available without any limitations and restrictions. In group health insurance, you will get it even if you have any pre-existing illness cover without undergone any medical test with higher age, say 80 years.
But a lot of employees do not want to take a separate health insurance plan from health insurance companies and just want to continue their employer’s group health insurance cover as it looks most affordable Health Insurance to them. It must be noted that affordability does not mean that you are paying lower premium and acquiring all benefits and getting adequate sum assured. By paying lower premium with partial core features could result in a disaster as outlined. Despite having good reasons, one should also consider an individual health insurance plan.
Limit on Maximum Sum Assured
Most of group health insurance companies are capped on maximum sum assured say, Rs 2 lakh, 3 lakh or Rs 5 lakh carry with some co-sharing clause. Ask if it is enough for you? Is it something which can support you in case something goes wrong! Don’t see that you have a health cover, look at the quantum of the health cover?
Heavy Co-sharing Clause in case of Parental claims
It’s something which has already started in many companies. Earlier parents were part of the employers health cover, but these days a lot of companies have started carry with heavy co-sharing on every claim say 30%, 40% or 50% of claim which would have to bear by the employee in case of his/her parental claim. Moreover, some companies are also excluding parents from the health policy provided to the employees. If this happens then anyways you need to cover your parents with an individual health insurance plan.
Not Getting Bonus on free claim year
Group health insurance premium is decided on the previous years’ claim ratio which would definitely go on higher side year on year basis irrespective the fact of your individual free claim year. It implies that you would always be deprived from accumulated bonuses which are to be added in your sum assured; even you have claim free years year on year basis.
Will it help you in retirement?
Your employer could provide a good health cover up to at your retirement age say 58 or 60 years. But, you need an additional health insurance when you are above 60 years, there are higher chances of health complications and more can go in medical expenses. Things like life time renewal and no co-pay in later years should be sought and buy the plans, be sure that either you will not get it or you will pay in gold!
Conclusion
The employer group health insurance cover is a cover which is linked with your employer and it’s so tied with your company. You should aim at having at-least one independent health insurance plan in your life in addition to company health insurance for your rainy days.
No comments:
Post a Comment