One of the widely known employee benefits in India is Corporate Health Insurance. It proves to be beneficial for both the employer and employees. By offering medical coverage, a company ensures to keep its employees happy and retain them while also getting tax benefits. Similarly, such benefits, apart from one’s salary, provide a person peace of mind when it comes to managing medical expenses.
Corporate health plans are undoubtedly beneficial, but they have certain limitations that must be clearly understood. Such policies will terminate if you leave the company. So, if you are switching jobs, then not having health coverage during the transition period can be a difficult situation. It is quite right given that a medical emergency can occur unexpectedly. Therefore, one should have a back-up plan, and opting for an individual health insurance policy is a sensible move.
The Pros and Cons of Corporate Health Insurance
A corporate health insurance plan covers an employee and family members, including spouse and dependent children. Usually, there is an option to add parents to the cover. It is undeniably crucial financial support for a family that can hope to secure its finances during unforeseen events like hospitalisation. Further, there are no specific conditions like a waiting period for pre-existing illnesses, which makes it hassle-free for the insured persons.
Despite these benefits, there are limitations besides the fact that the policy will remain valid only until a person is employed in that company. One cannot depend on employee health insurance plans for their retirement. Secondly, the policy cannot be customised. An individual who has to meet high medical expenditures may find the fixed sum insured in such plans insufficient.
Individual Health Insurance Provides Financial Cushion
The need for a health cover is more as a person ages, as health risks become higher. Thus, an individual health cover is much reliable support for retirement, compared to employee health insurance, owing to the option of lifelong renewability that ensures continued coverage.
If one considers the points mentioned above, it is apparent that having a separate health cover as an additional cushion is crucial. Medical expenses are not limited to just hospital bills. Unlike a corporate health policy, a personal health policy will give you comprehensive protection for a host of medical expenses you might incur apart from treatment costs in a hospital. Also, you get the option to customise such plans and get coverage depending on your specific needs. It is undoubtedly beneficial since every family has different healthcare requirements.
Moreover, investing in a personal health cover as early as possible can save you in the future. If you delay buying an individual health policy, and during this time, you are diagnosed with an ailment like hypertension, then it could become challenging to get affordable coverage under a regular health policy. It is because health policies typically come with a higher premium and waiting period for pre-existing illnesses. Getting a health cover after you reach a certain age becomes challenging, and you may have to go through procedures like medical check-ups.
>> Click to Know: why is individual health insurance policy better than corporate health insurance in Hindi (व्यक्तिगत हेल्थ कवर और कॉर्पोरेट हेल्थ इंश्योरेंस में अंतर)
To Sum Up
In India, a majority of the families depend on their savings or employer-provided health policies. The number of people covered under individual health insurance plans is still low, and there is a need for greater awareness. The growing burden of ailments and rising healthcare costs point towards the need for having adequate medical insurance coverage. Buying an individual health plan comes with a lot of benefits apart from hospitalisation cover. Such policies will also offer benefits like:
- Cover for pre-and-post hospitalisation medical expenses
- Annual Health Check-ups
- Ambulance Cover
- No Claim Bonus
- Automatic Recharge of Sum Insured
Having a separate health cover is the best way to achieve your financial goals and safeguard the future of your near and dear ones.
When it is about protecting you and your family from a financial burden, choose the best health insurance policy. Visit the website of Care Health Insurance and selecting a plan depending on your individual or family needs. Choose ‘Care’, which is a comprehensive family health cover and avail cashless treatment facility at over 21,100+ cashless healthcare providers.
>> Also Read: Does Health Insurance Cover Treatment of Genetic Disorders?
Disclaimer: Plan features, benefits, coverage, and underwriting of claims are subject to policy terms and conditions. Please refer to the brochure, sales prospectus, and policy documents carefully.
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