Why is Standalone Health Insurance Essential in Addition to Group Medical Plan?

HEALTH INSURANCE


why is standalone health insurance essential in addition to group medical plan

The last two years of the pandemic have taught us the value of health insurance, more than ever. Yet, many people – especially young professionals – still believe that the employer’s group medical insurance is enough to cover emergency expenses. While corporate mediclaim policy is a valuable benefit to support employees during health emergencies, it may not provide as wide coverage as a separate, individual health policy.

In this article, let’s try to evaluate the benefits of a standalone health cover and group mediclaim for young and working professionals. 

What is the Difference Between a Standalone and Group Medical Insurance?

Standalone Health Insurance

Group Health Insurance

A standalone or individual health insurance policy is one that provides health and financial security to a single policyholder. Under a standalone policy, the individual policyholder has the entire sum insured coverage for himself. Also, the policyholder bears the entire premium and is eligible for health coverage according to the policy terms & conditions.

Group medical insurance is designed for the employees of an organisation to support their unexpected medical emergencies. Given a large number of employees, a group or the corporate policy has a common set of medical benefits offered to a group of employees. The premium of a group plan is deducted from every employee’s monthly payout individually.

5 Reasons to Opt for Standalone Health Insurance in addition to Group Mediclaim

With the rising healthcare expenses, a group mediclaim often falls short to provide adequate coverage to an individual. More so, if you wish to cover your family members under the same group plan, it becomes difficult to meet their personal medical needs.

Below are the top five reasons why a group mediclaim alone isn’t sufficient and how a standalone plan provides better security:

Rising Medical Expenses

Medical inflation is hitting an all-time high with almost 8% year-on-year increase in medical treatment costs, medications, doctor’s consultation fee, and more. The shooting healthcare costs are compelling people to avoid hospital visits and delay critical treatments.

Given the uncontrollable medical costs, corporate mediclaim is bound to fall short of funds. Without an extra cushion, you might end up paying hospital bills from your own pocket. That’s why it is imperative to secure yourself with optimum coverage with an additional standalone health plan.

The Need for Lifetime Coverage

A group mediclaim might offer adequate coverage but that too for a limited period. The group policy will lapse as soon as you leave the organization. Given the instability, you cannot rely on corporate cover to receive lifelong health and financial security. 

On the other hand, a standalone health cover offers a lifelong renewability option for all insured members covered on an individual basis. Also, you can easily port your standalone coverage from one policy/insurer to another without losing out on the accumulated benefits.

>>Click to know all about Mediclaim Policy in detail.

The Ease of Customisation 

Given the high employee strength, organisations find it difficult to customise corporate health plans according to employees’ personal health needs. That’s the reason why an employer’s mediclaim often fails to meet the healthcare needs of the employee and his family. 

With a standalone health cover, you can enjoy comprehensive benefits like pre and post-hospitalisation expenses, No-claim bonus, OPD/ Day Care treatments, ambulance cover, critical surgeries, etc. What’s best, you can customise a standalone cover with optional benefits like a co-payment waiver, unlimited automatic recharge, maternity cover, and more. 

At Care Health Insurance, we ensure that your individual health coverage meets your personal healthcare needs with customisable benefits. Our policies offer a slew of optional benefits like:

  • Global coverage
  • Unlimited automatic recharge of sum insured
  • No claim bonus super
  • Reduction in PED waiting period, and more. 

With a slight increase in premium, you can easily customise Care Health Insurance Plans for yourself and your family members. 

The Benefit of Value-added Services

Besides the comprehensive base coverage, a standalone cover also offers unique healthcare and non-medical benefits missing in a group medical insurance for employees. For example, Care Health Insurance Plans offer valuable health benefits like:

  • Annual health check-ups
  • Domiciliary hospitalisation expenses
  • No Claim Bonus
  • Organ Donor Cover
  • Alternative Treatments
  • Second Opinion
  • Care Anywhere, and more

These benefits enhance your coverage while lowering your burden of medical expenditures significantly. 

>>Check: Difference Between Group and Individual Health Insurance

Should You Opt for a Standalone Cover in addition to Your Corporate Cover?

While standalone health insurance offers wide coverage, it also entails a higher premium than corporate plans. Also, the standalone insurance premium rates increase with time, given multiple factors like the policyholder’s age, sum insured, location, etc. 

Apparently, group mediclaim provides some relief from the medical expenses arising due to an emergency. Yet, it fails to meet the diverse healthcare needs of an employee and his family. That’s why it is indispensable to opt for an individual health cover in addition to your corporate mediclaim to ensure complete safety during medical contingencies. 



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