Corporate health insurance or employer health insurance plan is a very lucrative plan offered by many companies for their employees. They not only provide coverage to the employees but their families too. However, there is a catch. If you look at the financial assistance such plans can provide, they are much lesser than the sum assured for the pool. Let’s see if your employer health insurance plan is enough for you.
- Coverage is Limited
It is very common for companies to offer health insurance plans to their employees. It is a way for the companies to show that they care for the employees. However, when it comes to Group Health Insurance provided by the employer, the chances are that your cover will be reduced as soon as there is any financial downfall in the company. So much so, you may end up with only Rs.2 lakh cover for the whole family of four or five. In case of a significant medical expense, such cover will not be enough for you. If anyone in your family has any history of critical illnesses, such cover will not provide you with ample security. Thus, it is essential to have an individual health insurance cover as well.
- Coverage ends with the job
The world is going through economic uncertainty. There is no way to be definite that you are going to maintain your job or position in the company you work for. In case of your employment ceases, the medical insurance coverage will terminate with it. At that time if you do not have a single health cover, you will be left without any health insurance plan. Any medical emergency at the time, be it a major or minor, will result in a significant setback in terms of savings. A critical disease may end up putting you under heavy medical bills worth lakhs. Without any job or medical insurance cover, it will be next to impossible for you to pay these bolls. Thus, you mustn’t just rely on the health coverage provided by the employer, and you should get an individual one for yourself and your family as well.
- Customization is not possible with corporate health insurance
In many companies, corporate health insurance cover has become mandatory for the employees. Though it is a decent method to ensure the employees stay in good health, the employees do not have much choice in choosing the coverage. There are riders available, but in most of the case, they will not suffice. The employees cannot modify the illnesses covered or make any change in the number of dependents. Also, it is not possible to increase the sum assured incorporate health insurance policy. Thus an employee needs to opt for an additional individual health insurance plan.
- No health coverage after retirement
One of the significant drawbacks of corporate health insurance plan is that once you retire from your job, the health cover will cease. In such a case, if you try to get an individual health cover plan for yourself, it will be challenging as you have to go through the process of getting a health cover for senior citizen. It will cost you more than what you would have been paying if you had an individual health cover plan. Also, there will be a waiting period that may extend to up to five years if you have an existing ailment.
There is no denying the fact that there are several benefits of corporate health insurance plans. However, it is not wise to rely just on the health coverage provided by your company. To make sure you and your family have ample protection for any medical emergency, it is wise to have a single health cover along with critical illness cover.