corporate insurance plan insufficient

3 reasons your corporate health insurance plan may not be sufficient

Corporate health insurance plans offer multiple benefits to employees and employers alike. While it may relieve the workers of the unnecessary stress caused by the very idea of outrageous hospital bills in the event of unforeseen ailments and accidents, it also brings a sense of loyalty for the employer in the minds of employees. These plans help an organization in attracting talent and offer incentives for them to retain their position.

Considering all the benefits, corporate health insurance plans seem a little too good to be true, right? Well, given their coverage, they might not be as good as they look for the employees. Here is why. 

It is a common phenomenon for people to research for days and compare multiple policies before finalizing an insurance plan. After all, wouldn’t you want the best for you and your loved ones if you were to invest in your health? You’d have to make sure that it is the best-suited plan specially tailored to suit your expectations and demands. The plan should cover all the members of your family and must also address their additional needs like certain pre-existing medical conditions.

You would also have to research if the plan covers pre and post-hospitalization expenses and if there is a co-payment feature in the policy. There would be a need to read and understand the terms and conditions thoroughly. Why then would you choose to protect yourself with a plan without understanding if it is the best protection you can get against the raging hospital and medical bills? Listed below are three reasons why your employer’s policy may be insufficient to meet the needs of your medical expenses. 

  1. Your health insurance plan should not be as transient as your job.

One of the significant reasons that corporate health insurance policies prove to be insufficient to meet an individual’s healthcare needs is the protection offered by such policies is based on certain terms and conditions that you wouldn’t otherwise have to face in a comprehensive health care plan bought for yourself. All these terms and conditions make you too dependent on your employer for even your most basic healthcare needs. 

For example, you might not qualify to be protected under your employer’s health insurance policy if you decide to quit your job. The status of your employment should in no way affect how you meet your health care needs. Therefore, it is advisable to find out more about any such conditions that could later prove to be disastrous for your hard-earned savings, especially when they may end up being the only way you finance your medical expenses.

Moreover, you may also lose your claim to your employer’s health insurance policy if the company decides to change its policy or if you retire. This dramatically increases your dependence on your employer, which might come in the way of you being able to chase your dream of quitting your job on your own terms. This is why it is a wise decision to buy a comprehensive health cover for you and your family that will not make you dependent on the health insurance policy provided by your employer.

  1. Corporate health insurance policy is not made to suit you/your family’s unique needs.

Unlike comprehensive health insurance policies that you can customize according to your unique needs and after considering any pre-existing or hereditary medical conditions present in you or members of your family, corporate health insurance policies may not give you the same amount of leeway to select a policy that best suits your needs.

A corporate health insurance policy might not be the best choice in case you want to cover all of your family members. You have to check if the policy provided by your employer allows you to protect your spouse, children, and your parents. If you have elderly members in your family, it is advisable to buy a separate health insurance policy for them.

Moreover, there are certain features of health insurance plans that everyone must be aware of before getting a policy. By choosing to stick with only your corporate health insurance plan, you may not be able to decide essential aspects in your policy like the co-payment option. You might also not be able to choose other elements of the policy that may be important for providing you comfort and convenience like room-rent limits or choose a hospital of your desire. These policies can place several restrictions on you getting the proper medical attention without worrying about outrageous hospital bills and other expenses related to your ailment.

  1. The lower the cover amount, lesser the number of claims you can make in a year

Usually, corporate health insurance policies have a sum insured between 2 to 5 lakh rupees. Considering the medical inflation present in today’s times, this might not be enough to cover even a fraction of the costs incurred from long periods of hospitalization due to a sudden ailment or accident. Even if somehow you are able to cover the cost of medical expenses incurred due to a misfortunate situation with some help from the corporate health insurance plan, you will not be able to afford any other medical emergency with you or your family members.

Once you exhaust the cover amount offered by your policy, you would have to be extremely cautious of any hospital trips and other situations that put you at the risk of putting a dent in your hard-earned savings. Misfortunes don’t knock before arriving, and in this world, no one is entirely safe. Therefore, it is always advisable to cover all your family members with separate policies and not rely on your corporate plan alone to pay the hospital bills in case more than one person ends up ill or injured.

You need more than just corporate health insurance plans

While corporate health insurance plans seem like an attractive alternative to paying the premium of a comprehensive health insurance policy, it is imperative to note that they should only add additional security for you in case of a misfortune situation. It is vital not entirely to rely on such a policy alone. 

Moreover, these covers will also not be sufficient to aid you and your loved ones in battling critical illnesses like Cancer and Cardiovascular diseases (CVDs). Cancer and CVDs are the two leading causes of death worldwide. With an increase in the popularity of sedentary lifestyles among the population, poor choices like unhealthy eating habits further enhance your risk of getting these life-threatening disorders.

Suppose you feel at risk for any such medical condition. In that case, it becomes necessary for you not only to ditch your corporate health insurance plan for a comprehensive health care policy but also to buy a dedicated policy specially designed for those who may develop cancer or heart disease. These policies are cheap and offer multiple benefits such as full payout on diagnosis of the condition against which insurance was taken and allowing you to choose a hospital of your choice. It is also advisable to buy a personal accident insurance policy if you live an adventurous lifestyle, or live in any metropolitan city! 

After all, we do not know what challenges life may throw at us, but that should not stop us from taking any necessary precautions against them.

Corporate Health Plans

What are the most important factors I must consider before buying health insurance?

There are many essential factors you must consider before buying any health insurance plan, such as making sure if the policy covers pre and post-hospitalization expenses. You should also know about the network of hospitals that the policy allows you cashless access to as well as the process you’d have to go through in case you want to claim the sum insured. Ultimately, it would help if you chose a policy that best suits your needs and understands all your pre-existing medical conditions as well. Your health insurer should make your life easier, not the other way around.

What happens if I get admitted to a hospital that does not belong to the network of hospitals specified under my policy?

If you have been admitted to a hospital due to an emergency and realize that your hospital is a non-network hospital, don’t worry, you will still be eligible to use your health insurance plan, but this would only be on a reimbursement basis; not on a cashless basis. Your insurer would only reimburse your expenses, and cashless treatment would not be possible. For more information about this topic, you would have to understand the terms and conditions of your policy deeply.

Do I need a health insurance policy?

A health insurance policy is one of the most important investments you can make for yourself and your future. It will safeguard your savings from any accident or ailment that you may suffer from. It is advisable to buy a policy not just for yourself but for your family as well.
Adversities can strike anyone, anytime. Therefore, you must seriously think about getting adequately insured.

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