Why Individual Health Insurance Is a Must-Buy Over Corporate Health Insurance
Corporate health insurance, also known as group insurance, is a medical insurance plan that a company provides to its employees as a part of an employee benefits program. Such insurance plans offer the following benefits to the employees:
- Affordable Premium
Generally, corporate health insurance policies have an affordable premium as it offers limited benefits.
- Family Coverage
Most corporate health plans provide coverage to the employee’s immediate family members, such as spouse, children, parents, etc.
- Immediate Commencement
Corporate health insurance usually does not have a waiting period. Employees get health coverage from their date of appointment.
- Coverage of Existing Illness
Corporate health plans generally cover a set of existing diseases of employees from the first day of their joining.
While having a group insurance plan is beneficial for an employee, it may not be wise to rely solely on them for your health coverage. Instead, consider opting for separate health insurance irrespective of the coverage granted by a corporate plan.
Reasons to Buy Individual Health Insurance Over Corporate Insurance
- Long Time Coverage
A group health plan can provide health coverage as long as you remain an employee of the specific company. You can suddenly lose all your medical benefits should you decide to leave the job or retire.
Besides, what if you don’t get similar medical benefits at your new firm? Furthermore, the new firm might have a different policy of providing medical cover that you may not find adequate for your family.
On the contrary, an individual health insurance plan can actively cover you as long as you keep paying your premium without affecting your professional decisions of changing or quitting your job.
- Adequate Coverage
The health cover provided by a corporate health plan can sometimes fall short of providing adequate coverage to you and your family member. Furthermore, such plans might not provide you with the flexibility to choose the coverage amount as you don’t pay for them.
On the other hand, individual health insurance plans provide complete freedom to the policyholder regarding the sum assured amount he wants. Furthermore, the insured person can buy additional riders such as critical illness, accidental death, etc., as per his budget and requirements.
- Accumulation of Bonus
If you keep renewing your health insurance every year without any medical claim, you will get a no-claim bonus for each year passed without any claim. This bonus is accumulated in the form of higher coverage against paying the same premium amount.
Employees can derive significant benefits from corporate health plans, and such plans can provide you with relief about your family’s health. However, you should never ignore individual health insurance plans that provide you peace of mind regardless of your job status.
Besides, buying a health insurance plan at a young age can help you get higher coverage at lower premiums, indirectly aiding your retirement planning.
The best strategy is to have a personal health plan active while using medical benefits from your corporate plan. You can have the best of both worlds without any compromise.
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