Here Is Why You Need Your Own Health Insurance Even If Your Employer Has You Covered

These days, many companies offer their employees health insurance as one of their employment benefits. However, very few people actually go through the fine print of this company health insurance plan. Most just view the coverage as a good benefit to have and assume that they automatically get the same protection offered by a personal health insurance plan. Yet, this is not usually the case and you could end up getting surprised at the time of making a claim. To avoid being caught unawares, read on to understand why you need to have your own health insurance plan even if your employer offers you medical coverage as a benefit of your job.

Group health insurance plans generally offer a certain amount of coverage that extends to the employee and their immediate family members. The immediate family members are usually the spouse and children; some plans also cover the parents. The employee may be given the option of increasing this coverage by paying an added premium.

While the health insurance given to employees is indeed handy, it can often prove to be insufficient. Moreover, there would be many terms and conditions associated with making a claim. Most people are not aware of these clauses and tend to rely solely on their company-provided health insurance plan when they require treatment. Here are some reasons why depending 100% on your company-given health insurance plan can prove to be a mistake:

Inadequate coverage

The health insurance you get from your company is generally not enough to properly cover you and your family members. The sum insured can prove to be highly insufficient if you suddenly get diagnosed with a severe disease that results in prolonged hospitalisation. Thus, it would be advisable to have your own health insurance plan too in order to be able to fully protect yourself during a medical emergency.

High out-of-pocket expenses

Group insurance plans generally have many limitations that are expressed through caps on room rents, inadequate coverage for specific surgeries, and a possibly high co-pay.

Limited tenure

The moment you change employment, you lose the benefit of your company-given health insurance policy. And, your family members too lose their coverage temporarily. Now, you would need to check the terms of coverage offered by your new employer and make sure that it is enough. The uncertainty you face in between is not something you should have to go through considering how medical emergencies can crop up without prior warning.

A company-provided health insurance plan is a great back-up plan. For instance, it can serve to temporarily cover someone who has just landed their first job and is getting settled in life. But you need to immediately purchase your own individual health insurance plan or family floater plan for total protection. When you purchase your own coverage, you can truly customize your plan by choosing your own sum insured and adding relevant riders that can cover you. We each have our own unique health concerns and so, a group health insurance plan might not suffice to cater appropriately to your needs. Therefore, buy your own health insurance plan as soon as possible so that you can thoroughly secure yourself.

Take care and stay fit.