When it comes to health and wellbeing, unforeseen events can disrupt our life. While there is nothing that you can do to avoid these challenges, it is best to be prepared for them with adequate health insurance cover.
Most people feel secure that the organisation they are working for has a health insurance scheme. It creates a sense of protection wherein yours and your family’s medical expenses are taken care of in case of emergencies. As good as that may sound, relying on your employer’s health scheme is not enough.
If you don’t believe us, read the reasons we’ve enlisted. These will help you understand why your employer’s health insurance policy should not be the only health plan under your name.
- What if you are in between jobs?
Well, it is common for people to quit their existing job before they find another. However, when you quit your current organisation, you are also letting go of the employee benefits offered by your company. And it includes health insurance coverage.
That means you have no health insurance under your name until you find another job where they offer this facility. Now, imagine if your health degrades while you are in between jobs. The treatment and hospitalisation expenses will fall entirely upon you, which will depreciate your life savings.
Hence, it is always best to buy an individual health insurance plan, like the one offered by Bajaj health insurance, in addition to your employer’s health policy.
- Minimum Coverage
Employer’s health insurance policies do not provide extensive coverage. At times, some companies do not even extend medical coverage to family members. So, when any of your loved ones requires sudden medical attention, you need to take care of the treatment and hospitalisation cost by yourself.
On the other hand, if your employer’s health scheme does extend coverage to the family members, do you think the coverage will be sufficient? Considering the medical costs in India, certain healthcare facilities are expensive. What will you do if your employer’s health insurance plan falls short in such situations?
- No coverage post your retirement
Your employer’s health scheme will cover you only until the time you are working with the organisation. If you retire or leave the company, the health insurance coverage is terminated. Considering you will attain retirement at the age of 60, planning to buy a health insurance policy at that age can be very expensive. You can use the health insurance premium calculator to determine the same well in advance.
The Bottom Line
Therefore, it is best to buy a separate health insurance plan in addition to your employer’s health scheme. That way, if you ever fall short on coverage, leave your job, or retire, you will have a personal health plan to take care of yours and your family’s medical contingencies.
While you are at it, make sure that you do extensive research before buying health insurance plans. The policy you choose should be affordable and cover yours and your family’s medical needs.
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