Why should you buy personal health insurance even if your employer covers you under a group policy?
When it comes to investing and finances, we have our list ready! We’ve done our homework on what’s best for us and how to choose the best paths. But when it comes to selecting the finest health insurance policies for our families or ourselves to preserve our funds, and someone confronts us about it, we frequently respond, “Why do I need one? My company’s corporate health insurance policy covers myself and my family.”
The majority of us may identify with the predicament of having workplace health insurance coverage. And you could be wondering, what’s the problem?
Technically, there is nothing. However, the crucial question remains: “Is it adequate to protect your family’s health, or do they require another health insurance policy?”. And it is precisely this issue that we will address in our simplification effort.
A company health insurance coverage or a mediclaim policy is unquestionably advantageous. Why? Simply because it provides you and your family with some level of security at your employer’s expense. And the employer ensures that the extra advantage of an employer’s health insurance will result in higher employee retention.
However, there is an issue with relying only on a workplace health insurance plan.
To begin, the employer’s health insurance policy includes a standardized Sum Insured for all employees and their dependents.
However, your requirements may differ from those of the other employees. Your age, life stage, family structure, lifestyle, medical history, and other factors should ideally determine the appropriate Sum Insured. Depending on your and your family’s needs, a normal employer’s health insurance coverage may not fully protect you when you need it.
Let’s uncover the Top 5 reasons why you should invest in your personal health insurance.
-
Coverage Limits:
One of the main reasons why it may be beneficial to consider purchasing personal health insurance is that group policies may limit the amount of coverage you can receive for certain medical expenses. For example, a group policy may only cover a certain number of doctor visits per year, or it may have a cap on the amount of coverage available for prescription medications. In the event of a major illness or injury, these coverage limits may not be sufficient to cover all of your medical expenses, leaving you with significant out-of-pocket costs. By purchasing a personal health insurance policy, you can ensure that you have the coverage you need to fully protect yourself in case of a serious medical condition.
-
Portability:
Another key advantage of personal health insurance is that it is portable and stays with you regardless of your employment status. Group policies, on the other hand, are typically tied to your job and may not provide coverage if you change employers or retire. This can be particularly problematic if you have a pre-existing medical condition or if you need ongoing medical care that requires a specific network of providers. By purchasing personal health insurance, you can ensure that you have continuous coverage and access to the healthcare providers you need, regardless of your employment situation.
-
Pre-existing Conditions:
Some group policies may not cover pre-existing medical conditions or may limit the coverage for them. Personal health insurance can provide coverage for pre-existing conditions, ensuring that you are protected in case of a serious medical condition. This can be particularly important if you have a chronic condition that requires ongoing medical care or if you are at risk of developing a serious illness in the future.
-
Gap-Filling
Personal health insurance can help supplement your employer-provided coverage to cover medical expenses that are not fully covered, reducing out-of-pocket costs and providing greater financial protection. Additionally, having a personal policy can give you access to a wider range of medical treatments and services that may not be covered by your group policy. This is especially useful for those with high out-of-pocket expenses or dependents who need comprehensive coverage.
-
Dependent Coverage:
Group policies may not cover your dependents or may have limited coverage for them. This can be particularly problematic if you have children or other family members who require ongoing medical care. Personal health insurance can provide comprehensive coverage for your entire family, ensuring that everyone has access to the healthcare they need.
Final Thoughts
In conclusion, it’s important to recognize that while group health insurance provided by your employer can provide us with some financial protection, it may not cover all your healthcare needs. Personal health insurance offers an additional layer of coverage, which can fill gaps and provide greater financial protection. This level of customization allows you to ensure that you and your family have access to the right medical care without having to worry about the limitations of a group policy.
Personal health insurance is a crucial aspect of your financial plan that deserves careful consideration. Talking to a licensed insurance professional can be a great place to start, as they can help you understand your unique coverage needs and find a policy that fits your budget. Don’t wait until you’re caught off guard by unexpected medical expenses – take control of your health today by comparing health insurance plans that work for you!
Remember, it’s better to have it and not need it than to need it and not have it. Invest in your health today and enjoy peace of mind for tomorrow.
