Is company health insurance enough for your family? Know why this plan can let you down in an emergency and how a personal health insurance plan can become your real shield
When you join a corporate job, you usually get a basic health insurance plan from the company. This plan does provide an initial safety net, but is it enough to cover the entire health and financial needs of you and your family? In most cases, the answer is no.
In a country like India where access to health insurance is still limited, relying solely on corporate insurance can be a risky decision. Let’s understand in detail why.
Coverage is inadequate compared to rising medical expenses
Insurance from the company often covers a limited amount. For example, a policy of ₹2 lakh to ₹5 lakh is common. But in today’s time, the treatment of a major surgery or a serious illness can cost much more than this.
With the increase in inflation and cost of medical technology, services like ICU, cancer treatment, organ transplant can cost lakhs of rupees. In such a situation, relying only on corporate plans can be dangerous.
The plan ends with the job
Company insurance lasts only as long as you are in that job. As soon as you leave the job, change jobs or the company lays off employees, your health insurance ends.
Now think, if a medical emergency arises at such a time, how will you deal with it without any coverage? This is where personal health insurance comes in handy, which has nothing to do with your job.
Lack of family coverage
Often corporate health plans cover only the employee or limited family members (such as wife and 2 children). But if your parents live with you, or you want more family coverage, you may be disappointed.
On the other hand, in personal health insurance, you can choose the complete family coverage according to your choice, which can also include in-laws or single parents.
Challenges of health insurance in India
Health insurance in India is still a matter of awareness. People stay away from it due to reasons like low access, high premium, hidden charges and GST. Even government schemes like Ayushman Bharat do not cover OPD (outpatient) expenses, whereas a large part of health expenses in India is incurred here.
Benefits of Personal Health Insurance
Comprehensive coverage: Your personal health insurance is not limited to just
hospitalization. It can also cover OPD, costly tests, chronic diseases and critical illnesses.
Unaffected by job change: Personal policies are not affected by your career movement.
Whether you change jobs, become a freelancer or retire, the coverage continues.
Tax benefits: You can also avail tax exemption of up to ₹25,000 (₹50,000 for senior citizens) under section 80D.
Riders and customisation: You can add riders like maternity, critical illness, daily hospital cash etc. as per your needs.
Health insurance for parents will also be available at a lower premium, follow these great tricks
