Corporate Health Insurance: The health coverage provided by the company to the employees is good, but it has some limitations. These limitations can make you vulnerable to the ever-increasing medical expenses.Corporate Health Insurance: The health coverage provided by the company to the employees is good, but it has some limitations. These limitations can make you vulnerable to the ever-increasing medical expenses.
Many employees believe that their corporate or group health insurance provides complete financial security, but this notion is not entirely true. The health coverage provided to employees by the company is good, but it has some limitations. These limitations can make you vulnerable to ever-increasing medical expenses.
Trouble can increase in a situation like emergency
Coverage caps, exclusions and higher medical expenses, especially during an emergency or long-term treatment, can increase the financial burden. Apart from this, corporate health coverage is linked to your job, which means that if you change the company, you may lose coverage. Experts believe that for comprehensive protection, those doing private jobs should also take personal health insurance along with corporate medical coverage.
Personal health coverage can be effective
Insurance experts say that it is a common misconception that corporate medical coverage provides complete financial security. While this is a beneficial option, private job holders may find it difficult to rely solely on corporate medical coverage, especially in case of insecurity in covering the ever-increasing medical expenses. In such a situation, personal health insurance can prove to be helpful, that is, it can make it easier to cover medical expenses.
Bhaskar Nerurkar, Health Admin Team, Bajaj Allianz General Insurance, explains that private job holders should not rely solely on corporate health insurance as it often has limited coverage. They may not provide adequate protection against critical illnesses or long-term conditions. Corporate plans often have coverage caps or exclude certain treatments, such as alternative treatments or modern treatments.
Bhaskar Nerurkar says that most corporate medical coverage works on a floater basis and limited protection is available for all family members. In such a situation, relying solely on corporate health coverage can be risky, which may leave you with a large amount of money when you need it the most.
Another significant drawback is that corporate health coverage is linked to your job. If you leave your company, you may have the option to continue the plan but may have to pay higher premiums in return. Also, coverage under a group medical scheme (GMS) may be limited, while personal health insurance offers personalized coverage and benefits tailored to your specific needs. This is especially important as it may be difficult to find a new plan that covers pre-existing medical conditions.
Also, many corporate health insurance plans have high deductibles and co-pays. This can make it expensive to receive medical care, even if you have insurance. The cost of each doctor visit or prescription can add up quickly, increasing the financial burden.
Consider getting personal health insurance along with corporate coverage
To avoid these problems, combining your corporate health insurance with an individual or family plan can help you get maximum coverage. It offers more comprehensive coverage and more flexibility in your healthcare options. You can choose from a wide range of healthcare providers and gain access to specialized care or treatments that are not covered by your corporate plan.
Personal health coverage also offers more predictable and affordable out-of-pocket expenses, such as lower deductibles and co-pays, making it easier to budget for healthcare. Combining your corporate health coverage with personal medical coverage ensures that you have adequate protection and can get the care you need without financial stress.
Corporate health coverage fundamentally offers valuable protection. However, it is important to recognize its limitations. Combining it with an individual top-up or family plan empowers you to make the right decisions about your healthcare and financial well-being. This proactive attitude helps you avoid unexpected medical expenses, reduce financial stress and enjoy peace of mind knowing you have financial protection for yourself and your family.
