A health insurance policy offered by your employer is a sure attractive perk. At low premium rates, and easier terms, a company mediclaim policy is a good deal, to help you meet your medical emergencies. But is this benefit actually sufficient enough or, do you have to look beyond? Here is some food for thought.
- Amount of cover- What is your requirement?
The amount of health cover you would require is governed by various factors. Your financial condition, outstanding loans and liabilities, your life stage and the number of dependents you have. You would have to look into all these factors when determining the amount of health cover you would require. On the other hand, your employer provides you with a health cover based on your grade/rank as per the company’s employment policy. Hence, the sum assured may often seem to be inadequate. This is one strong reason, to opt for a separate cover with a higher sum insured, that would cover you and your family adequately.
- Restrictive in Nature
Health plans offered by employers are group insurance policies. These are health plans offered under group insurance schemes for the benefit of employees. Thus very often we find such mediclaim policies tend to be restrictive in nature. Most company offered policies, may not cover family members at all or, may restrict the number of members. Dependent parents may not be included. In such a scenario, it becomes vital to opt for a more comprehensive policy over and above what is being extended to you by your employer. From maternity health care for your spouse to medical expenses of dependent parents, a comprehensive policy has a wider scope of coverage.
- Transition- Job Change or Layoffs
Your employer covers your medical expenses for as long as you are employed in the company. So what happens during the transition period between jobs? As your company mediclaim policy would cease to exist once you quit, you would end up being unprotected. Any medical expense during this period would be solely borne by you. Thus having an additional policy would come in handy during such times giving you a health cover at all times. Besides, there is a possibility of your new employer not offering any mediclaim benefit.
- Retirement- The Age Factor
Retirement too would mean your company health policy would cease to exist. At retirement age, a new policy may cost you much more. Insurance premiums increase with age. As you inch closer to retirement, you would have to shell out much more for a basic health cover. Thus, get it early and have an additional cover over and above your employer health plan. This would ensure you aren’t left unprotected post retirement and, you save more on your premiums.
- The Waiting Period Clause
The right time to get an additional health insurance cover is when you are young. At a younger age there are lesser ailments and lesser chances of having any sickness. As one advances in age, various diseases/ lifestyle ailments may set in, making it all the more difficult to get a health cover. Insurance companies insist on waiting periods of 2 to 4 years. During this period any pre-existing diseases would not be covered by the policy. By opting for an additional health insurance cover at an early age, the waiting period is completed during the healthier phase, plus, your employer’s mediclaim is still intact. So in case of any loss of job, retirement or change, you not only remain covered, but would have also completed the waiting period. Having to start a waiting period at a later stage in life would mean being unprotected when there is a higher risk of health issues.
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