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Do I need a personal health insurance cover?

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29 Aug, 2020 by  Bhaskar Choudhary

I am 29 years old and single working in a Nationalised Bank, do I need to buy a separate Health Insurance for myself?

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Health Insurance

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30 Aug, 2020
Founder, Beshak

Do you need someone else to control the quality of healthcare you get?

What if tomorrow your organization says they will pay for your clothes, or your mobile phone - will you wear clothes of their choice?


1) Healthcare is as personal as your clothes or your smartphone. You shouldn't depend on them. If I am the CFO of your bank, I will be less concerned about your healthcare needs and more about the company's budgets.


2) Apart from this, having a personal health insurance helps when you are in between jobs, or work in a startup that doesn't yet provide a cover.


3) Lastly, you should buy a health insurance for your 50s and you should buy it when you are young, so that there are lesser restrictions/limits and better coverage.


Hope this helps!


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28 Mar, 2021
Sambaran Mitra

Yes.

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08 May, 2021

All IBA Member Banks have a Group Mediclaim Policy for its permanent employees. Kindly check with your employer for the limit of Sum Insured & If any additional cover required then you can take separately.

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03 Aug, 2021
Anand Maskara

No, you don't need to buy as Nationalized Banks pay medical bills of employees as per actuals. I have worked with IOC and advising based on that. Before changing the job, ensure that you buy a policy 3 months before you actually leave. Even though everyone shall advise you for normal plans, I shall advise you to go for health policies which pays lumpsum amount on diagnosis and doesn't require original bills. It saves your money as well as you get the amount you desire.

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14 Aug, 2021
Nikhil Kumar
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17 Aug, 2021
Anand Maskara
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10 Mar, 2022
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Hi Bhaskar,

Health Insurance is very important for you and your family


I hope you don't want to spend your hard earned money and entire savings to your hospitalisation expenses.


I will give one example in 2019 my clients wife has undergone for brain surgery total cost is 16 lakhs they had only 4 lakhs cover so 12 lakhs paid to hospital by borrowing.


Connect with me and get your health insurance done for minimum coverage of 20 lakhs now I am suggesting 1 Cr which is very affordable.


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11 Jul, 2022
LoperVil

Actually, it all depends on your needs. As for me, I have worked with a great number of employers. And, I can say that they all have different conditions on this question. So, it’s up to you whether buy yourself insurance or not. Personally, I’ve bought myself one.

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04 Sep, 2022
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Hi Bhaskar,


Health Insurnace plan is an essential for anyone in personal finance parlance.


Buying a separate personal health plan will ensure that in case there is any medical emergency (where hospitalization is required) you have a provision to get the medical expenses reimbursed as you have opted for health insurance plan by paying the premium for a specific sum insured.


  • The most important benefit of having health insurance cover is that you might not be disturbing your savings/investment which you have accumulated over a period of time.
  • The other part is that you are onboarding a service in the form of health insurance by paying a premium for your future (consider it to be longer i.e. for your requirement during your 50's and 60's) medical emergencies when onboarding becomes difficult because of your health condition or any other reason.


So, it is better to get yourself covered when you are young, healthier and the insurance company is willing to give you good coverage and a multitude of benefits at an affordable premium.





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