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I've my company provided health insurance policy. I don’t see any prospects of any layoff at my comp

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10 Dec, 2021 by  Kulkarni Abhilash

I've my company-provided health insurance policy. It has Rs.5L coverage for myself & my immediate family. I don’t see any prospects of any layoff at my company & I expect to work for the next 25 years until when I’ll be covered by my company for my health insurance. Do I still require to buy personal health insurance now - for myself & family?

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13 Dec, 2021

Dear Abhilash

We are living in a dynamic world . Be ready with proactive steps .

Buy a super Top up of Rs 50 lakh with a deductible of Rs 5 lakh.

You are protected

1. In case you need additional cover

2. In case you change your job .


It is advisable to be prepared rather repent later .

I have seen companies loosing business within 12 months . Just remember Nokia .


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14 Dec, 2021
Rohit Dhingra

Hi Abhilash,


I am just trying to flip the question a bit - what are your prospects of getting an illness or disease during the 25 yr period? If you think you are a superhero & nothing will happen than surely you may avoid. Keep in mind once a disease is diagoned ..getting insurance is not easy...u could be charged loading, there would be waiting periods or complete denial.

A super-top up like suggested by @Shailesh ji is a good smarter option but there is no replacement for a base health insurance.


Regards

Rohit Dhingra

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15 Dec, 2021

Hey Abhilash,


There are multiple assumptions you have made in your question above. Let me summarize.


  1. No chances of lay-off.
  2. No chances of any health condition or accident - that can curtail your performance within the organization.
  3. No chances of you leaving the job due to any personal reason.
  4. No chances of your company withdrawing the employer insurance - or withdrawing significant benefits (entirely in their control) - based on increasing insurance premiums.
  5. 100% chances that your employer will keep upgrading your cover based on increasing needs or healthcare inflation.
  6. 100% chances of getting a cover when you retire, despite any health condition you or your family may have. (What we are experiencing today as insurance folks is a massive resistance from insurers to cover old age people with diseases)


You should be ok once you are clear and aware of all the assumptions you are making.


Shailesh's strategy of at least buying a Super Topup Insurance makes sense if nothing else does.


I hope this answers your question :)


Regards,

Mahavir

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