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Should we take medical insurance for self and dependents on top of company's good insurance cover?

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28 Feb, 2022 by  Sanjay Sharma

Should we take medical insurance for self and dependents on top of company's good insurance cover?

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Health Insurance

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28 Feb, 2022
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Yes you should take health insurance on top of company's cover. Why? Reasons are below mentioned


Convenience to customize


You can easily customize your PERSONAL HEALTH INSURANCE PLAN like adding add on covers to enhance the cover or introducing co-payment facilities to reduce the premium.


No claim Bonus / Cumulative Bonus Benefit



The major drawback of having a corporate insurance is that you will lose on the accumulated benefit that you have saved over the past few years of your employment. Your employer’s health plan will not let you carry forward the benefits when you leave the organization and move to another company.


Post retirement problems

Like we all know health insurance premium rises with age, so if you rely on your employer’s health plan for lifelong then post retirement there are faint chances of you getting a health insurance plan in affordable premium and higher coverage.


Though group health insurance plans are affordable and incur much lesser premium as compared to individual plan but it’s important to keep the above points in mind rather than just looking at the premium factor while buying a HEALTH INSURANCE PLAN.








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28 Feb, 2022
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Yes, it is desired that you have your own insurance, unless your company provides life long after retirement too (with good benefits) like the central Government companies. Else, not having insurance when between jobs can be risky. Aslo, getting insurance after retirement could be difficult if there are some illnessea/diseases on the way, for anyone within the family.


Other option: for now you can take a super top up insurance over the deductible (which is base insurance cover of your employer). This will be inexpensive Later you can take the base cover, but you do take a risk of not getting it in future, as explained above for the reasons.

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28 Feb, 2022
CEO, Insurance Samadhan

Dear Sanjay

Group insurance is like rented house , you don't own it . You are at mercy of landlord.

Health insurance is an integral part of family and you must own it .

We recommend that you take a supertop with deductible of basic sum assured under group . This will save your money and would give you security.

Create a emergency fund through mutual fund for an emergency situation.

Best wishes


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28 Feb, 2022
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Hi

You should have personal health insurance bcoz


(1) Chances are there that you might change your Current Employer if got a good opportunity than in the new company there will be a new insurance.

Health Insurance has some waiting periods for diseases when you change company tu our insurer might change and fresh waiting period will be there.


(2) Your employer may stop taking your insurance as Group Health Insurance is a Loss making portfolio and there might be a huge loading on renewal premium so sometimes it's premium got out of budget for the company than they might stop health insurance cover for employees.

Than you will be nowhere. If you have a seperate Health Insurance than you will be out of this situation.


(3) If you have personal Health Insurance At lower age and you will continue to renew it than after retirement it will be very useful to you because all kind of waiting periods in health policy has been over and you don't have to worry whether my claim will be rejected or accepted.


So Final Verdict is that You Must Take Personal Health Insurance Cover.



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