Is your employer’s health insurance enough to meet your healthcare costs?
June 22, 2017 . 287 views
Undeniably, health is wealth. It’s an investment for life. Literally.
With rising health care costs, most of us rely on insurance covers from employers. But that’s really not enough because affordable healthcare is a myth.
In case of a serious health event, a low medical insurance coverage will hardly help. Especially if it comes as a benefit package from employers.
Here’s why you need a personal health policy:
1. Just can’t get enough
Typically, companies provide a cover that doesn’t go beyond 4 lakhs which would be barely enough to cover healthcare costs in case of a serious illness.
The idea then is to get your own health insurance where the premium is a more viable option than bearing a hefty hospital bill.
2. No customisation
Typically, employer’s health insurance policies are standard policies with minimal or zero customisation. While some of them may cover critical illnesses and maternity benefits, you cannot customise the sum assured for each ailment that you may be prone to, depending on your family history.
3. End of days, end of benefits
A lucrative career opportunity is always around the corner. But remember, employee insurance ceases when you resign or are given the pink-slip. This leaves your health and that of your family in limbo until the new company covers you with their policy.
4. Anticipate risks
You may not know this but companies are not obligated by law to provide health insurance. There’s always a chance that your company may stop providing insurance or cut down on the benefits you get. That’s a huge risk to take!
In situations like these, you’re left with no option but to personally get a cover for you and your family.
Pro Tip: Buying it at a young age means that policies will also be cheaper because premiums increase as you age.
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