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Most employers offer medical insurance to their employees. Are you wondering whether or not to apply for an individual health insurance policy even when you are entitled to a corporate policy? Well, although you might not feel the necessity for it, your corporate plan may not offer all the coverage you need. For instance, what happens if you meet with an accident resulting in disability and death?
Well, a personal accident policy can protect you against expenses other health expenses that aren’t typically covered by corporate health insurance policies. Also, with a dependable individual policy, you can expect additional cover for your treatments that involve co-pay clauses, room-rent limiting clauses, etc.
The pros of buying an individual health insurance
Most health insurance providers pay out the promised amount only when necessary. This also makes it essential for users to read the fine print in their offer document. Companies often seek to minimise the cost of investing in their employees by extending basic minimum coverage on policies. Other than co-pay clauses and room-rent limiting clauses, there are other benefits that personal accident insurance can offer.
Your employment status:
Have you ever wondered what will happen to your insurance policy when you are out of your current job? The corporate health insurance plan will protect you as long as you are an employee with the company. Whether you quit or are terminated, your insurance cover will stop as soon as you leave the organisation. Being out of insurance and a job can cost you more as you will have to pay for every penny in case of any medical emergency. A personal policy will cover you despite your employment status.
Post-retirement, your medical policy can keep offering you the required coverage. Yes, you have to continue paying the premium and renew your policy from time to time. While you can get a new insurance policy after you are 50, that may not cover your pre-existing medical conditions. More than 80% of senior citizen hospitalisations are for comorbidities and pre-existing conditions. And not having a personal accident plan can pinch your pockets post-retirement.
Advantage of including more beneficiaries
Your corporate employer may or may not cover all your dependents. With an individual health insurance policy, you can seek cover for more dependants.
It’s great if your company has your health covered, but it’s wise to treat that as secondary. And invest in individual health insurance as the primary policy.
If you are searching for health insurance for every member of your family. You can check out Bajaj Finserv’s individual health insurance policy. It offers coverage for expenses due to hospitalisations, doctor’s consultations, ambulance services, treatment charges and pre and post-hospitalization expenses. The policy can cover adults between the age group of 18 years and 65 years. And dependent children aged between 90 days and 25 years.
It also includes domiciliary cover if your doctor recommends treatment at home. The day-care procedure can cover any treatments to be completed within 24 hours. Ayush benefits under the policy provide coverage for alternative medicines like Ayurveda, Unani, Siddha and Homeopathy. From organ transplant surgeries to recovery benefits, cumulative bonuses and sum insured rebound, mental illness. There are huge benefits that the policy has to offer. You can also check if your chosen individual health insurance policy covers a lifetime renewability option.
Be it stress or a poor lifestyle; your corporation will not cover all expenses incurred in a medical crisis. A personal accident policy can keep your savings intact during medical contingencies.