But are such employer-provided health plans adequate? In most cases, they are not. There are several reasons why you might still need a separate individual health policy even if you have an employee health plan. Some important reasons are as follows-
1. Inadequate CoverageOne of the biggest reasons why you need an individual plan is the insufficient coverage of group policies offered by employers. In most cases, these group plans only cover the bare minimum. In case if you are covered by one such policy, the coverage amount might not be adequate to cover your medical expenses in case if you need medical care. But with individual plans, you get to select your coverage based on your needs.
2. The Plan is Not CustomisedTo save money, employers negotiate all the different aspects of the group insurance policy. From the sum assured, the inclusion of your dependents, to the number of critical illnesses covered, everything is negotiated as much as possible. This means that the plan will never be customised as per your specific needs or medical conditions you may be prone to suffer from.
With an individual policy, you will get full control over your plan. You can customise the terms of the policy as per your requirements and also include several add-ons to make the policy better suit your needs.
3. Unfavourable RestrictionsOne of the biggest restriction of employee insurance is that it is only valid till the time you are employed in the organisation. This means, if you were to leave the organisation for some reason, you would not be able to use this policy. Even if you don't leave the company, the policy will eventually expire once you retire from work. At that time, it may be difficult for you to get an adequate health policy for yourself.
Also, the employer may alter the clauses of the policy or even stop it altogether. And, you have little control over the benefits you get in the policy.
Purchase an Individual Health Plan for Enhanced Financial SecurityThese are just some of the reasons that make buying the individual policy a must, even when you have an employee insurance. Focus on your health insurance needs to browse through the popular plans and pick one that perfectly suits your requirements.
Learn more about different Health Insurance Plans here.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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