Unforeseen circumstances are just that, ‘unforeseen’. There’s no way to know what is coming, especially when it comes to health or wellbeing, but there’s always a way to be prepared. Most of us who work for an organisation feel secure in the knowledge that our corporate health insurance scheme creates a protective shield for us and our dependents viz. your spouse and children.
That may seem like it’s good enough, but what if your company’s health insurance is suddenly unavailable when you need it the most? If you’re wondering how that’s possible, allow us to elaborate.
1. When you’re between jobs
These days people change jobs quite often and start-ups come and go all the time, creating a flux in the workforce. The well-paying job which had several perks including a robust health insurance package can suddenly disappear. In a situation where you’re between jobs and an ‘unforeseen’ health issue comes up you’re going to need coverage to avoid those bills etc.
You ever wondered whether the health insurance cover offered by your company is enough. If something should happen to a family member you might want to admit them to one the better hospitals in your area. It’s also possible that the procedures may be costly. In these contexts, the health insurance cover offered by your company could fall woefully short.
3. Procedures covered
In some cases, not all, your corporate health cover may not cover certain procedures that you or a family member may require. This could be a big problem. Some policies may also have a specific list or hospitals that they work with which may not work for you because of costs or proximity.
4. Coverage post-retirement
If you’re the only breadwinner in your family and you intend to retire around 50 or 60; you’re going to want to invest in a health insurance policy that’s independent of your company’s offering. This is because buying health insurance gets costlier as one gets older and pre-existing illnesses might not get covered.
5. Changes in terms and conditions
Health insurance is a perk offered by companies to its employees; it’s not a right. Therefore they can change the terms and conditions overnight if they wish to reduce expenses. If a close family member is undergoing a treatment at the same time this would result in a difficult situation for you.
Of course, the most important reason why you ought to consider your own health insurance is for the simple reason that your parents and siblings are not covered by most corporate insurance plans. It pays to have an independent insurance plan like a Family Floater so that your household is assured of protection when required. Therefore, it’s imperative you don’t rely on your company’s plan for your family’s health care.