Are Corporate Health Insurance Plan Benefits Sufficient?

Are Corporate Health Insurance Plan Benefits Sufficient? - Activ Together

Today, several companies offer health insurance policies as an added benefit to their employees to convey the message – they care. This allows you to avail the advantages of insurance without worrying about timely payment of premiums as it gets deducted from your paycheck every month. Also, many fail to analyse the coverage of insurance since it is received as a job benefit. Many a time, people tend to rely only on these plans and trust them to come in handy in case of medical emergencies. Only in the wake of such scenarios, they realise the need for a supplementing cover along with their corporate health insurance. The major aspect being, this kind of insurance is at the hands of your employer and comes with limitations different from your personal insurance plans.

Your Needs Are Different From Other Employees

While your company provides you with health insurance, in most cases, it adheres to standard policies and provides you with basic coverage. In reality, your medical needs based on your family and personal medical history, your age and general finances could be different from others. At such times, you need customised insurance which will support your personal requirements. Corporate health insurance plans usually are not personalised, rather decided according to your employer. For instance, according to the Economic Times, in a survey conducted among 3000 employees, 31% wished to have diagnostic services included in their insurance policy which was only provided by 20% employers.

You Are The Sole Earning Member In The Family

If your family depends on your income for expenses, it is of utmost importance that you assess your health insurance plans in detail. This is because medical emergencies are unpredictable and have the capacity to cause financial instability. If your work insurance policy is not able to deliver an amount that you might require during an emergency, it is necessary that you opt for an individual health insurance policy and avail the benefits of both the plans; thereby guaranteeing financial security even in unforeseen situations.

You Are Insured Till You Quit Or Retire

One of the major drawbacks of employer-provided health insurance is, its benefits prevail only until you are a part of the company. Once you switch companies, you get benefits only if your next company has a health insurance policy. So, during the time you are between jobs, you don’t have any insurance cover. When you retire, you will need to buy new health insurance since your group cover will be no longer valid. This will be an expensive affair since renewing an existing plan is cost-effective as compared to buying a new one. Also, the premium amount to be paid during that time will be higher as compared to when you are young considering your health conditions.

A Woman Needs Change

As a single working woman, you might believe that your corporate insurance is enough just for you. However, as you get older your needs change. You might get married, pregnant, have kids, or reach menopause. Medical needs also change with the years, and what was once sufficient in your twenties might no longer be enough in your thirties or later. You might also want to look at health insurance plans that give your children all the necessary benefits, even if they are covered under your corporate plan.

While you make the most of your corporate health insurance, do not ignore its limitations. To maintain a balance, you could use it for minor procedures and utilise your personal health insurance for major medical bills. In any case, it is always advisable to be over-insured instead of under-insured!


Aditya Birla Health Insurance

Activ Living - Your every day health expert.