Most corporate jobs, along with the salary, offer additional perks. One of the biggest attractions among these various benefits is corporate health insurance. However, these corporate plans are limited to the benefits they offer. At times, they prove to be as good as not having an insurance plan at the time of need. Due to the increased risk of lifestyle diseases and critical illnesses, these plans are insufficient to cater to all healthcare needs. Therefore, it is essential to have a personal health insurance plan covering your healthcare needs with an adequate sum insured. Here is a list of things to analyze about the insurance plan offered by your employer to get a clearer picture of why you need to invest personal health insurance policy:
● Not Customized:
The option of customizing the plan as per your needs is restricted as in corporate insurance. You can opt for personal medical insurance from Care Insurance Company or HDFC Ergo. They offer customized plans according to your preference and need of sum insured.
● No Consideration of Medical History:
There is no thought given about the individual family’s medical history. There are restrictions on things like types of diseases and critical illnesses covered, the inclusion of dependents, etc. On the other side, one can opt for individual health insurance plans, as per the medical history.
● No Coverage after Job Change:
You can get the benefits under corporate health insurance till you are on the job. Once you leave the job, you cannot file the claim. These plans cannot be extended or renewed like individual plans and solely depend upon the employer’s decision.
● No Additional Benefits:
Under these health insurance policies, you cannot get additional benefits such as no claim bonus, automatic recharge, lifelong renewability, etc. Whereas, in personal health insurance, you can avail such benefits to enhance the policy coverage.
● No Adequate Coverage for Family Members:
Coverage for family members is solely the discretion of the employer. It may be possible that you cannot cover your parents or children, or spouse in your corporate policy, or you need to pay a higher premium for the separate cover.
Therefore, if you are also facing the above issues in your current corporate health policy, opt for personal health insurance to assure your health and safety in the future.
Top Health Insurance Companies offer Best Health Insurance Policy in India
Health Insurance Company | Network Hospitals | Claim Settlement Ratio |
IFFCO Tokio | 4000+ | 92.66% |
Care Health Insurance | 8350+ | 92.3% |
HDFC Ergo | 10000+ | 90.32% |
Max Bupa Health Insurance | 4500+ | 83.92% |
Star Health | 8800+ | 78. 15% |
Benefits of Personal Health Insurance
Look at the below benefits that individual health policy has over corporate health insurance and why it is the best health insurance policy:
- Offer cashless hospitalization facility during a medical emergency and planned hospitalization in the network hospitals
- Provide coverage for in-patient hospitalization, pre and post hospitalization, domiciliary hospitalization, and AYUSH (Ayurveda, Unani, Sidha, Homeopathy) treatment
- Coverage for diabetes, hypertension, thyroid, and other pre-existing diseases
- Provide coverage for on-going treatment, medication, and therapies
- Offer coverage for advanced treatment, daycare treatment, and alternate treatments
- Annual health check-ups help
- Offer tax benefit under section 80D of the Income Tax Act of India 1961
Takeaway!
Thus, corporate health insurance offers minimal coverage. But, if you really want to secure yourself and your family against medical emergencies, then opting for personal health insurance is crucial.