People who feel that they don’t need individual or family floater plan because they are covered with group health insurance at the workplace should consider below-mentioned facts:
Out-of-Pocket Expenses
Many insurance policies offered at the workplace include extra clauses such as deductibles and co-payments which the employee would have to pay in case of a claim. Hence, employees must ascertain the extent of these expenses to make sure that they are not left foundering during medical emergencies.
Low Sum Insured
Increasing medical inflation is leading in growing higher hospitalization and treatment expenses. The sum insured by your company might prove inadequate. What if more family members need hospitalization in the same year? So, check the available cover and know its sufficiency against potential medical rates.
Going Independent
It is possible that when the employee leaves the employer, then he may leave the benefits of group health insurance. So, it is better to have an individual or family floater plan to stay cover against medical emergencies.
Switching Jobs
The problem arises with the employer’s insurance while switching jobs. If the new workplace will not give medical cover, then employee will be uncovered. In case new workplace offer healthcare plan, then it is likely that the employee will have to go through pre-existing condition benefits received on his earlier employer insurance.
Post-Retirement Scenario
Pensioners face a similar issue because the majority of employers discontinue their cover when the employee crosses 60 years of age. The person will be left with no cover at this age if he doesn’t have an independent health insurance policy. Rates of new healthcare plans for senior citizens are exorbitant and also there may be a waiting period or outright exclusions for the specific health condition. Nowadays, medical costs increase significantly.
Policy Changes at the Workplace
Companies are finding various ways to decrease rates might slash the sum insured or place caps on the current coverage.
Family Members Not Covered
Sometimes, corporate health insurance may not always cover all family members in one’s family. So, it would definitely create a huge space in his financial planning because older people generally incur more expense on medical treatments.
