Your company health insurance may not enough. While it is a benefit extended by your employer to you, it comes with limitations.

Let's understand the possible limitations.

1. Switching jobs

While switching jobs, you will be cover. This risk is more prevalent for older individuals that may need longer to find a new job. Many companies do not offer the opportunity of continuing with the company offering the health insurance after exiting.

2. Post-retirement

When you take up a policy, it may come with several benefits including a no-claim bonus. A no-claim bonus shall increase your sum assured during years when you do not file any claims. After a certain age, the insurance company deny coverage and offer it a higher premium. You will also be asked to undergo a medical. Besides, many policies have a maximum age limit for applicants.

It would be better to get a policy and some insurers offer lifetime renewal and no co-payment even when you are above 60 years of age.

3. There may be deductibles and co-payment

This means you will have to pay a certain amount out of your pocket if you raise a claim. That means, you will have to pay for sub-limits on hospitalization, diagnostic tests, and ambulance charges after it crosses a certain limit. Some companies may not cover post-operative treatment or home treatment. Your employer may stop providing health insurance cover or reduce the level of coverage to lower costs. When corporates cut down costs, employee benefits are often the first things that they reduce.

4. Inadequate cover

The sum insured available under a corporate health insurance policy is usually insufficient to deal with medical inflation. Medical inflation or a rise in hospitalization and treatment costs take place every year. Apart from offering an inadequate amount, your employer can have several conditions attached to the cover. They may not cover all your dependent family members. Your employer may rarely revise the corporate plan to keep up with the rising costs. Even if you are working with the same employer for years, your health insurance coverage may remain the same.

An accident or severe illness can drain your savings. Bypass surgery, organ transplant etc. are very expensive and hospitalization in metro cities cost much higher compared to small towns.

These are the reasons why you should get an additional family floater policy or individual policies for your family members well in advance. You can get tax rebates under Section 80D and free annual health check-ups for all members.

To safeguard your family with a health insurance cover, kindly fill the below form - https://bitly.ws/34Kmw

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Source: Finhancers.com