If we do a survey on this then we will get to know that only 10% of people are satisfied with their corporate policies. This is way too less of a ratio that we can’t rely on the best health insurance plans. The medical prices are increasing day by day due to inflation. Obviously, every person thinks about the protection of their family. So, they prefer to own a personal insurance cover for complete coverage of their family.
If you are still in doubt, then read the below point to know about the disadvantages of not taking a personal insurance plan.
Discontinuity with the organization:
This is the most important factor that will surely hit you if you are in a private job. We all know that private job employees are not on a permanent basis. They look to change their job at regular intervals and every new company offers different insurance coverage. However, it is somehow easy for government sector employees to continue with the corporate plan. As they don’t have to change their jobs at small intervals. But your job change will not affect your personal family floater plan. You can continue it with any job whether you are in the government sector or the private sector.
We are aware that corporate health insurance plans provide limited coverage. They don’t cover your critical illness, pre-existing disease, and maternity expenses. Also, there are various types of limitations in the clause such as capping on room rent, sub-limits, co-payments, and deductions. However, the Best health insurance company does not stop you from taking treatment in any hospital of your choice. There are no certain limitations or additional charges that you get in corporate plans.
Low sum insured:
Corporate insurance plans are risky when it comes to paying high expenses. Corporate plans are taken in bulk hence cover only basic medical expenses. The best health insurance plan provided by corporate offices will give you a maximum sum insured of 5-8 lakhs. Whereas in this time of inflation a simple surgery will cost you for a minimum of 5 lakh. So, it is better to take a personal health insurance plan in which you will get more benefits and a high sum insured. Customers can check online quotes to choose from the best health insurance company in India.
As long as we know, we are sure that any corporate plan will not cover you after retirement. It becomes more stressful when you are the only earner in your family. The premium of a family floater plan is decided according to the age of the oldest person in the family. So, purchasing an insurance plan at the ages of 60 or above will surely drain your savings. To avoid these situations, experts always advise you to take insurance policy at an early age. Also, there are very rare chances that any company will cover your pre-existing illnesses or any critical illness in the ’60s.
Low premium amount:
There is no doubt that a corporate plan has low premium charges. Also, it does not bother you because it is deducted from your salary. But if you ever try to make a claim with the corporate insurance plan then you will get to know the hindrance.
Most of the corporate plans work on a reimbursement basis. First, you have to pay the entire expense from your pocket. Later the insurance company will verify the bills and reimburse the expenses.
Private companies provide corporate health insurance plans as perks. They have the right to change the clauses overnight. It gets very problematic when your family member is admitted to the hospital for treatment and you get to know about the changes. So, it’s better if you don’t rely on your corporate plan and purchase a family floater plan in addition.
What are the reasons to choose the best health insurance plan apart from corporate insurance plans?
There are uncountable best health insurance companies in India that provide comprehensive health plans. You just have to decide your coverage according to the requirements of your family. Different families have different medical histories and issues. Also, the oldest person has different ages in different families. So pre deciding your family medical needs will help you in selecting the best health insurance policy in India. Here are certain points that you must look before purchasing a family floater or personal insurance plan
- All the best health insurance in India provides a flexible medical treatment facility. You can get treatment at any hospital that is too without any capping or sub-limits.
- You can cover your parents and kids in the same health insurance plan. Where most corporate plans do not cover your parents in the policy if you are already married.
- A family floater or individual health insurance policy provides you with a high sum insured. It is sufficient to bear all the medical costs of the entire family. But with corporate plans, you will get a fixed amount of sum insured. Above all, that sum insured is not enough to cover the entire family of 4-5 people.
- A personal family floater plan will surely cover the maternity expenses after the waiting period of 2-4 years. But I am not sure whether your corporate plan will cover the maternity expenses of your family or not.
- Corporate plans are designed according to the need of one person. But an organization serves it as comprehensive coverage. Hence it gets short at the time of claiming.