Is Your Corporate Insurance Plan Enough To Deal With Increasing Medical Costs?

best health insurance policy

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. 

  • Limited coverage:

    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

  • Post-retirement coverage:

    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.

What are the benefits of purchasing a Religare health insurance policy?

Religare Health insurance

Introduction to Religare health insurance company 

Religare health insurance company is named among the prominent private insurance companies founded in 2012. Since then it has been catering to the health, travel, Mediclaim, and accident insurance sector. There are more than 6000 employees working in 146 different offices across the country. The headquarter of the Religare health insurance company is based at Gurgaon. Religare health insurance company is the best health insurance in India known for their affordable health insurance plans.

Benefits That Come Along with Religare

As we all know that medical emergencies are getting more costly these days. So, purchasing a health insurance plan is equally important as taking food to live. A comprehensive health insurance plan will surely save you from unpredicted medical bills in the time of emergency. Correct health insurance policy at the right time and age will prove to be a boon in your old age.

Advantages of taking health insurance:

  • The best health insurance provides you extra cushioning from high bills during medical emergencies.
  • There are multiple plans available according to the needs and budget of customers.
  • The external expenses of hospitalization such as tests, OPD, medicines, ambulance charges, room rents are included in a health insurance policy.
  • Customers can also get tax benefits under Section 80D of the Income Tax Act.
  • The company will reward you with a no claim bonus for every non-claiming year.
  • There are more than 7400 network hospitals, where customers can take cashless treatment.
  • Religare provide maternity benefits for pregnant women.
  • Customers can take treatment of pre-existing and critical illness cover to cure life-threatening diseases.
  • An additional feature of lifelong renewability makes it extra special for senior citizens.

List of plans provided by Religare health insurance company:

  • Critical illness cover: Critical illness cover will pay for the medical cost of the diseases whose treatments are too much costly. This cover comes with lifelong renewability because a small amount of sum insured is not enough to cover the expenses. The diseases that can be treated under critical illness are cancer, heart attack, organ transplantation, heart surgery, and bypass surgery.
  • Individual plan: A basic insurance plan that covers the medical expenses of a single person is, “individual plan”. This type of plan is basically taken by a bachelor’s to pay their medical bills. The premium amount of this plan is too low so customers purchase this insurance for multiple years.
  • Family floater plans: The family floater plans are the backbone of Religare health insurance. This plan will consider all the members of the family in a single insurance plan. This plan is basically for a married person to cover up the medical bills of their spouse and kids. The premium cost of this plan is higher than the others as it covers multiple members in it.
  • Maternity plans: Religare health insurance provides an innovative plan for pregnant women named Joy. This plan covers all the medical costs of the mother and the baby not only for today but also for the post-hospitalization period. This plan reimburses the cost of surgery, treatments, medical tests, and medicines of the baby as well as the mother.
  • Top-up plans: Top up insurance plans are basically an add-on cover that compliments your basic plan. The customer used this to pay the deductibles of the primary plan so that he doesn’t have to pay a penny from his pocket. An example will make it clearer that if you have taken a sum insured of 5lakh with 1 lakh deductible, then it will pay your 1 lakh. The primary plan will pay the rest amount of 4 lakh and above.
  • Senior citizen plan: Old age people are at higher risk of a medical emergency, so Religare is providing a separate plan for senior citizens. This insurance cover is applicable for the peoples with 61 years and above age. You can take an annual check-up, floater, individual cover, and tax-saving benefits with this plan. Floater cover under this plan will require no pre-policy health check-up. Also, a special team is always there to empathize with you and help you at every step. This plan comes with automatic recharge features so that senior citizens don’t have to run every time to renew the insurance plan.

Prime benefits of opting for an insurance plan at an early age

  • Purchasing a health insurance plan at an early age is more beneficial and useful.
  • You will be able to pay premiums easily and don’t have to face trouble with other expenses as well.
  • At a young age, the rate of premium is low, and further, it increases gradually with age.
  • A policy taken at an early age will pay you later with no-claim bonus and you have to pay low premiums.
  • You will get tax benefits for taking health insurance under Section 80 D of the Income Tax Act.

Conclusion:

With the increase in age, the body gets more prone to disease. It is possible that you may diagnose with some disease and won’t be able to purchase a plan. If any company will provide a plan with pre-existing disease then they will charge you with high premiums. Moreover, all the companies consider pre-existing diseases after a waiting period of 3 months. So, If any medical emergency happens then you would not be able to take a claim for a minimum of 3 months. 

It is advisable to purchase Health insurance online from Religare health insurance company. This will help you to save a reasonable amount of money on family floaters and senior citizen plans. There is various add on covers that you can purchase along with the basic plan to complete it. To know more about the company and policy, visit here