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Health Insurance 1685 views February 28, 2019
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Today’s companies are including more benefits in their employees’ incentives and pay structure to improve their financials. This also includes incorporating health insurance in the existing list of benefits doled out to the employees. Also termed as corporate health insurance, this kind of health insurance coverage aims to keep the employees covered in addition to providing the necessary medical cover to their dependents. The main idea behind a lot of companies including or covering their employees under group health insurance policies include:-
Corporate health insurance plan comes with its own value, which explains why an increasing number of companies are getting associated with insurance companies to ensure the necessary health insurance benefits. Certain essential benefits of being included in a group health or corporate health policies include:-
However, most employees do not assess the value of the same nor evaluate the extent to which they are covered under the employer health insurance policy. In addition, many employees overestimate the cover granted under the Corporate Group Health Insurance Plan, and hence, do not contemplate the need to buy an additional health insurance plan to defray the medical expenses, if and when required.
Though paying for a separate health insurance plan to take care of the medical needs of your loved ones may seem like added expenditure, it makes sense to find out if your family is under insured and then shop for health insurance accordingly. Factors including rising healthcare costs, increasing age, external environmental factors like pollution and climate change, current income, pre-existing disorders, number of dependents, extent of dependence, existent amount of cover and longevity must be considered before evaluating the adequacy of the plan paid for by the company and deciding to buy another to ensure greater sufficiency and inclusion of your loved ones.
Whether you choose to opt for cashless mediclaim benefit or reimbursement of the medical expenses incurred, it is important to keep in mind the amount of sum assured that is already being granted under the corporate health insurance plan. Any requirement in excess of that can be availed by buying a separate health cover. The additional cover can serve to pay for sudden hospitalization for treatment of critical illnesses, surgeries, unforeseen medical procedures apart from pre- and post-hospitalization expenses.
Nevertheless, some people still prefer to cling on to the corporate health insurance cover they are entitled to during the course of their employment rather than seek an additional cover for better protection. Listed following are reasons that will help understand why your corporate health insurance policy may not be enough in the long run. These include:-
Though employer companies keep in mind the myriad aspects of the health insurance plans before tying up with any health insurance provider, it is possible that some important aspects of the same may have been left ignored while choosing the policy. Also, different customers have varying needs and the attributes of the employer health insurance plan may not cater to all. What proves an advantage to one may not prove to be beneficial to the same extent to another employee. Apart, some families are more vulnerable to certain critical disorders that may not be included in the health insurance plan provided by the employer company. The nature of payout differs in each plan, which means that the corporate health plan may not be in sync with some employees’ specific needs.
Employees can benefit from the corporate health plan until only till they remain employed. The policy gets terminated once the employee leaves the services of the company or retires from it. Opting for a policy that promises health insurance for individuals or a family floater health insurance policy post-retirement may turn out to be expensive as health insurance bought later cost more than when bought while being young. This explains why employees must prefer to have a distinct health insurance plan in place in addition to holding to the corporate group health insurance availed by the employer company.
Cover when given early by the employer company does not take into account the inflation factor that explains rising health costs. Apart, with more employees joining the company, the aim is to reduce the quantum of cover that may have a debilitating effect on the extent and quality of cover promised to the employees. Moreover, most corporate plans do not consider the need to include treatment of critical illnesses and pay for only the ordinary and routine health expenses. Opting for the fixed benefits plan ensures that you have in place a health cover for your loved ones as well.
Numbers say more than others. The proclivity to enjoy the corporate group health insurance plan during the past few years was far lesser than the individual plans bought to secure against possible medical expenses on one’s own treatment. While many employees had sought inclusion of diagnostic services in their plans in the past, they were largely ignored by many employers. Very few employers had assented to the inclusion of maternity education as a group plan benefit sought by the female members of their company. Considering that employees cannot get the plans customized according to the particular needs of their loved ones, most of them end up getting cursory coverage for their surgeries and urgent hospitalization needs.
No organization can survive and thrive without its employees. In fact, employees are the backbone of any and every organization aiming to scale the heights of success. This explains the emergence of the idea of group health policies. However, the cover obtained under the corporate health plan may not be enough. There is an ardent need for employees to buy a health insurance policy that not only offsets the possible medical costs in future but ensures that their dependents are not bereft of necessary treatment due to exorbitant hospitalization and treatment expenses, if and when required.
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