Is Corporate Health Insurance enough to Cover for your Medical Expenses?

1. Is Corporate Health Insurance enough to Cover for your Medical Expenses? As an employee, you might be enjoying a health insurance coverage provided by your company. These days, most of the corporate houses and businesses buy group health insurance online for the benefit of their employees. However, have you ever wondered whether this cover offered by your employer would be adequate for your family? In fact, a significant number of employees prefer buying individual and family floater packages online, besides having the corporate insurance coverage. Now, you might be wondering what might be the purpose of having two or more insurance packages, right? Actually, corporate health insurance often falls short of offering the entire coverage to employees, considering their needs. Even if your employers buy corporate health insurance online, you should have a customized family floater. Why is a corporate medical insurance not enough for you? •The coverage you would get with most of the corporate health insurance policies accounts for just 20% to 30% of the overall spending, in case of serious medical issues. This indicates that the total coverage you get would be around 1.5 lakhs to 2 lakhs, which is inadequate. •Employers, corporate groups and insurance companies try minimizing the cost, offering just a bare-minimum coverage. Besides, these policies come with clauses limiting the room rent and co-pay options. •In families where there are just one or two earning members, it is recommended to buy comprehensive coverage policies. This ensures that each member would enjoy adequate coverage. or individual Restricted Customization Options - Even if you get some coverage through your company’s insurance policy, make sure to buy health insurance online individually or for your family. The reason is, you won’t get many options to customize the corporate policy. Certain caps are imposed on the following aspects in a group insurance scheme: •Number of diseases and critical illnesses •Maximum and minimum sum assured •Departments included LIFEFRONT COVER PRIVATE LIMITED Plot No. 9, Okhla Industrial Estate, Near Modi Flour Mill, New Delhi – 110020, Email: care@getvital.in Phone: 01141171787 https://getvital.in

2. This indicates that those plans might not cover the surgeries or critical illnesses you are susceptible to. However, when you get an individual policy or a floater, you can personalize the benefits, and get a greater control over the features. Again, when you need a coverage only for the daily hospitalization expenses, you won’t find such flexibility with corporate plans. No guaranteed renewal options - Most of the employers offer corporate insurance as a perquisite to their employees. They have the freedom to discontinue with the plan any time they want. Besides, you remain under this insurance cover only for the duration of your association with that particular company. Once you switch jobs, you no longer get the benefits of the insurance coverage. Evidently, you will find no renewal option with corporate insurance plans. At the time of retirement, the coverage automatically gets terminated. Getting a new policy at this stage can be costlier than getting your existing individual renewed. scheme You may explore the affordable individual health insurance packages designed by Vital Insurance. With the facility to pay the premium in monthly installments, you can ease up your financial burden significantly. Limited range of benefits - Considering the restricted options that corporate health insurance schemes offer, you may end up compromising with the quality of care. In case of an individual plan, you can get the entire hospitalization charges reimbursed within 7 to 10 days. However, with a group insurance scheme, this benefit might not be available. Besides, such plans might not assure the policyholder of proper care in case of a critical illness. In general, group plans work well for ordinary and routine health expenses. However, if you are planning your expenses for future, you must get an individual plan offering lump sum benefit. If you are a business owner, you might look for affordable group medical insurance buy online options. Vital offers EMI facility for premiums with most of their policies. You may explore the best individual and corporate health insurance schemes online and make the purchase. LIFEFRONT COVER PRIVATE LIMITED Plot No. 9, Okhla Industrial Estate, Near Modi Flour Mill, New Delhi – 110020, Email: care@getvital.in Phone: 01141171787 https://getvital.in