Many corporate employees often rely only on their employer-provided health coverage, assuming that it will suffice to meet their medical needs. While employer-sponsored insurance is a valuable benefit, it may not always deliver comprehensive coverage.
In this blog, we will delve deeper into why it's crucial to consider acquiring separate health insurance:
Job mobility and insurance portability:
One of the most significant reasons for acquiring a separate health insurance plan is job mobility. The contemporary job market is characterized by dynamic changes, where you may frequently transition from one job to another.
A personal health insurance policy ensures you have a safety net in place, guaranteeing uninterrupted coverage regardless of your job circumstances. This is particularly important because many people might face a gap in coverage when transitioning between jobs, which could have consequences in case of unexpected medical expenses.
Adequate coverage for your family:
Employer-provided health insurance usually covers only the primary employee. This leaves family members uninsured or underinsured. If you have dependents, purchasing separate health insurance is crucial to ensure they have access to comprehensive healthcare when needed.
Customisation for your needs:
Personal health insurance allows you to select a plan that aligns with your specific healthcare requirements. These plans can be tailored to suit your age, medical history, and lifestyle. For instance, if you are planning to start a family, you can choose a plan that includes maternity benefits. The ability to customise your coverage is often not available in employer-sponsored plans, which are generally one-size-fits-all.
Also Read: 8 Features You Must Compare Before Buying A Health Insurance Plan
Continuous coverage in case of job loss:
Economic uncertainties and changes in job markets can make job security a significant concern. Losing your job can be a harrowing experience, but it becomes even more challenging when it means losing access to employer-sponsored health insurance. By having a personal health insurance plan in place, you ensure that you won't be left without coverage when you need it most.
Additional benefits and riders:
Personal health insurance policies often come with various add-ons and riders that can enhance your coverage. These may include critical illness riders, hospital cash benefits, and more. These additional benefits can provide you with extra financial security during challenging times, such as when you are recovering from a major illness or surgery. Such benefits can significantly ease the financial burden associated with medical treatment and offer you peace of mind.
Retirement planning:
As you approach retirement, employer-sponsored health insurance may no longer be a viable option. Most employer-provided health coverage is tied to active employment, and once you retire, this coverage often ceases. By having a personal health insurance plan in place, you can ensure that your health needs are taken care of even after you retire.
While employer-sponsored health insurance is a valuable benefit, it may not always provide comprehensive coverage that aligns perfectly with your healthcare needs and circumstances. To address potential gaps in coverage, secure your family's well-being, and ensure continuous protection, acquiring separate health insurance is a wise decision.
(Also Read: Buying health insurance close to retirement may be tough)
Don't wait, invest in your health today and make the informed choice of obtaining a personal health insurance plan in addition to your employer's scheme. Your well-being is worth the extra layer of protection.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision
