Scrutinise the health plan your office provides – and analyse if it is enough to cover your needs in case of a medical emergency.
It is a strange paradox that while health is wealth, it takes a lot of wealth to treat ill health! The costs of treatment and hospitalisation are exorbitantly high in India, and quality healthcare has become a luxury that most people can ill afford. But taking a health insurance policy can ease some of the financial strain that an illness or accident can bring.
Many corporations today offer health insurance plans to their employees. But it cannot be the only policy you depend on. Read on to know why.
Understanding company-sponsored insurance…
Your place of work may provide you with a health insurance plan. This plan is renewed annually and either the company pays the premiums (if it is a group plan) or the premium is deducted from your salary.
It is a good gesture on the company’s part to try and provide health insurance to their employees (and their nominated members). But have you taken a good look at the policy? Do you know –
- What is the sum assured of the plan?
- What are the benefits it offers you in case there is no claim made?
- Does the plan only offer a lump sum amount when you file a claim, or does it provide comprehensive coverage for hospitalisation, treatment, diagnosis, post-operative therapy/rehabilitation, care of the family in case your income stops, etc.?
You will find that most company-sponsored health insurance plans in India are generic plans that merely offer a one-time lump sum payment on filing a claim. If you analyse the amount of money due to you, you will find that it may be inadequate to meet the various costs associated with illness. Indeed, the plan money might barely cover a fraction of the total cost you incur!
And so, taking your own health plan is the answer
Instead of depending on company-sponsored health insurance plans, you should buy your own. You can take individual health coverage if you are single, or a family health policy if you have dependents (parents, spouse and children). Leading health insurance providers have devised the best health insurance plans in India, covering a gamut of eventualities from hospitalisation to daily cash allowance.
Buying your own health plan gives you the freedom to customise it as you wish. You can choose the premium that is most affordable to you, with the riders and add-on benefits that you are likely to need in the future. The best health plans today also offer critical illness coverage, which can help you tide over the high costs of treating life threatening conditions like cancer.
Thus, taking health insurance protects you against future financial uncertainties related to your or your family’s health. It encourages you to seek timely and good quality medical care, and pays for the treatment so that you don’t have to.