- Employer’s cover is a perk: The insurance cover provided by your employer is a perk given to you and they can withdraw/alter the terms of it anytime without any legal consequences whatsoever.
- Co-pay: As premiums are rising steadily, employers are trying to rationalize the cover provided by adding restrictive features such as co-payment (payment of some % of the bill by the employee), partial payment of premium by the employee and not covering parents etc.
- Inadequate coverage: Most of the employer-provided health insurance plans have modest coverage amounts ranging from Rs 1 lakh-Rs 3 lakhs. As healthcare costs are rapidly rising, you need to realistically assess whether your employer’s policy will be sufficient to cover costs of treating critical ailments, major surgeries, procedures such as angioplasty, dialysis, etc.
- Employment status: If you are between jobs, you will be without cover. In current times, with job security being a concern, buying your own health plan and not relying only on your employer’s cover may be a smart move. Also, budding entrepreneurs, do buy your health insurance cover before embarking on your entrepreneurial venture.
- Post-retirement: On retirement, be prepared to foot all medical expenses from your pocket. At this juncture, buying health insurance may be very costly due to your advanced age. Also, many of us may be suffering from some ailment by retirement. The pre-existing ailment clause will kick in and you will not be able to use the policy optimally in the initial years. You may even be denied cover in case of adverse health.
Trust the above points impress upon you the need to have your own health insurance cover. In fact, buying a health cover for yourself and your family is actually one of the first steps in financial planning