Majority of the salaried class feels satisfied thinking that the provided insurance covers from the employers are of huge help and sufficient for lifetime. The employer’s medical cover works well until you decide to change your job, extend your family or get admitted to a hospital with astonishingly high bills.
In the present scenario, the health facilities offered by the employer are not good enough to help you in long run. It’s wise to have a personal medical insurance along with the insurance offered by your employer to be safer. Following are the various boosting covers for your medical insurance provided by the company.
Senior Citizen plans:
Signing up for a medical cover when old means you are going to pay higher interest rates, huge premiums with lesser associated benefits. Employers mostly cut down on benefits given to the employees’ parents while withdrawing the cover given to them partially or fully under the health insurance given to the employees.
Buy independent covers:
An independent health policy has better visual benefits than the group covers offered by the employers. Independent health policy helps you with any medical adversity when you are planning to change the job. It will help you by providing extra money in case there is shortage in coverage offered by your group insurance, and will additionally be of great assistance if your policy claim crosses the Rs.3-5 lakh limit, which is the usual sum under the group insurance policy provided by the employer. On opting for independent covers, you can retain the continuity of benefits, including the pre-existing disease cover from the earlier policy.
Indemnity covers provide you the liberty to choose the doctor of your choice, hospital and the services you want to avail, without much insistence from the insurer to stick to one. The insurance company pays a fixed portion of your total charges, and is also known as “fee-for-service” plans. This policy is often recommended to employees above the age of 45 and they can continue the policy even after they reach the retirement age. The sum insured in this cover is the upper limit. Currently, procedure for claiming indemnity cover has become easy and simple.
In this current age of rising costs, the general health insurance policies offered by the employers are not sufficient to afford the extra costs in several situations. Top-Up Plans from health insurance companies excels, works exactly like a safety jacket. Top-Up Plans are the most economical policy add-ons available, costing to around 2000 per year. This plan is made operational only when you exhaust your basic policy amount.
Defined Benefit Plans:
The regular health policies do not pay for your additional expenses like the traveling expenses of your attendant while you are admitted in the hospital, the food intake and other things apart from the hospital bill. The changed lifestyle to improve your health and the hefty cost of a long-term continued treatment is excluded from your health policy. The remedy to this problem is Defined Benefit Plans that can take care of the expenses and can give you a set of pre-defined benefits regardless of costs (high or low), procured from the hospital. These plans provide you with a lump sum or pay you on a daily basis on the basis of your needs.
The above mentioned plans take care of your additional expenses and prevent you from spending out of pocket. Group health insurance may provide you coverage but cannot replace the offerings of an independent plan. Other plans like senior citizen plans, indemnity covers, top up plans, defined benefit plans etc. take special care of your needs. You get long term treatments, top ups, physicians and hospitals of your choice without shelling out much money. Back your basic health plan with these add-on covers and save yourself from excessive spending.
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