Why corporate insurance alone can’t keep up with your medical expenses?

Have you ever wondered why you need something more than corporate health insurance to cater to your medical emergencies? 

Although it’s safe to have corporate insurance cover, frequent episodes of ill health and sky-rocketing medical bills thereafter make additional protection a necessity. This additional protection goes beyond the basic benefits that corporate insurance offers. 

In the event of rising health emergencies, one must opt for an all-inclusive medical insurance plan. A corporate insurance policy isn’t enough to cater to all your requirements. Read on to know why:

Doesn’t always promise to secure your family
A dependable medical insurance policy is one that covers your dependents and provides for them financially, in times of medical emergencies. So, don’t depend entirely on the corporate insurance policy you are offered. Instead, opt for a family floater policy also that provides coverage for your loved ones. 

Provides low sum insured
Essentially, the sum insured is the amount the policyholder receives from the insurance company in case of an illness, disease, or some other unforeseen event. The amount paid by the policy provider varies depending on the cost incurred. It’s a reimbursement rather than a fixed amount. 

While the focus should be on providing sufficient coverage, most corporate insurance plans offer inadequate coverage. This is why you need to make that extra effort and opt for an insurance plan to offload your burden in times of medical urgencies.    

Your employment status impacts validity
Corporate insurance provided by the employer has an expiry date. Such a policy is valid only while you are with the organization. If you choose to quit, or the employer terminates you, you’ll be left without a cover. In fact, there may be no post-retirement relief offered. 

Once you retire, your corporate health insurance policy won’t offer many benefits. In most cases, it may even become invalid. So, secure yourself immediately by opting for a comprehensive policy that bears the cost of your treatment and frees you from financial burdens arising from health-related complications.    

Lack of customization
Since corporate insurance plans are devised by the insurance companies with the employer’s consent, most of these plans aren’t tailor-made. Employers have the power to decide what to and what not to include in the policy offered. This means they decide particulars like which diseases will be covered, what will be the sublimits involved, and so on. Also, employers decide whether the employee’s dependents should be included in the policy or not which leaves employees with little or no scope to intervene and ask for customizations.    

There’s no scope for negotiation
If you’re planning to convert your corporate insurance to be an independent policy, that might not be the best idea. A corporate policy is a formal agreement between the organization and the employee. So, if you quit or the employer decides to discontinue the policy, there’s not much you can do. Also, there’s no way to convert a corporate insurance to an individual policy. So, buy your health insurance policy today.  

PEDs not covered
Pre-existing diseases, mostly related to the kidneys or liver, might not find a place in your corporate health insurance policy. It’s quite possible that your insurance doesn’t cover expenses related to heart-related ailments. Thus, you must consider buying an independent health policy so that your PEDs are covered.

Lack of certainty
Since corporates aren’t obligated to provide health insurance to their employees, they can amend the policies as per convenience. In worst-case scenarios, employers may even refrain from providing any benefits to their employees. 
This uncertainty may leave the employee stressed and unprotected during medical emergencies. Thus, it’s always recommended that employees have a solid back-up and not depend entirely on corporate insurance policies, especially when it concerns their health.    

Having a corporate insurance policy is a sure way to benefit. However, every employee needs an individual health insurance policy to avail maximum benefits and minimize financial implications arising out of sickness. 
Since changing health conditions demand need-specific coverage, you must review your health insurance policy every once in a while. Also, when you have two health policies, with one being independent, you’ll be stress-free and your medical needs will be met in time.