I have corporate health insurance of 5 Lakhs from my Office
Why do I need personal health insurance?
So many people think this way
But who will cover u when u retire?
A thread🧵on the features of a corporate cover & why personal health insurance is necessary?
Let's go👇
Why do I need personal health insurance?
So many people think this way
But who will cover u when u retire?
A thread🧵on the features of a corporate cover & why personal health insurance is necessary?
Let's go👇
What is a corporate cover?
A Corporate Health Insurance Policy is a type of insurance that covers a group of professionals working under an organization against illness, accidents, & other health issues.
Corporate Health Insurance is basically a Group Health Insurance Plan.
A Corporate Health Insurance Policy is a type of insurance that covers a group of professionals working under an organization against illness, accidents, & other health issues.
Corporate Health Insurance is basically a Group Health Insurance Plan.
Who is covered under a corporate plan?
It is generally the spouse and children of the working member.
Some companies also allow parents to be covered under these policies on payment of some premium
It is generally the spouse and children of the working member.
Some companies also allow parents to be covered under these policies on payment of some premium
So what is the benefit of a corporate cover?
Senior citizens can be enrolled:-
Senior citizens generally due to the existence of some diseases or others find it difficult to get health insurance.
Group policies are easier to get even for senior citizens
Senior citizens can be enrolled:-
Senior citizens generally due to the existence of some diseases or others find it difficult to get health insurance.
Group policies are easier to get even for senior citizens
No waiting periods:-
Corporate policies generally come with no waiting periods.
This means that all those who have a pre-existing disease find it easier to enroll and make claims
Corporate policies generally come with no waiting periods.
This means that all those who have a pre-existing disease find it easier to enroll and make claims
Waiver of medical checks
One of the most attractive features is these policies generally waive the need for medical citizens
Again this can be beneficial, especially for Senior citizens!
One of the most attractive features is these policies generally waive the need for medical citizens
Again this can be beneficial, especially for Senior citizens!
No premium payment:-
The premium is paid by your employer.
Only if you plan to increase the sum assured or top it up with another health plan, you would need to pay the difference.
The premium is paid by your employer.
Only if you plan to increase the sum assured or top it up with another health plan, you would need to pay the difference.
Problems with a Corporate Cover?
Caps on room rent/copay and other details
Group insurance policies generally have a cap on
🩺Room Rent
🩺Have a co-pay
🩺Sub-limit on the treatment of diseases.
Generally, an individual comprehensive policy will not have these problems.
Caps on room rent/copay and other details
Group insurance policies generally have a cap on
🩺Room Rent
🩺Have a co-pay
🩺Sub-limit on the treatment of diseases.
Generally, an individual comprehensive policy will not have these problems.
Underlying terms and conditions can be changed overnight.
In an individual policy, the insurer cannot change the terms of the policy under normal conditions
In a group policy, the employer can change the policy overnight depending on the premium they want to pay
In an individual policy, the insurer cannot change the terms of the policy under normal conditions
In a group policy, the employer can change the policy overnight depending on the premium they want to pay
Coverage Amount:-
5L over cover may seem fine today.
But 20 years down the line a 5L cover will be nothing.
So low cover is another problem that is their with corporate policies
5L over cover may seem fine today.
But 20 years down the line a 5L cover will be nothing.
So low cover is another problem that is their with corporate policies
Policy Tenure:-
Your corporate health insurance will offer coverage until you are employed with the organization.
The moment your employment ends, the policy will be terminated.
You will be out of insurance cover, till you get employed somewhere else.
Your corporate health insurance will offer coverage until you are employed with the organization.
The moment your employment ends, the policy will be terminated.
You will be out of insurance cover, till you get employed somewhere else.
Can corporate policies be ported after employment?
Some insurers do allow corporate policies to be ported on the payment of a premium.
But only some insurers allow it and this needs to be checked with the insurer.
The policy conditions are restrictive though
Some insurers do allow corporate policies to be ported on the payment of a premium.
But only some insurers allow it and this needs to be checked with the insurer.
The policy conditions are restrictive though
So should u buy a personal health insurance policy?
Yes, u should have a base policy!
Why?
As soon as ur employment is terminated the corporate policy lapses and you will be left without a health insurance cover.
Yes, u should have a base policy!
Why?
As soon as ur employment is terminated the corporate policy lapses and you will be left without a health insurance cover.
If you develop a serious disease then,
Insurers will not like to cover you.
Therefore you run the risk of not having a cover in a very old age.
In order to cover off this risk,
One must have a personal policy even if you have a corporate cover.
Insurers will not like to cover you.
Therefore you run the risk of not having a cover in a very old age.
In order to cover off this risk,
One must have a personal policy even if you have a corporate cover.
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