It is normal for multinational companies to offer their employees a corporate health insurance policy. It is a perk that helps reduce the attrition rate – employees have second thoughts about leaving a company knowing they will lose out on their insurance policy in the process.
Some job seekers make a conscious effort to look for employers that offer this benefit. However, many of them, when they do find such jobs that offer this benefit, close the chapter on health insurance needs.
However, this is a huge mistake! You need to get separate health insurance to compliment your corporate plan. This is because the employer-provided policy could fall short on numerous occasions. This article will highlight some of these occasions to drive home the importance of getting an independent plan in addition to the one that comes with your job.
1. Corporate plans adopt a one size fits all policy.
You might have several things in common with your co-workers, but your healthcare needs are not one of them. And therefore, your health insurance coverage should also be crafted to meet your unique requirements. However, this is rarely the case with corporate insurance plans – they usually provide uniform coverage for all employees. This can provide to be a huge disadvantage in the long run – something you do not want to experience to find out.
2. Not much coverage.
It’s a cool perk to have but it costs a lot of money to your employee, especially since it has to be provided to hundreds or thousands of employees. There are sure to be some cost-cutting measures and it is usually the annual coverage amount that suffers. Today, the average sum assured of a corporate health insurance policy is around 2 lakhs.
This might seem like a lot of coverage, however, in case of even a mid-level medical emergency, you will find out how little this actually is. This is because the cost of healthcare is rising at an alarming rate. In fact, the rate of inflation on medical services of almost double what it is in other industries.
3. What if you experience a medical emergency between jobs?
Corporate plans only offer coverage as long as you are employed with the company. If you leave your job and decide to take a break or it takes you a while to find a new job, you are left unprotected. And medical emergencies have a tendency of showing up when you least expect them. But, if you have a separate policy, you have peace of mind from unexpected exigencies, even between jobs.
4. What happens when you stop working?
Similar when you are in-between jobs, when you stop working, you are left without coverage. And again, this stresses the importance of having a separate health insurance plan. It will ensure you are protected during your old age when you are most susceptible to illnesses.
Hope this article has been helpful, good luck and all the best!