Many employers today, offer a group medical insurance cover to their employees which include the employees' family members as well. In such group policies, the company pays a part of the premium while the balance premium amount has to be borne by the employee. Such policies are standard in nature and do not provide the employee any flexibility to add any covers or amount. Also, recently the premiums on company provided mediclaim insurance were hiked which the employers passed on to the employees.
Although it is good to have one such medical insurance from the employer, it is always advisable to buy one medical insurance policy directly from the insurance company too. There are many reasons for this: First and foremost, the employer policy stays only as long as the job. The moment the employee quits the job or retires from the company, his policy contract also expires.
Second, a lot of these group policies have many restrictions. Some have a maximum age limit and do not cover people over 60 years of age. This restricts an employee to cover his parents or grandparents if they are above the age of 60. Then there are group policies in which the employee has to make a co-payment at the time of making a claim. A co-payment refers to the condition where a part of the treatment cost has to borne by the insured person.
Insurance policies have a waiting period on pre-existing diseases and conditions ranging anywhere between 24 months to 48 months. Company provided mediclaim ceases to exist once the employee leaves the job. In such cases an employee would find himself stranded at the time of a medical emergency. Most working individuals realize these hard facts only at the last minute when they are in serious need of a medical cover. By then, it is almost too late. A fresh policy would again have a waiting period on pre-existing conditions, plus the premium rates would increase as it has a direct co-relation with the age of the policyholder and medical conditions undergone in the past.
Considering all this and more, it definitely makes sense to have your own insurance cover purchased directly from the insurance company. The benefits of having your own policy cannot be over-emphasized.
The cost of medical treatment is increasing exponentially. Lifestyle and age related conditions can burn a hole in your pockets. A recent article suggested that almost 40 per cent of heart patients are between 25 to 35 years of age. One must choose a policy keeping in mind their own and their family's health conditions and future requirements.
Some research may be necessary before buying comprehensive health insurance cover for the entire family. A good health insurance cover ensures peace of mind and takes care of you and your family's unforeseen medical needs. A good health insurance plan is the best gift you can give to yourself and your family.