As an employee welfare measure, most employers today cover their employees under a Group Health Insurance plan. Such plans ensure that employees will always have access to quality health care without having to worry about expenses since they are covered by the employer. Although it is a very thoughtful step taken in the interest of employees – is it really wise to depend only on group health insurance for your health insurance needs.
The simple answer is no – given the rising costs of health care, it is advisable to have your personal health insurance to cover yourself and your family. Group health insurance coverage provided by employers vary from company to company. Hence, for wider coverage, you need to buy a comprehensive policy.
So, to help you analyse group health insurance provided by your employer, we have mentioned a few details below.
Why group health insurance offered by your employer may not provide sufficient coverage
The reasons listed below may vary from employer to employer:
- Limited customisation options
The terms and conditions mentioned under thepolicy are decided by the employer and the insurance company. The agreement is between the two. For e.g., what all critical illnesses and diseases are to be covered, inclusion of dependents, minimum and maximum sum assured, and hospital admission are all customized as per the choices made by the employer. Hence, it is difficult to get the exact cover suited to your needs and the scope for customisation is limited.
- Active till you are employed
The group health insurance policy provided by your employer is valid as long as you are employed with the company. But when you are not employed with them for some reason, the policy will no longer remain active. And in case you do face a medical emergency at the time with no active policy, you will need to take care of any expenses by yourself. Therefore, to avoid such a situation, it is advisable for you to have a secondary policy in addition to the one provided by your employer.
- Employer may discontinue a few benefits anytime
Since the group health plan is a type of additional benefit offered by the organisation, the employer is free to take a decision about modifying or discontinuing certain benefits. This being the case, the changes can affect your coverage and you may end up paying for some expenses eventually. The amount can be hefty, depending on how many benefits have been removed from your cover.
In short, group health insurance plans are definitely an excellent way to avail quality healthcare services but it is advisable to have a plan that is totally in line with the needs and requirements of yourself and your family.
What can you do to get wider coverage?
To get wider and more importantly need based coverage, it is important to purchase a health insurance plan separately for yourself and your family. Opt for a comprehensive health insurance policy that gives you wide coverage. To make sure you can choose, compare and buy benefit rich plans, login to the Bajaj Finserv App.
Anywhere, Anytime insurance with the Bajaj Finserv App!
The Bajaj Finserv App is a high utility app that takes care of all your financial needs including insurance. On the app, you can explore health insurance plans from our trusted partners. Here you can view product features, compare prices, and purchase a plan that is best suited to your needs. All this in a matter of minutes on our 100% digital platform and from the comfort of your home. It truly is becoming the new way to buy insurance.