Categorized | Health Insurance

my health insurance options

When you are planning to buy Health Insurance policy, the first question arising in your mind is what my health insurance options are. There are various options to acquire health insurance from, but your choice depends on your preferences as well as alternatives available to you.

Corporate/Group health insurance
If you are working in a company or a small group as an employee and your employer has offered health insurance to you as part of a package or employee welfare program, there is nothing that could be better than this. Since there are so many benefits attached to employee health insurance due to broader perspective you should not leave instead grab this opportunity. 

Benefits v/s drawbacks
There is no Waiting Period in most of the companies and Pre-existing diseases are covered. It does not require any medical tests for you, your spouse or your children or even your parents and Insurer provides special Coverage to employees, which in an otherwise case is expensive to get. As we know, every coin has an opposite side, so is here. Normally, most of the companies do provide health cover for the family, however, there are few who have different guidelines and therefore your health insurance may or may not cover your family and even if it does it depends whether it cover your parents or not.

Since it is a group health insurance there is no discrimination among employees on the basis of Premium rates or health insurance cover. The insurer is in contract with the company or a group, therefore sum Assured would also be the same for every employee. The major drawback linked to employee health insurance is that your health insurance Policy would be discontinued the moment you leave your job and the extension of your health insurance policy would be affected by the company’s rules and regulations.

Personal health insurance policy
If you do not want to face the drawbacks of employee health insurance policy, you should have a backup plan in the form of a personal health insurance policy. Though, buying health insurance policy individually would be different and you may not get special coverage but there is wide number of features which is under your control.

Benefits v/s drawbacks
Buying individual health policy will be expensive but a person can opt for family floater policy that will cover the entire family in a single health plan. You will require a medical test if you want your parents to get covered or it goes as per your insurer’s guidelines. Pre-existing diseases are not covered but again there are some insurers that provide pre-existing disease coverage, but at a condition of a waiting period.

If we keep drawbacks aside, there are so many advantages to count upon. Personal health insurance policy is lifelong and it will not be discontinued until you want. You are able to decide the health insurance cover as per your requirements and pay amount of premium according to that. Moreover, you can bargain over the premium rates and get tax benefits as well. No-claim Bonus is the Term that is an important feature in personal health plan. Sum Assured would be of your choice and not limited the way in case of employee health insurance.

When you do not have the choice, of course, you will have to go for a personal health insurance, but if there is corporate health insurance, then weigh the pros and cons of each option and choose the one or both after comparing the benefits, premium rates, various services offered and after-effects of insurance claims.