Working for a good company comes with its own set of perks. One of the perks which a company offers is employee health insurance. As fancy, as it sounds, opting for employee health insurance, is not a good idea for a plethora of reasons. Investment in employee health insurance to simply defray your medical expenses is not advised. This is because of the fact that these products provided by the company are limited in nature.
5 reasons why an investment in employee health insurance is not enough:
- It is not a long term solution
When your company provides you with a health insurance policy, it does not take into consideration the long term planning. Usually, companies offer a fixed plan benefit that is beneficial for you and your loved ones. However, it does not provide the coverage as extensive as a critical illness insurance plan and is useful only for regular health conditions. Moreover, these corporate plans also don’t take the impacts of inflation in the long run into account.
2. It does not cover all the dependents
Ideally, when you purchase health insurance plans, you expect coverage for the members of your family as well. However, this is not the case for certain corporate health insurance plans. In case they provide coverage, it might be limited for your partner and children. Moreover, if you opt for either your spouse or kids, you won’t be able to cover your parents under this plan.
3. It does not allow customization
Although companies try hard to cover all the aspects of health insurance, few of the mandatory aspects can be left uncovered. Moreover, these companies cannot cater to all the needs and requirements demanded by the customers, all at once. What might be a necessity for one, may not be the same for another. Since the nature of their payout widely differs in every plan, corporate plans are not in sync with the need of the employees and their families.
4. It is not a stable option
The stability of a health insurance plan is the most crucial aspect while the purchase of the product. In the case of an employee health insurance policy, stability is the least. The stability of the policy depends on the status of your employment. The longer you work with the company, the longer is the tenure of your health insurance policy. In simpler terms, the insurance policy is ceased from you at the time of your resignation.
5. It consists of many clauses
When you sit down to go through your corporate health insurance plan, you might end up being flabbergasted. This is simply because it not a document for a quick glance as it consists of too many clauses. Amongst them, the two commonly used clauses are Room rent clause and Co-payment clause. While the room rent clause covers partial expenses of hospitalization, the co-payment clause covers the minimum of your total expenditure.
Now that you know the reasons why an employee health insurance is not enough, trust us, you need an additional plan to keep you covered for longer. A health insurance policy other than the corporate health insurance plan helps you to stay locked-in for a longer period of time as well as offers you with better coverage. Besides, compare health insurance in order to land up with the best one while staying invested in your corporate health insurance.