For those covered by a workplace health insurance scheme, many prefer purchasing a personal health plan. That is a very interesting query.
First of all, because insurance plans provide such benefits not covered by personal health policies. Secondly, why should I raise my expenses if my family and I are already covered by a Small Business Health Insurance?
But first let’s understand what a health program for a population is.
A workplace health insurance package is the company’s benefit. It pays for all medical expenses you and your family incurred during your tenure in your company.
Many of the aspects of a health plan for businesses are similar to a personal health policy. In addition, there are few other benefits that you appreciate covering a corporate health plan. They are here:
Number 1: Workers are not expected to pay premium:
You, as an employee, don’t have to pay any fee for a workplace health insurance plan. It is paid by the business. This ensures that you get free health insurance.
Number 2: Employee and family coverage:
Family health insurance does not only protect you but offers coverage for your partner, children, and even parents in most situations.
Number 3: No time to wait:
In most group arrangements, the waiting time for hospitalisation is waived. That is, the health insurance starts on the day it is allocated to you.
Number 4: No medical check-up needed for registration:
Before registering in a community health insurance contract, there are no medical examinations.
Number 5: Pre-existing illnesses are covered:
Community health insurance policies usually cover past illnesses from day 1, which is by far the greatest advantage from such schemes.
There are five arguments to argue that there is no justification you need to purchase a personal health policy if you are protected by a company policy. However, let’s not just look at one side of the coin in assumptions.
Consider the numerous reasons why Private HEALTH INSURANCE is a better option than a company or workplace health plan.
Comfort to Customise
The PERSONAL HEALTH INSURANCE PLAN can be easily changed, such as adding cover pages to increase coverage or implementing a premium reduction co-payment facility.
Moreover, it can be a simple job to add or remove family members because you have complete control over the policy. This allows you to keep your policy premium and its coverage updated of all facts.
No claim Bonus / Cumulative Bonus Benefit
The big downside of having business insurance is that you will lose the accrued profit of your jobs in the last few years. The insurance coverage of your employer won’t allow you to switch the benefits to another company when you leave the organisation.
Thus even though you have a business or company scheme with your employer, it is advised that you have personal insurance. Community health insurance policies do not offer a claim incentive or accumulated bonus to claim that is certainly a bonus under individual health insurance plans.
Post-retirement
As we all know the cost for health insurance increases with age, but if you rely on the lifetime health plan of your employer after your retirement, there are tiny chances of a health insurance plan providing affordable and better coverage.
Most of the insurances have limits on the age of admission or do not cover many issues until an insured person reaches a certain age group. They often consider senior citizens to be covered at high risk, which contributes to premium increases. So depending on lifetime business insurance is not a smart idea.
Although community insurance policies are inexpensive and cost far less than the individual plan, it is vital to keep those above points in mind instead of only looking at the premium factor when purchasing Corporate Health Insurance.