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Why You Should Not Depend Only on Group Health Policies?

Published On Nov 19, 2020 5:30 AM By Sakshi Aggarwal

Are you covered under group health insurance? Do you think your group health insurance policy is enough to help you through the tough times? Are you not planning to buy an individual health insurance plan in the coming years? While you may be thinking to depend on your group health insurance policy when the need arises, the truth is that you still should not rely solely on it. 

What Makes Group Health Insurance a Good Option?

Group health insurance policies have importance of their own. Employee satisfaction, great health benefits, affordable cover are a few advantages of group health insurance. What’s even better is that in case of group health insurance one doesn’t even have to undergo pre-medical screening. These may be a few reasons why group health insurance is a blessing, however, you should still not depend entirely on it to avoid hassle at the last moment. 

Where Do Group Health Insurance Policies Lack?

Your group health insurance policy may seem the ultimate source of financial stability for you in case of a medical emergency, but remember it will always come with a few limitations. Key causes why your group health insurance policy may not offer complete support include:

1. Group health insurance policies provide cover only as long as you are with the employer. The time you lose your job or switch the company, your cover ends. 

2. Group health insurance policies come with a sum insured or coverage amount that is fixed by the employer. If your medical requirements are less, there’s nothing you can do to reduce your cover. Similarly, you cannot extend your coverage amount if your medical needs are more than the others. 

3. Group health insurance policies do not provide cover after retirement. You may be compelled to buy a new health insurance policy once you retire. Take note that until this time, you may be denied a new cover due to an illness you may have extracted or you may find the cover extremely expensive. Why? It is because of your elderly age. 

Why Should You Buy an Individual Health Insurance Other Than Group Health Insurance? 

Buying an individual health insurance policy is advisable to every person who possesses group health insurance. Choosing a completely new individual health insurance policy may seem unnecessary, but it is definitely not the case. 

Below mentioned are a few key reasons why choosing an individual health over group health insurance is a benefit: 

1. Individual health insurance policy will cover you no matter whether you are working or not.
2. It is you who will get to decide the coverage amount in case of an individual health insurance policy. 
3. You will be eligible for health insurance cover for lifetime. Your retirement would have nothing to do with your health cover in case of individual health insurance policy. 
4. Individual health insurance policy will always be your ultimate financial support at the time you are changing jobs. You may have a time gap between your two jobs, but your individual health insurance won’t let you have a health insurance gap. 

You may also like to read: How to Switch from Group Health Insurance to Individual Health Cover

At Last 

Protecting yourself and your finances from unexpected medical emergencies is a smart decision to make. You too can choose both to prevent yourself and your dear ones from financial troubles and stress that usually comes with medical emergencies.

So, purchase a personal health cover or individual health insurance policy over your group health insurance. Remember, your individual health insurance policy will always have your back, no matter how adverse situations get. 

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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