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Should Employees Buy Health Insurance Plans?

Updated On Aug 06, 2021

Health insurance policies have become a necessity for all the individuals as it acts as a financial support for individuals against any kind of medical expenses incurred during hospitalization. With the growing inflation it has become difficult for people to save enough money from their monthly budget to invest in health insurance covers and therefore, the health insurance providers have come up with affordable and comprehensive health insurance policies which not only provide wide coverage but also gives the customers the option to include their requirements in the plan with no extra costs. 

It becomes the responsibility of the employer, organization, or institution to take care of their employees and consider their needs related to their health. A poor health and treatment can make the sole breadwinner of the family to become unemployed thus leading to the financially traumatized situation of his.her family. Employers generally roll out group health insurance policies under which they secure the health of their employees and sometimes the employees’ family. But, these group health insurance covers can be insufficient for the employees if they have a medical history or a record of critical disorder, then in such a case they must get a separate health insurance plan for themselves. 

Should Employees Buy A Separate Health Insurance Plan?

Usually it is advised that the employees should buy a separate health insurance cover to protect themselves and their loved ones. Sometimes, the organization covers only the employee and not their family and in such cases you can buy a family floater health insurance plan which will include your family members under a single policy at an affordable price. The group insurance policies by organization covers the employees only until they work at the firm and therefore, if you leave the job, you will no longer be liable to avail the benefits of the health insurance policy. The group health insurance covers can be insufficient for people suffering from pre-existing diseases or have a medical history. Hence, an employee must have a separate health insurance cover. 

Reasons To Buy A Separate Health Insurance Plan For Employees 

Following are points that state the reason for buying a separate health insurance cover being an employee in an organization: 

  • Coverage features of group health insurance policies have a cap. 
  • The policy is not available for claim, in case the employee leaves the organization or the company. 
  • It does not benefit the retired employees of the company. 
  • All the employees under the group health insurance policy have to pay the same amount of premium even when not satisfied with the coverage. 
  • Renewal premium costs can increase in case of high claim settlement amounts. 

Benefits of Buying A Health Insurance Policy 

Let us look at some of the benefits that can be availed by the individual under their purchased health insurance cover: 

  • A health insurance policy offers comprehensive coverage under which it provides the compensation for all possible medical expenses. 
  • The insurance providers offer lifetime renewability benefits to its policyholders under which the customers can renew their policy for a lifetime with the same benefits as offered under the existing health insurance cover. 
  • You can get a cashless claim benefit where the claim will be settled by the insurer with the hospital directly without much effort. To avail this benefit you must seek treatment in one of the network hospitals of the insurance company. It makes the claim process smooth, quick, and hassle-free. 
  • You can port the policy if not satisfied with the services of the current purchased health insurance cover. For porting you can choose another similar health insurance cover offered by the insurer. 
  • The policyholder gets tax deduction benefits on their premium payments under Section 80D of the Income Tax Act. 

Conclusion 

If you are an employee in an organization or a company, you must purchase a separate health insurance cover for yourself and your loved ones, instead of relying on the group health insurance cover offered by the company. 

Also Read: Benefits of Group Health Insurance Policy for Employees

How to Opt for Suitable Health Policies for Employees?


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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