Choose among Individual health insurance or group health insurance according to your need
Health Insurance has become an inevitable requirement in today’s life. Illnesses can strike at any time, and the cost of treatments and supportive medical care is skyrocketing. This is why everyone needs health insurance to provide financial security at a critical time of a health crisis. However, a lot of people act careless when it comes to such a serious matter. This is especially true for individuals with group health insurance or a corporate health insurance plan.
Is a group health insurance plan better than an individual health insurance plan? Is it enough to cover all your healthcare needs? Let us see the pros and cons of both these health insurance plans.
1. Employees have to pay no or very low premiums if they have a corporate or group insurance plan.
2. The family members are often covered in a group health insurance plan.
3. This health insurance plan is applicable from day one, and there is no waiting period.
4. They do not need to have a medical checkup done before initiating the policy.
5. Pre-existing illnesses are covered.
6. Maternity benefits are available.
1. Not all companies provide group health insurance plans.
2. You need to be a permanent employee to avail the benefits
3. The benefits cease if you leave the company or retire.
4. The company can reduce the coverage if it is going through financial losses.
5. Most of the time, coverage is not enough.
6. Critical illnesses are not covered.
7. There is no way to customize the plan or seek additional benefits like the No Claim Bonus and other add-ons.
8. No tax benefits are available.
1. It covers the policyholder, and family members can be added to the policy.
2. The policyholder has full control over the policy and can customize the policy as per his requirements.
3. Policyholders are entitled to benefits like the No Claim Bonus.
4. Policyholders have the freedom to choose a higher insurance sum compared to a group health policy.
5. Coverage for critical illnesses can be chosen by the policyholder.
6. There are tax benefits available.
1. There is a waiting period for coverage of pre-existing conditions.
2. Policyholders need to have a medical checkup before getting a policy.
3. Maternity benefits are not available unless chosen by the policyholder.
While both group and individual health insurance plans have advantages and disadvantages, one must choose the plan that will suit their requirements better. The wise thing to do is take the group health insurance policy if your employer offers you one and additionally get an individual health plan as well. This way, you can get the benefits from both plans and ensure maximum coverage and financial security during health crises.
In case of a health emergency, you can choose to claim benefits under the more suitable one from either of the two policies. This is a great way to cushion your medical expenses and avail yourself of benefits under your health insurance plan.