group health insurance

Investing in Good Health Insurance Plan Over and Above Your Group Mediclaim

Group health insurance plans are popular as most employers in India offer them. The group insurance plans help many people, but are they enough?
group health insurance
Many people shy away from buying individual health insurance plans owing to the fact they already have the group coverage. In this article, let’s understand why it is important to buy a good individual health insurance over and above your group mediclaim.

What Is Group Insurance?

Group insurance is a common health plan for a large number of people. It provides cover to employees of an organisation where the employer and in some cases the employee pays the premium. Depending on the company and the employee health insurance benefits. The cover extends to employees and their immediate family members. But, there is a limit on the amount you can claim hence the employee cannot change this amount, limiting the health coverage.

Why Opt for an Individual Plan Too?

The group insurance provides limited coverage. There are other reasons why you must invest in a good individual health insurance plan. They are as follows:

Larger, customisable coverage in individual plans

  • Let’s assume you have a spouse, two children and retired parents to look after. There is a bout of malaria in the city and to your misfortune, all get the illness together and you have to be hospitalised. At such a time, the coverage from the group plan may not be enough for your needs. If you buy a family floater health plan, you can customise the coverage for everyone in your family.
  • Coverage and Employment: If you resign from your job, you lose your insurance cover overnight. You will get another group cover when you join your next job. But, what if an emergency comes up in the meantime? You need an individual plan to protect your loved ones irrespective of your employment status.
  • Renewal:  Most individual health plans offer life-long renewal options. This is beneficial if you have elderly parents. You can keep your parents included in the individual health plan.

To Sum It Up

There are many advantages of investing in an individual health insurance over and above your group insurance plan. Compare the available options online. Buy a comprehensive health insurance plan for your whole family today.

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