5 reasons why you need more than just a corporate health insurance

Corporate group health insurance policy is helpful, but it may not be enough for your requirements. Read on to find out why you should get a second health insurance policy.

corporate health insurance plan.png

Meet Mr Sharma, he recently landed a job at a reputed multinational organization.

One of the perks that his new job offers him is a complementary health insurance plan. He is overjoyed – in his mind, the health insurance box has been ticked off!

Unfortunately, corporate health insurance rarely delivers adequate cover. There are several instances where a corporate plan could come up short in terms of protection.

This makes it prudent to have multiple insurance health insurance policies and this article will explain why. Read on!

Limited protection

The average corporate plan usually provides a coverage of INR 2 lakhs, give or take.

In case of a medical emergency, this will definitely help cover a lot of costs.

However, 2 lakhs will mostly get exhausted quite fast, especially given the escalating cost of healthcare today.

In this case, having a second insurance policy serves as a safety net.

Once the cover of your cover of your corporate plan is done, your second plan will kick in and continue to keep you insulated from your medical expenses.

For your second health insurance policy, you can choose a sum assured that complements your corporate policy & ensures you never fall short of coverage.

Moreover, you can also look into top-up plans with your second health insurance policy to get added coverage.

This will give you complete peace of mind from life’s twists and turns!

Lack of Coverage for family

Another reason you should consider a second health insurance policy is to protect yourself and your family.

Many times, corporate insurance plans do not provide medical coverage for parents and siblings.

In this case, you can look into buying an independent family floater insurance plan to ensure protection for your family.

Moreover, having a second policy also ensures adequate coverage for the family.

For example, imagine you have a corporate group plan with coverage of Rs. 2 lakhs.

However, you feel this amount is in adequate and so you decide to purchase a family floater plan with a cover of Rs. 5 lakh as well.

A few years down the line, one of your family members suffers a condition that results in medical expenses of Rs. 4 lakh.

If you did not have the additional family floater plan, you’d end up paying Rs. 2 lakh from your own pocket.

However, since you do have the family floater plan, you can easily cover the expenses and keep out of pocket expenses to a minimum.

In such a case, when the corporate plan falls short, the second policy proves to be the saving grace.

Making a claim on the second policy allows you to cover the additional medical expense worth INR 1 lakh.

One size fits all

Your healthcare needs are bound to be different from the next chap’s needs.

However, corporate plans take a one-size-fits all approach and offer the same coverage for all employees.

Therefore, you should have a second plan that is tailored to your individual healthcare needs.

You could also choose to purchase add-ons with your second health insurance plan.

For instance, if your family has a history of certain life-threatening illnesses, you could opt to purchase a critical illness add-on.

Similarly, there are several add-ons you can choose when you buy a second health insurance.

This is an option you most likely will not have with a corporate plan.

Cover lapses between jobs

Gone are the days when people would spend more than a decade working with the same organization.

These days, working individuals do not shy away from changing jobs.

The reason for this purely is better growth opportunities and better pay.

If you are one of these individuals, you should strongly consider a second health insurance policy.

Wondering why? Let’s look at the example of Mr Sharma again.

Mr Sharma has been doing well at his job for a while. However, he is looking to further his career.

Upon realizing that his current job offers limited opportunities, he has decided to switch companies.

However, when he makes the move, he realizes that he will lose his corporate plan in the process.

To make matters worse, his new employer does not offer health insurance to its employees.

Mr. Sharma could have avoided this conundrum by purchasing a second health insurance policy earlier.

Having a second health insurance policy ensures that you stay insured between jobs and becomes your primary cover if your next job does not provide any corporate coverage.

What about after retirement?

Another important point to remember is that your corporate health insurance policy is tied to your employment.

This means that, the moment you retire, the coverage of your policy will also stop.

Considering that it is in your golden years that you will probably need health insurance the most, it is extremely important to have a second policy.

It will ensure that you remain protected even in your retirement.

Unlike your corporate plan, you can craft your second health insurance plan to meet your exact needs.

You’ll be amazed at the number of choices and ways in which you can make a plan your own.

It will ensure you are fully protected at every step of the way.

Good luck and take care!

Share This page

From Our Blog

Navi General Insurance Limited
IRDAI Registration No: 155 | CIN: U66000KA2016PLC148551