The most common mistake India’s working millennials make is relying only on their corporate plan to pay their medical bills.
Here’s a guide by @Ditto_Insurance on why you should have a standalone health insurance policy
Most corporate plans are inadequate because their cover amounts are not enough to cover your hospital bills.
They’re also generic and may not cover your specific needs. They may also have hidden room-rent or disease-wise limits.
So, what if you’re getting treated for that illness or you want to get a good room for yourself?
You might have to pay extra despite having health insurance. Plus, your corporate plan depends on your employment.
If you quit or are fired, you will lose the benefits of your corporate plan. So if you have a health emergency, you will have to dip into your savings as you look for a job.
And, your future employer may not even offer health insurance.
You’ll ultimately have to take an individual plan. But, as you get older, you might not get a plan due to health conditions. And if you do, it’d be costlier and you’ll have to go through waiting periods for those conditions leaving you vulnerable.
You might also have to pay some loading charges for those conditions. Learn more about loading charges here.
Hence, it makes sense to buy a comprehensive individual insurance plan now. This way you can avoid added charges & finish your waiting periods when you’re young and fit.
To know more or to find the best plans in your budget, talk to experts at Ditto here.
Not quite, but lot of it is true. General saying is never trust a company nor boss nor project, just banking on them for insurance is crazy and it’s quite true.
I took company policy insurance and it’s true not everything is covered. It’s pretty convineint to take insurance outside knowing every terms & conditions
You should also go for an individual health insurance plan (instead of a family floater) because:
If you take a family floater plan, where family is defined as husband, wife and kids, the premium is defined by the eldest person’s age. So a lower age family member unnecessarily pays more premium amount.
In a family, there could be situations where one person smokes cigarettes and drinks alcohol, due to which the premium of family floater plan would increase. The non-smoker, non-drinker family members pays for this.
In a family, there could be a situation where one person has some PED (pre-existing diseases), going for a family floater plan defines waiting period, etc restrictions because of this. So it limits the healthy family members.
A family floater plan shares the coverage amount as a pool between the family members. If the entire family meets with an accident and is hospitalized, the cover value may not be sufficient for all. Also, if one family member utilises the insurance in a year, the other family members are deprived of the no-claim benefits of the policy.
In today’s era, divorce rate in our society is on the rise. It’s better to have respective individual insurance plans considering this so that in case of separation in the future, neither of them have to look for a new health insurance. With age you may be host to new diseases and then it gets difficult to get a new health insurance with a PED.
