|Looking for Individual Health Insurance? You're Not Alone.|
I have a Group Health Insurance coverage from the ownership. Again, will I have to buy an Individual Health Insurance Plan? Isn't a waste of money on premiums? Recently, it is the most frequently asked question!
Employers make some decisions for the welfare of their employees. Here, providing Group Health Insurance and Personal Accident Insurance plans are the most important facilities. Even if members of the group, personally we need to have these two policies. Usually, the premium of group health insurance policies is lower compared to individual policies. Subject to the terms and conditions, some policies may exclude certain pre-existing conditions, medical tests and other common expenses.
Moreover, all benefits are applicable to parents is an additional attraction. Hence, as healthcare costs continue to rise, being a member of this insurance policy is very important. Despite these benefits, there are some difficulties too! Due to the amount of the policy is less, it is inadequate to all family members. However, illnesses and accidents can happen at any time and without warning. If you’re hospitalized, that does not have an agreement with your health fund, you may face significant out-of-pocket expenses for your treatment. In order to be entitled to continuing health benefits, you must still be employed at your organization.
If you voluntarily quit your job without just cause, you are not entitled to avail the health benefits. Again, taking a new policy is like paying the excess of premiums. Moreover, there will be no coverage to the pre-existing health conditions. The group health insurance plan offered by the organisation, will be ended with your retirement. Some insurance companies impose so many regulations to offer a new insurance policy for senior citizens. Even after conducting medical examinations, sometimes they may not be agreed to offer a policy. Although if you have been offered a policy, it is possible to charge higher premiums. So, it is better to buy an insurance policy before five to six years from retirement. Then, you will be having a flexibility of restructuring your policy to lifelong.
Providing subsidized group insurance coverage can be revoked at any time by the connected insurance companies. If you don't claim, it does not include the no-claim bonus too! When you claim, it is possible to charge a higher premium based on a fixed percentage of the claim. When you're sick and stuck in bed, you might need long-term sick leave for two to three months. In this case, an employer may make deductions from pay for absences. Group insurance cannot pay for this loss, but some of the individual health insurance policies coming forward to pay for such kind of damages.
Full compensation may not be given in the group health insurance. Sometimes you might be asked to pay a copay. Even it is possible to impose sub-limits on various expenses like room rent, doctor’s fees, diagnostics etc. But, coming to individual health insurance plan, it is a policy with no sub-limits, copayment and will help you avoid unpleasant situations at the time of claims. However, do not forget that it depends on the policy and the insurance company you choose.
Some Important Things to Consider
Whether its a group health insurance or individual insurance plan, please do read your policy document to know the exact list of exclusion applicable to you. In this policy document, you can find 'Cashless Hospitalization' list, it means When you get hospitalized with a network hospital, you do not have to settle the bill with the hospital.
Health insurance policy doesn't cover pre-existing conditions and some other treatments. First Some companies offer group mediclaim policies, though, after five years switch into an individual insurance policy. Such attention is advisable to use at the time of retirement.
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