Is corporate health insurance plan enough to cover your family?

Jobs in the corporate world offer a wide range of perks. Besides bonuses and gift vouchers, employers also offer health insurance plans to their employees. No doubt, it is a part of an employee retention strategy. It’s important to ask the question: Are the corporate health insurance policies sufficient to cover your entire family? It depends on a few factors. Even if your company has offered you a policy cover, you still need to assess your health insurance needs. If you think that the coverage amount isn’t enough to protect you and your family members, it is certainly better to buy an additional policy.

How much can be considered as a sufficient cover?

In most of the organizations, the amount of cover offered to their employees usually remains between INR 2 and 4 lac. Let us take an example. Suppose Mr. X works in a company where he is protected by a health insurance policy with a cover amount as INR 2 lac. Mr. X’s organization allows its employees to add one dependent to their policy. Now, if Mr. X has four members in his family, then a cover of INR 2 lac will be shared by him and one of his family members. The rest two of his family members are still uncovered.

It can also be said that a cover amount of just INR 2 lac is not enough to meet today’s medical and healthcare expenses. In the metros and Tier I cities, these expenses are rising at an alarming rate. In such a scenario, you cannot take the risk of depending just on your corporate health insurance policy. In this case, Mr. X should buy health insurance policy for additional protection.

Sub-limits also matter a lot

Besides the coverage amount, one must also pay attention to the list of sub-limits. Corporate health insurance policies do not come loaded with many features and benefits. Sub-limits on room rent, ambulance charges, traveling expenses, etc. are often imposed on such policies. Hence, you cannot depend entirely on your corporate health insurance plan. Buying a separate policy can protect your family members in a much better way. You may even opt for a family floater plan, which can cover all the members of your family. The restrictive nature of corporate health insurance plans is something you cannot always rely upon.

Corporate health plans aren’t so reliable

It is important to mention that a corporate health insurance policy is basically an employer health plan. If the employer decides to withdraw this benefit due to any reason, the employees can’t do anything about it. Likewise, once you resign from your job, the policy does not remain valid any longer. In short, you cannot rely completely on your corporate health plan. It is better to buy health insurance for extra protection. You will have more control over your individual health plan.

So, those are some of the vital aspects that you should keep in mind regarding corporate health insurance policies. Offering yourself and your dependents an extra layer of protection is always a wise decision.

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