Why you need personal health insurance in addition to your corporate medical cover?

A corporate health insurance plan is undoubtedly a valuable perk offering perks not typically covered in retail health insurance. However, relying solely on a corporate plan can be insufficient due to several limitations.

Benefits of corporate health insurance cover:

• No waiting period
• Pre-existing ailments are covered 
• Maternity benefits
• OPD, dental and vision benefits
• Additional coverage for family at no or nominal additional premium 

Limitations of corporate health insurance cover:

• Limited coverage: Typically up to INR 5 Lakhs, leaving you vulnerable to high medical expenses.
• Inadequate dependent coverage: Might not adequately cover your spouse, and children. In most cases, corporate health insurance plan doesn't offer cover for parents.
• Room rent limit: There is a limit on room rent (e.g., capped at INR 5K/ day) or room type (e.g., Single standard AC room). If you select a room that costs over and above the limit prescribed it will lead to proportionate deduction.
• Copayments: A portion of medical expenses (10-20%) must be paid out-of-pocket by policyholder.
• Lacks coverage for daycare and modern treatments: Insufficient coverage for daycare and advanced medical procedures, with restrictions on the treatments covered and sub-limits on the coverage amount.
• Linked to employment: Corporate health insurance will offer coverage until you are employed with the organisation. The moment your employment ends, the policy will be terminated.
• Coverage reduction: Coverage can be reduced anytime in the future since it is decided by your employer. It might reduce the insurance coverage or exclude your spouse, parents, and children from the policy.
• Difficult to get a plan at retirement: It will be very difficult to get a comprehensive cover at the time of retirement. It will come with copayments, sub-limits and the premiums would be too high.

Given these limitations, it is strongly recommended to supplement your corporate policy with personal health insurance to secure your family's health and financial well-being.

Benefits of a personal health insurance plan:

• Comprehensive coverage: Extensive protection, including flexibility to include your parents and other dependents.
• Continuity: Your plan remains active even if you leave or change jobs, providing uninterrupted protection.
• No room rent or room type restrictions: Comprehensive health insurance policies have no room rent limits, allowing you to choose any room type you prefer.
• No copayment or disease wise sub-limits: Full coverage without the need for out-of-pocket payments.
• Daycare and advanced treatments: No sub-limits or restrictions on daycare and modern treatments.
• Tax benefits: Deductions under section 80D of the Income Tax Act.
• Other benefits: Comprehensive health insurance policies offer robust no claim bonus and restoration benefits.

Understanding health insurance is complex and overwhelming. This is where we step in. Simple Insure can help you find the best personal health insurance plan that complements your corporate coverage, ensuring comprehensive protection for you and your loved ones. 

Get Started with Simple Insure AI: Click here to access our Linktree for company-specific links.

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Don't wait! Secure your family's well-being with a robust personal health insurance plan!