While health insurance through your employer may seem sufficient, having your own policy is vital. Here's why.
When it comes to health insurance, many believe having coverage through their employer is sufficient. However, this assumption can be a costly mistake. Even if you have employee insurance cover, it is essential to consider getting a separate health insurance policy.
Here is why having your own medical insurance is essential, even if your employer provides coverage.
Coverage Gaps And Job Transitions
One crucial factor is that your employment-related insurance will no longer cover you once you leave your job. You would be left without any coverage if you resign or get terminated. What if an unforeseen medical emergency occurs during this transition period? Without your health insurance, you would be unprotected. Rakesh Goyal, director of Probus Insurance Broker, further highlights this: "What if something were to happen while you were between jobs? You wouldn't be covered by either employer's insurance?"
Limited Coverage
Another reason to seek your own health insurance is that employee insurance typically provides less coverage than individual policies. Although some employers may offer the option to extend coverage by paying extra premiums, it is still recommended to obtain personal health coverage. Goyal advises individuals to get their own health insurance in addition to the coverage provided by the employer. He notes that the last day of employment is usually the last day of coverage under the employer's insurance policy.
Shweta Jain, the founder of Investography, supports this view, "Even if one has employee insurance cover, it is usually inadequate, so it is better to take an independent cover even if it is a floater to save on costs." Relying solely on employee coverage leaves you at the mercy of your company's policies. What if you quit your job, get laid off, or if the company decides to reduce coverage or change its policies? Having your own health insurance provides a safety net and ensures that you have comprehensive coverage regardless of your employment status.
Flexibility & Family Coverage
In addition to the potential limitations of employee coverage, it's important to consider the flexibility and benefits of having your health insurance. You can choose the coverage that suits your specific needs by having an independent policy. You can customize the policy to include additional benefits or specific healthcare providers you prefer.
Moreover, if you have a family, having a separate health insurance policy is even more crucial. While some companies may allow you to continue the policy independently after leaving the job, it is subject to the company's discretion and policies. To ensure the well-being of your family, it is advisable to have a separate health insurance policy that covers them as well.
Thus, employee insurance coverage is insufficient to protect yourself and your loved ones. It is vital to have your own health insurance policy to avoid coverage gaps, ensure comprehensive coverage, and maintain flexibility. As Goyal suggests, employers should consider providing a separate health insurance policy for their employees and their families in emergencies. Don't leave your health and financial well-being solely in the hands of your employer's insurance. Invest in your own protection.