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People who are protected under a corporate or group health plan offered by their employers often get confused if they should buy an individual health policy. In fact, the confusion is quite normal since you are already getting certain benefits under your company health plans, which you may not receive under personal health policies. Also, you would think that if you and your family members are already receiving medical benefits from one cover, why should you increase expenses to buy another cover?
Let us discuss the benefits and disadvantages of getting a personal health plan on top of your group health insurance in this post to help you clear some confusion and support you on making a good decision.
A group health policy or a corporate health policy is a benefit offered by your organization that you work with to cover you and your family under a group health insurance. Under this coverage, you get compensated for the expenses incurred on your medical costs during the tenure of your service with the organization. In terms of features, corporate plans have almost similar features like that of a personal health plan. Moreover, group health plans have some added benefits that you may not get under individual plans.
Some such advantages of group health insurance for employees are:
All the above reasons are strong enough to argue that if you have a corporate health insurance you may not buy an additional individual health policy. So, when you are getting so much benefit from your health plan, why do you think it is not enough for your medical needs. Or why relying on your group plan solely is not a good idea. Let’s find out!
Despite the fact that the corporate plan has so many benefits. However, relying solely on a group plan is not regarded as a smart option. And there are certain reasons to prove that, such as:
The best strategy, which is applied by most employed people covered under corporate health plans is to have both corporate as well as individual health insurance plans. This allows them to enjoy an extra cushion in times of medical emergencies when they need extra coverage beyond the limit of their corporate plan. Further, it allows benefits like tax deductions, lifelong renewability, no claim bonus and so on.
As discussed above, you now know about the pros and cons of group health insurance vs. individual health insurance. Corporate plans have many benefits, however, they have certain limitations as well. So, looking at the entire scenario, it is better to have an individual health insurance policy along with your corporate plan. This way, you can make sure that your family and you stay protected from health emergencies all the time.
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