Health planning is very important as you may never know what is beheld in the future and you are always unaware about the uncertainties and casualties in your life. This is why it is recommended to every individual to have a health insurance. Health insurance is beneficial for you at the time of any medical casualty and you need money for the treatment. The health insurance, for which you are paying the premium, provides you the coverage to support you financially in handling all the bills of the hospitals, treatment of the medical illness and the expenditure of the post treatment procedures.
Well there are various other health insurance plans that are offered to you when you are working in any company. These are group health insurance plans that are provided by the employer to you for any unfortunate events and hospitalization or any medical expenditure and treatments. This may seem like a great plan but do they really provide you enough coverage or are they reliable? These are some of the questions you should ponder over before taking the health insurances provided by your employer.
The employers are bound to provide the health insurance to their employees if they plan to resume functioning post lock down. Let us understand whether we should solely depend on medical covers provided by the employers.
The cancellation of the health insurance by the employer
There are various conditions and criteria on the basis of which the health insurance plans provided by the employer are subjected to cancellation. The employers have to provide a prior notification to his or her employees about the cancellation of the health insurance, but under some circumstances there are exceptions where the employees may or may not provide the notification about the cancellation of the health coverage.
The changes in the trend is seen hugely in the working group of people with respect to the health coverage provided by the employer
The working group of people in the present scenario are now not referring much to the health coverage provided by the employer as they are learning the other ways from which they can get health insurance with known coverage and with some additional benefits as well.
They have more options with them as compared to the working people few decades back. There are various options to join the health insurance coverage of their parents as a dependant when their parents’ health insurance is at the edge.
Here are few of the major reasons that will encourage you to drop the health coverage plans by the employer and move onto the other available options
- You do not have any control over the health coverage provided to you by your employer. The employer can provide the employees any random amount and it is all based upon his relationship with the employees. It may sometimes happen that the amount you are offered at the beginning of the job is sufficient for you at that particular age but when you grow; the health insurance may or may not be sufficient enough for your family of four. There can be conditions like when you change your job, and your new employer is providing you a little less coverage for the health than in your previous job, the coverage is reduced but the requirements of the individual and the family is still the same.
- Health coverage is provided until and unless you work under the same employer. Changes in the job will result in the cancellation of your health coverage and you can no longer access the health coverage plan from your former employer. Many of us are currently facing this problem after being laid off from the job owing to lockdown amid COVID-19. These people are not only without a job now but also without a health insurance plan. So solely depending on employer’s health insurance plan is not a good idea.
- A fresh health insurance after retirement seems impossible. As long as you are serving the employer and fulfilling his needs, you will be insured with the health coverage. But at the point of time when you retire, the benefits of the health insurance plan exists no more. You may think of purchasing a new and fresh health insurance plan but without any regular income and some medical conditions, it seems to be an impossible task to get a new plan.
- The health insurance provided by the employer is not a necessity but an expense. The employer can cut short these group health insurances whenever he or she wants as the provision of these health insurances is not an obligation for the employer. It is just another expense for the employer to gain the tax credits and prevent him or her from paying any tax penalties.
- The extent of the coverage is not known by the employees. It is seen in most of the work places that the employees are unaware of the time period for which the health coverage is provided by their employer. You remain relaxed depending completely on the health insurance plan that you are offered by your employer without even knowing the nature of the health coverage and the extent of the coverage provided to you.
It is now made easier to port your group health insurance to personal health insurance under the scheme of IRDA and you will also gain the benefits of the waiting period as well. Do you still rely on health coverage provided by your employer? It is highly recommended that you get yourself adequately covered outside employer’s health insurance and treat the employer’s health insurance plan as just the add on benefit.