In the bustle of daily life, we tend to delay purchasing a health cover, assuming that the employer’s owned cover is sufficient. However, we often fail to realise the fact that in the verse of changed lifestyle or growing inflation, living without health insurance can be toxic, as the rising medical cost may exhaust our savings. Also, remember that availing healthcare would be costlier as we grow older. In this regard, is group health insurance enough? Does it make sense to opt for an individual plan, despite being covered under group health insurance? Or is there something more? Let’s dig into detail!
Under a group health insurance, you can cover yourself and your family including spouse, children or dependent parents. This policy startsworking from the very first day where you are covered for emergency medical expenses caused by accident or illness. The best part is, a person with pre-existing illnesses or a pregnant woman is also covered at a nominal premium.
The basic difference between group health insurance and individual insurance is while the former is an employer’s owned policy, the latter is owned by an individual. Though both offer a similar cover, there are certain conditions which make them slightly differ from each other:
If you are sufficiently covered by your employer’s insurance policy, you don’t need a standalone policy. Around Rs. 5 lakh cover is sufficient if you are happened to marry in the near future or in your late 20s. However, be aware of the fact that your group insurance becomes null and void when you leave the organisation or start planning something of your own. At this point, you’ll require separate health insurance to provide a safety net and covers you for an emergency.
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