Company perks like free lunches or pick-up and drop facility will get organisations good ratings from many employees. But, nothing says ‘we care’ better than a generous health insurance plan. However, most workplaces fail to live up to this expectation. Majority of firms try to cut costs and offer the bare minimum plans to its employees which subsequently translate to less coverage due a less premium. And when medical emergencies occur, employees who didn’t bother to buy personal health plans bear the brunt.
Whether you are working right now or are about to join a workplace, here are a few pointers that will let you gauge whether your employer health policy is worth it or not.
Do not expect a health plan in the first place
Here’s the truth: A company is not entitled to offer health insurance plans to its employees. They provide one to retain people and maintain good relations with them. A company can pull the plug anytime and leave you unprotected.
An employer plan won’t cover everybody
Most employer health plans do not cover an employee’s dependents. Because they are group plans, they cover the employee at the most. For many, this is a disappointment because they expect the insurance plan to cover the dependents as well. These days, organizations also offer you the opportunity to add dependents to the group policy for an additional health insurance premium. It is advisable that you contact your HR department and check for the same.
You will have to pay a percentage amount
To save costs, employers will provide a mediclaim policy with co-pay clause. Under this policy, you will have to bear a percentage of the treatment cost. So, if you have a hospital bill worth Rs 3 lakh, expect to pay somewhere between 15%-25% of the total cost.
They come with restrictions
Employer health plans have restrictions on items like the type of procedure, room rent, doctor fees, etc. If you do not read the policy document carefully before seeking treatment, you may end up paying for the entire treatment cost from your own pocket. It is recommended that you understand the terms and conditions thoroughly before proceeding.
There’s no flexibility on the hospital network
When you use an employer health policy, you cannot seek a cashless treatment at your preferred hospital but compromise and settle for one that is in the cashless hospital network list. In contrast, when you buy an individual health plan, you get to read their network hospital list and then decide whether you wish to buy that plan or not.
It’s only applicable till you are employed
An individual health plan is active as long as you pay the premium and renew it each year. In contrast, an employer plan will stay active until the time you are employed with the organization. The moment you resign, your coverage stops.
All these points come together to explain that while employer health plans are good, they are not generous enough to protect you. It is advisable that you buy comprehensive health insurance online in order to protect yourself and your family. You can buy your health insurance online with us at Finserv MARKETS and let us help you secure your future.
Also read about advantages of health insurance before you buy the policy
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