We do not have to mention separately about the crisis that the entire planet is going through. It was perhaps unfathomable that something so akin to the common cold but far more fatal, could bring the planet at a halt. A mutated strand of the Coronavirus changed our lives, and probably forever. And though we have all begun working and going out in a calibrated manner, it might still be several more years before we could live what we knew to be our normal lives. Nothing is the same as before. And amidst the pandemic, what we need to concern ourselves with is our physical and mental health.
We must take up all the precautions, eat and rest well to boost immunity. We must do everything that we can to ensure our safety from this virus. And speaking of the virus, one of the most important things that we need to look into is health insurance.
No one can guarantee to keep the virus at bay. We can only try, but we must be prepared to deal with it if the unfortunate happens. That said, besides a personal health insurance plan, you must also see to it that your employers offer health insurance. Employee health insurance is now more critical than ever.
And governments of nearly every country have made it mandatory for workplaces to provide employee health insurance. Therefore, we are now going to be looking into the benefits of employee health insurance plans that organizations offer. This can help you stay in the know and make informed decisions when the time calls for it.
Should I Go for Individual Health Insurance or Rely on Group Insurance for Employees?
Most people wonder if relying solely on corporate health insurance plans is a good idea. Employee health insurance plans come with a myriad of advantages.They cover the medical expenses for you and your family until the time you are associated with the company.
And that is why, they are indispensable. However, is it advisable to put all your eggs in this one basket? This is a trick question that needs a bit more examining.
Benefits of Group Health Policy
It is essential to look into some important features of a corporate group health insurance policy to reach a conclusion.
In a Group Insurance, Employees Are Not Required to Pay the Premium
The first advantage that we must enlist is that employees do not have to pay the premium in this policy. And this is what makes the policy so appealing. The responsibility lies with the employer to pick up the tabs on the group health insurance. Therefore, you get the policy for free without anything being taken out on your salary.
Group Insurance Covers the Employees and their Family
The second most important feature of group insurance is that it covers the family members of the employees as well.
This is a feature that lacks from personal health insurance plans, and is thus, quite lucrative. However, the advantages depend on the rates of the premiums too.
A higher rate might have more benefits, and vice-versa. You can find more information about these insurance plans at Lowered Rates.
There is No Waiting Period for Group Insurance Policies to Kick In
This means that you can avail the policy right away without having to wait for 20-30 days, as is the norm for a personal health insurance policy. Check-ups, diagnoses and treatment do not have to wait; this is perhaps the most significant advantage of group health insurance. You only need to wait until the approval of the plan, and can then proceed to use the same.
Pre-Existent Ailments Are Also Covered Under this Plan
Another benefit of group health insurance is that it covers you for your pre-existing ailments as well. You can use the policy to cover you if an old affliction rears its head in the present. And this is probably the best feature of employee health insurance. These were some very crucial features of a group insurance plan or corporate health insurance.
And that is why, amidst the pandemic, it has become a mandate for employers to provide the same. However, relying only on a corporate health insurance plan might not be the best idea. There is a catch, and we shall now see what that is.
Group Health Insurance is Necessary but Not Sufficient:
Though group insurance policies are the need of the hour, there are a few reasons why you must also have a personal health plan.
The Coverage Amount Might Not Be Enough and Could be Reduced
Group health insurance policies might not have enough coverage amounts for you and your family. Plus, the amount could also be reduced as per the employer’s discretion. And this factor is quite worrisome. Plus, as we mentioned earlier, the benefits of the group health insurance could depend on the rates of the premium.
Your Insurance Lapses Once You Quit or Retire
The benefits of a group insurance plan lapse instantly after the termination of services with the organization. And in that case, you need a working personal health insurance plan at your disposal. You cannot just depend on the group health insurance policy to come to your rescue. However, besides these two issues, a group insurance plan is quite useful, especially in times as such.
The Takeaway:
Workplaces must be able to take up the responsibility of the health of their employees. It is the employees that serve as the most crucial resource of an organization.
Therefore, it is mandatory that employers protect the health of the employees at all costs. Getting a group health insurance is a great place to begin with such an endeavour.
Employees must also be smart enough to recognize that a group policy might fail to cover them at all times. And thus, it always bodes well to have a personal health insurance plan too. A personal health insurance plan shall step in when group coverage is not enough.
And that is why, you need a personal health insurance plan too. The wisest decision would be to buy personal insurance without waiting for your employers to offer group insurance.
You can be doubly protected and ensure that you do not have to suffer during an emergency. Be smart enough to gauge the need of the hour, and secure your future accordingly.
