Should I buy Personal Health Policy if I have Corporate Policy cover from Employer

If your company has provided you with corporate health insurance, you may be wondering whether you should also purchase a personal health insurance policy. Here are some factors to consider when deciding whether to buy personal health insurance in addition to your corporate coverage:

Reasons to Consider Buying Personal Health Insurance:

1. Coverage Portability:
   • Corporate health insurance is typically tied to your job, so you may lose coverage if you leave the company.
   • Personal health insurance provides continuity of coverage regardless of your employment status.
2. Supplemental Coverage:
   • Corporate insurance may have limitations on coverage, such as specific exclusions, lower limits, or certain types of treatments not covered.
   • Personal insurance can supplement these gaps and provide broader coverage.
3. Control and Flexibility:
   • With personal insurance, you have control over the policy terms, coverage limits, and other aspects of the policy.
   • You can choose a policy that meets your individual healthcare needs and preferences.
4. Family Coverage:
   • Corporate insurance may only cover you, or it may not provide sufficient coverage for your family members.
   • Personal insurance can cover your spouse, children, and other dependents, offering comprehensive family protection.
5. Coverage Continuity:
   • If you change jobs or have a break in employment, having personal insurance ensures that you remain covered during the transition.
6. Higher Sum Insured:
   • If you require a higher sum insured than what is provided by your corporate insurance, a personal policy can provide additional coverage.
7. Tax Benefits:
   • In many countries, premiums paid for personal health insurance are eligible for tax deductions, providing financial benefits.

Considerations:

• Evaluate Your Corporate Plan:
  • Review the terms, coverage limits, exclusions, and network of your corporate insurance plan.
  • Determine if the coverage is sufficient for your needs.
• Assess Your Personal Needs:
  • Consider your health, family situation, and potential future medical expenses.
  • Think about your risk tolerance and financial situation.
• Compare Plans:
  • Compare different personal health insurance plans to find one that suits your needs and complements your corporate insurance.

Conclusion:

While corporate insurance can provide good coverage, purchasing a personal health insurance policy can offer you additional protection and flexibility. It can serve as a safety net in case you lose your corporate coverage or have specific needs not covered by your employer’s plan.

Before making a decision, carefully evaluate your current coverage and personal healthcare needs. Let me know if there’s anything else I can assist you with.