A working professional enjoying the benefit of an employer-sponsored health cover can at times take it for granted and ignore the actual terms and conditions associated with the same. This type of cover is good to be had for the current time, but in the long run, one needs to get themselves truly secured by purchasing independent health insurance plan. This is because; the group health cover provided by the employer is often inadequate to suffice the real-time needs in case of emergencies, and the needs of the future, which are uncertain. A person enjoying employer cover will definitely think twice before shelling out extra cash for a service already paid for by their employer but, here are 5 reasons why one shouldn’t solely rely on employer health cover.
One important factor to consider is that there’s no guarantee of one’s employment if their job isn’t permanent. Adding to it, employer-sponsored health insurance is limited up to the duration of one’s employment. If one decides to switch or leave the job, they’d be left without a health cover. Again, there’s no assurance that the next employer would be providing a health cover.
Leaving a few aside, most insurance providers provide health insurance plans until a maximum specified age limit. This number varies amongst the 60s to 70s. Except for a few cases, when a person retires and loses their employer-sponsored health cover, they might have to buy new insurance altogether. But the catch here is the max age limit that the providers set. Even in the case of providers who set no age limit, the premiums charged are much higher due to old age.
Companies provide health insurance to employees not as a gesture of care and goodwill, but due to what the market, competition and environment demand. Due to this, companies do sponsor plans that are more beneficial to themselves than their employees. This often results in the cover falling inadequate in times of a medical requirement, as the companies opt for economical options. When one has their personal health insurance plan, they won’t have to worry much about such issues.
Employers often negotiate with the insurer, all aspects of the group cover including the number of diseases covered, types of diseases being covered, minimum and maximum sum assured, the inclusion of dependents and many more. One cannot always ensure whether their personal medical problems are being incorporated in the policy or not. A few companies do allow for employees to have a say in the policy they’re getting while others don’t. Most companies keep the policy terms concealed from the employees.
As a company provides health coverage to employees in an economical manner, beneficial to itself, it might curtail one’s benefits while trying to reduce premiums. Such a health cover could fall inadequate in times of an emergency. Instability may arise due to company performance. If the company’s facing a financial crisis, it might curtail employee benefits including their health covers. Such instabilities can put strain on an individual, if there arises a medical emergency. It’s better to rely on independent health coverage to evade any sort of instability.