Reasons to get health insurance along with employer health cover

One of the perks that you receive working with a company is the benefit of health insurance. Most companies offer a comprehensive package based on entitlement sufficient for the employee. However, everyone has different requirements when it comes to health insurance policies. Since the circumstances change with every individual, you might need more than the employer health cover. Here are some reasons you should consider getting additional coverage along with employer health insurance.

Reasons to get an additional health cover

Inclusion of family in the policy – A company-provided health insurance policy is part of a group health insurance policy. The extension of coverage to your family depends on the company’s policies. Most of the time, the policies include the child and spouse and not the parents. If you wish for your parents to be included in the policy, it is better to buy an additional one. The advantage of having an app for this purpose is that every person in the family can have it on their phone and access their policy along with the added benefits and advantages from anywhere.
Different types of policy – Whenever you get a health insurance policy as a perk, you usually do not get a choice for selecting the type of policy you might be looking for. In contrast, when you buy health insurance online from the ICICI Lombard app, you get to pick from various policies with various benefits. You can also customize the policy with add-ons that can benefit you.
Critical illnesses are not covered – While most illnesses are covered in the policy offered by default, when it comes to critical illnesses only some may be covered, especially if they are pre-existing. However, the clause for covering critical illnesses occurring later on may vary. If you have a person in your family susceptible to any kind of illness or age, then you should consider buying additional insurance. A benefit of buying your insurance policy online is that you need not worry about carrying papers or a card in an emergency as you can produce the papers on your phone to put the wheels in motion.
Coverage not enough – More often than not, this is the reason why people look for a fortified health insurance plan. The coverage offered in a group insurance policy is very less. This is especially true if you have aged or have people with disabilities under your care. Given the rise in healthcare costs post the pandemic, it is essential to get an additional health insurance policy and safeguard your family.
Scope of tax exemptions – In group health insurance, employers get access to some tax benefits. However, if you choose to buy health insurance out of your own pocket, then you can get the benefits for the same in your income tax returns.
Lifetime coverage – When you change jobs or if you decide to quit, then you lose the cover provided by the employer. This is a major drawback of relying only on the employer’s health insurance coverage. If you get your own insurance from the app, you can keep renewing a policy for a lifetime. At the same time, you can keep collecting no claim bonus and adding to your coverage amount. The benefit of getting your own policy is the lifetime coverage it offers.
Coverage is based on company policies – While the employees do not have to pay for the health insurance coverage provided by the employee, the terms and conditions of the policy as controlled by the employer. The policy allotted is as per rank and entitlement only. In case of financial ups and downs, the company may decide to adjust the coverage based on the losses. Apart from this, the company might ask the employee to co-pay some of the premium. They may also try to cut costs by redefining the voluntary deductibles that affect the premium of the policy.
No coverage after retirement – While you are assured of coverage and availability of an insurance plan during your working years, it can be difficult to find an insurer who is willing to sell you an insurance policy at the age of 60. Age itself is a matter of concern apart from any illnesses you may have at that point. While you may find a policy at that stage, the waiting period can be in the range of years and the premium is sure to be much higher.

In every scenario, it is beneficial to have a health insurance policy from the ICICI Lombard app, as you can use from any corner of the country. The convenience of having a backup in the palm of your hand ensures peace of mind.