Both Group Health Insurance and Individual Health Insurance need or not

Group medical insurance in India is increasing popularity now-a-days but having an individual health insurance plan is also important.

Health Insurance plans are the backup or may call protector of people in some serious problems or illness which are life snatching and also have expensive treatments. Besides this, a right health insurance plan is like an assurance for the insured while he/she faces some kind of difficulties; there are lots of people in every country who dies or suffers with lifelong pains due of lack of support. It is a guide, a friend, a helper, an assurer, a good protector which means an overall coverage for insured person but still it is not enough to get fully covered and having all kind of money while in danger. Health is wealth and no doubt freaking for being healthy and fit is become a mania now-a-days; after advanced technologies and lifestyle people get affected easily. People are now-a-days fell ill often and pay a huge amount of money to get rid of that illness, for treatment n good hospitals etc. but spending so much for treatment is not a matter of joke as everyone has not that capability. Health Insurance Policies in today’s scenario works as a support system, but still people should take care of themselves to prevent serious illness. Health Insurance Plans are essential for every person as it gives security and safety to the insured person with various benefits. There are various kinds of health insurance policies such as Individual Health Insurance Plans, Family Floater Plan, Children Insurance Plan, Car Insurance Plan, Mediclaim etc. But it is advisable to buy a policy for the parents or old persons of the house as it gill protect them in the time of critical illness or provide the expenditure while hospitalization.

Individual Health Insurance: Basically Individual health Insurance plan should be in the list of every employee or service person; it will be able to act like a money saver and financial support in the time of need. Though every employee is provided an employee health insurance policy under a certain health insurance company that will covers the serious injuries. The health insurance for employees is the easiest and simplest way t buy health insurance at handsome premiums and these plans also cover spouses, children and dependent parents. for these given coverage and benefits , most of the people think that health insurance policies for employees best option to keep safe and secure but there are some points need to be look over and they are: Room rents, no claim bonus, co-payment clause or co-share, waiting period, restoration benefit, sub limits and many more.

Group medical insurance policy: A group medical insurance is totally designed for giving coverage to a certain group of people such as society members, employees of a joint employer etc. and the advantages are that these policies have comprehensive cover at lower premium payment amounts and coverage regardless of insured’s past medical and mediclaim history.  There are many benefits of having a group medical insurance plan as it acts differently than an individual and family health insurance policy.

Benefits:

• ·         A group policy can be bought by an employer for suitable employees of a company.
• ·         The group mediclaim cover is very beneficial to the employees as well as the employers as they come with relaxation on many ways like pre-existing disease coverage, maternity benefits, two/four years waiting period, 30 days cooling off period, 25% lesser rates than individual policy, spouse and kids up to 25 years of age are covered, dependent parents may also cover.
• ·         Basically corporate cover their employees from 3 lacs to 5 lacs
• ·         There are reimbursement for out-patient expenses
• ·         Employees will get large benefits, comprehensive cover at lower rate
• ·         Less chances denying to an individual under group insurance policy due to his/her previous health and claimed records
• ·         Individuals with smoking/drinking habit, unhealthy eating habits etc. may not be denied coverage but may an increment in premiums will be there.
• ·         Employers also get tax deductions on premium paid.

Disadvantages:

• ·         After job change there will be no medical coverage or the person can afford another coverage while the older parents may not get coverage.
• ·         A good individual policy always gives full coverage with all pre-existing diseases after four years of continuance of policy.

So after this above knowledge, it is clear that having an Individual health insurance is must though the person has mentioned in any group health insurance or not.



Source: https://bit.ly/2MyZCJZ
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Published By
Subhra Bera
www.basic-healthinsurance.com
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