Personal Health Insurance along with Corporate Plan

Health Insurance is a necessity these days as we are in the era of covid and you never know when you have to visit the hospital. Visit to the hospital is an expensive game and if you have to get admitted then be ready for the bigger bill this is where health insurance can help. There are various types of insurance but I believe going for insurance is a need that we should have been as because this helps a lot in difficult times to manage expenses. I have seen many people struggling with hospital bills during the time of covid and at that time it was not part of the insurance how later on, the government made it mandatory for the insurance companies. Now any expense towards the could be treatment is part of the health insurance so we can rest assured that bill will be paid by the insurance company and we need not pay from our pocket.

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In India, medical plans are designed in such a way that one has to be in the hospital for at least 24 hours to avail of the benefits. Most of the plans are offered with no OPD coverage and very few plans provide this facility and that too with multiple limitations. I have a health insurance plan provided by the organization and it covers my wife along with my parents and up to children. This is a very good plan I would say because there is no waiting period and it covers almost every leading hospital in the country. I think this is the same with everyone who is working in any organization that provides a medical facility. The challenge is when we leave the job then the plan is discontinued on the last day of exit in the organization and you never know if another company is going to cover the parents or not because some companies have started doing this.

They either do not provide the parents and if they provide then they charge some extra amount. This is also okay but sometimes there is a gap between the exit from the last organization and the joining a new company so if in case of anything one has to go to problems because there is no health insurance in place. This is where a personal help insurance plan helps because, in case of any help emergency, one time will the benefits provided by the personal health insurance plan and do not need to worry about the expense. The personal plan that I have opted forwards is my entire family including my parents.

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Now if I choose to go for a job change then also I need not worry about the else plan because my plan is always there with me and there is no breaker on benefits as long as I am paying the insurance premium regularly. You are not certain about the job market and looking at the lay of the situation across the globe it is even worse. If one loses the job because of any reason then the plan is also discontinued and at that time buying a personal plan comes with some waiting period for certain diseases. So this is another situation where it is highly recommended to go for the personal health insurance plan to deal with any unforeseen situation related to health.

Another point of discussion can be the limit of the plan. It depends upon the number of personal families and how much higher limit you want to go for again you need to consider my annual cost which is linked to the insurance limit. Ideally in India 500k Inr for each member is a good amount and this can be decided as per the number of families. I have renewed my insurance plan for another year and this plan was taken a few years back. I have a new one taking the claim from this plan because I preferred to use my corporate plan first but it is a piece of mind that I have just in case my corporate plan does not exist all doesn't work for any reason.

These are some of the reasons why I believe that having a personal health plan is necessary and this can be used even when we are not on the job. I have shared my experience post about medical health plans but again it is different for every personal preference and need.

Thank you