Hello everyone, welcome back to our Insurance Company. Today, we’re going to discuss a very common question that I get asked: “I have employer-provided health insurance, so why do I need personal health insurance?” We’ll explore five solid reasons why you should consider buying a standard health insurance policy, even if you have employer-provided coverage.
Firstly, employer-provided health insurance is not permanent. It’s only valid as long as you’re employed with that company. Moreover, the policy features and terms can change over time, and you may not have a say in these changes.
Secondly, employer-provided health insurance may not cover all your medical expenses. There might be restrictions on room rent, maternity cover, or other benefits. Having a personal health insurance policy ensures that you have comprehensive coverage that meets your specific needs.
Thirdly, employer-provided health insurance may not be sufficient to cover rising medical costs. With health inflation in India ranging from 14-15% per annum, your employer-provided coverage may not be enough to cover your medical expenses in the future.
Fourthly, if you rely solely on employer-provided health insurance, you may not be able to get coverage for pre-existing medical conditions. If you have a pre-existing condition, it’s essential to have a personal health insurance policy that covers you for those conditions.
Lastly, having a personal health insurance policy can provide tax benefits under Section 80D of the Income Tax Act. You can claim a deduction of up to Rs. 25,000 for health insurance premiums paid for yourself and your family.
Now, let’s discuss how you can buy a standard health insurance policy in addition to your employer-provided coverage. If you already have a comprehensive employer-provided policy, you can consider buying a top-up policy with a deductible option. This can provide additional coverage at a lower premium.
Alternatively, if your employer-provided policy has restrictions or limitations, you can buy a separate health insurance policy without a deductible. This will provide you with comprehensive coverage that meets your specific needs.
When buying a standard health insurance policy, it’s essential to consider your annual income and health inflation. A general rule of thumb is to have health insurance coverage that’s 3-5 times your annual income
In conclusion, having a personal health insurance policy is essential, even if you have employer-provided coverage. It provides comprehensive coverage, tax benefits, and financial security in case of medical emergencies. We hope this video has helped you understand the importance of having a personal health insurance policy