Corporate health insurance, also known as company group insurance, is a great facility for working people. The company bears all its expenses so the employees do not have to pay for it. A new report from insurtech platform Plum shows that 59 percent of employees do not have their own personal health policy. They completely depend on their company’s policy. This is not correct because this policy stops immediately upon leaving the job or retiring.
This insurance covers the expenses of hospitalization, doctor’s fees and surgery. If you are hospitalized for more than 24 hours, the company pays the entire bill. In this, expenses for a few days before admission and after discharge are also covered. Minor illnesses that do not require long hospital stay are also covered. The company also pays the expenses of ambulance in case of emergency. The biggest advantage is that chronic diseases are covered from day one. However, according to Plum’s report, there is a long wait for maternity cover, hence more than 90 percent people are not able to take advantage of it.
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The advantage of this policy is that chronic diseases are covered from day one. Some companies also provide facilities like maternity, OPD, dental and eye treatment, and wellness programs. However, due to the long waiting period in maternity cover, more than 90 percent of the people are not able to take advantage of it.
government security infrastructure
Employees’ State Insurance Corporation (ESIC) is for those employees whose salary is up to Rs 21,000 per month. In this, a little money of both the company and the employee is deposited. The drawback is that you can get treatment only in ESIC hospitals, where the facilities are not good everywhere. This protection also ends when salary increases or job loss.
Corporate health insurance limit
This insurance is linked only to your job, which is its biggest weakness. When you go to get your personal policy after leaving the job, you may have to pay an expensive premium due to your old age. Plum’s report says that in the last six months, 54 percent people were either refused the policy or were asked for 10 to 50 percent more money because they already had diseases like diabetes or BP.
This is a matter of great concern as 71 percent of working people in India are at risk of such diseases. The company’s cover is usually only Rs 3 to 5 lakh, which is less for treatment in big cities. The rules are also decided by the company, hence the treatment facilities may change if the partner changes. According to Plum, 40 percent of people buy a personal policy only when they have the experience of making a claim through the company’s policy.
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What is the correct way?
Keep corporate insurance only as a support. This is fine for short treatment but to protect your family, take your personal policy of Rs 10 to 15 lakh. For major illnesses, taking a ‘Super Top-up’ plan of more than Rs 50 lakh is a very cheap and good option. Plum Company works with more than 6,000 companies and is now adopting digital methods to prevent diseases.
You should take a personal policy soon. If you are healthy now, you will get a good policy at less money and the waiting time will also be spent while working. If you have your own personal policy, your security will remain with you even if you change or leave your job and you will not have to depend on anyone.
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