Health is Wealth”. Well, this is a statement which everyone knows and there is no second thought about its relevance. Still, how many of us really take care of their health?
Taking health is another matter, what about covering risks which are not under our control. There are several exogenous factors which can impact your health in an unwarranted manner.
You can eat well, exercise and take care of your health in all possible ways. But you do not really know what is happening inside your body and what kind of health ailment you can come across over a period of time.
God forbids that anyone of us comes across any problem in life. But, at the same time, it is wise to account for any health related risks.
If someone gets to know about his or her illness, then obviously he or she would like to go for the best possible treatment. There is no escape, and you want the best health care services for yourself. The same applies to your loved ones as well.
You always strive to get high quality products and services for yourself and your family. You make efforts to get the best possible mobile phone, car, and house. And when it comes to your well being, there is absolutely no choice but to avail the standards of highest standards.
My employer provides health insurance
In corporate hubs like Gurgaon, Mumbai or Bangalore, a large number of people work with great companies. These companies provide health insurance services to their employees.
Their employees are covered under group insurance schemes. A company has to pay a relatively less cost to get this service. It acts as an added benefit to the employees. At the same time, employees get assurance of health care coverage without any hassles. Some companies charge their employees for this, many do not.
So, are you one of those corporate professionals who are covered under a group insurance scheme? If yes, then is the cover sufficient? Maybe not!
The cost of health insurance plans is rising. This holds true especially for group insurance schemes. Most insurance companies have reported huge losses from group insurance schemes.
It is seen that insurance companies offer health and life insurance cover at unrealistic prices and undercut in order to get the business and develop their client base. Many times, the premium price does not support the magnitude of claim settlement. This results in losses.
Recently, even the Insurance Regulatory and Development Authority of India (IRDAI) had taken cognisance of this matter and warned insurance companies to avoid unrealistic pricing.
Now you would wonder why are we discussing this? Well, the case in point is that insurance companies are asking for higher premium rates. But if the employers are not ready, then naturally, they will ask to slash on services rather than increasing the prices. This means that your group insurance scheme may not cover many things.
What should you do?
Do check with your employer about the exclusions. Today, the government is offering many tax benefits on buying health insurance. You can claim tax benefits of up to Rs 25,000 in a year, towards payment of health insurance premium.
Once you know about the exclusions of your group health insurance scheme, strike out a policy which covers them. The idea is to supplement your existing group insurance plan.
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Further, also check what are the benefits and limitations with respect to spouse, kids and parents. There are possibilities that you would like to go for an additional health insurance plan for them as the group insurance schemes go very low on parents and dependents.
Taking a risk in this regard can be very dangerous. Health insurance schemes can be availed easily and the kind of costs at which they are available is also quite logical. So, why to bluff with yourself and ignore things which matter the most?
Article Source: http://EzineArticles.com/9011149