Divya – Hey, I’ve been thinking about my company’s health insurance. Should I take additional health insurance if my company already provides it?

LXME Money Coach – While your company’s insurance is a good start, there are reasons why having additional coverage could be beneficial.

Divya – Really? Why would I need more when my company already covers it? Me and my spouse both work in the IT industry and have corporate medical insurance covering all family members.

LXME Money Coach – Well, considering the potential limitations, future job changes, and the need for comprehensive coverage, it is always a good idea to have additional health insurance even if your company provides it. Let’s explore why having just corporate medical insurance won’t be enough! 

(Conversations like these keep happening in our LXME community. Check them here.)

Let’s first understand, what is a Health Insurance Policy?

Health insurance is the type of insurance that covers a whole or a part of the risk of an individual incurring medical costs

Why is Health Insurance necessary for women?

Many of us will just be having health insurance provided by our companies. But there is something important to consider instead of solely relying on the company for our health insurance needs.

Does it really provide sufficient coverage for your or your family’s health needs? And in case of a job change or a sabbatical or retirement?

Let’s simplify this and get all our answers together! 

Why corporate health insurance won’t be enough?

Corporate health insurance is a type of coverage that is provided by your employer. It’s like a special benefit from your job that helps take care of your and your family’s health costs.

But, you may face the following problems if you solely rely on a corporate health insurance plan:

Let’s understand this with an example – 

Shreya had a corporate health insurance policy covering her spouse and dependents. 

Her employer insurance had a coverage limit of ₹5 lakh, which fell short when her father required hospitalization and costly medical tests, leaving her with significant out-of-pocket expenses.

If she had additional health insurance with sufficient coverage, it would have saved her from this financial burden.

So, what should one do?

Though corporate health insurance comes with certain benefits, they have their own constraints too. Having both plans is wise. It adds extra protection beyond the limits of the corporate plan and also safeguards you during employment changes or retirement. 

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