Many employers today, offer a group medical insurance cover to their employees which include the employees’ family members as well. Such policies are standard in nature and do not provide the employee any flexibility to add any covers or amount.

Benefits of these policies are many. Like, no medical tests, usual waiting period before making first claim can be waived off and pre-existing diseases can be covered from day one. Still it is always advisable to buy one medical insurance policy directly from the insurance company too. Mainly because the employer policy stays only as long as the job. The moment the employee quits the job or retires from the company, his policy contract also expires.

Apart from the above a group policy is a benefit designed and facilitated considering company’s expenses and management decision. Adverse claim ratio can effect management’s decision to take group health insurance or apply few restrictions like co-pay, disease wise sublimit, dependent sum Insured capping, reduction in total cover…etc.

Retail policies available in market usually have a waiting period for covering pre-existing diseases as well as for specific common diseases. Hence running two policies parrallel may benefit you in long run.

For example : If the total hospital bill is in range 200,000 to 300,000 and your corporate policy gives you cover of 200,000 then the balance amount can be claimed from your personal polciy.

The cost of medical treatment is increasing exponentially. Lifestyle and age related conditions can burn a hole in your pockets. A recent article suggested that almost 40 per cent of heart patients are between 25 to 35 years of age. One must choose a policy keeping in mind their own and their family’s health conditions and future requirements.

Some research may be necessary before buying comprehensive health insurance cover for the entire family….

To understand the nuances of different types of policies and its price, feel free to seek the help of InsuranceMall to select the right products based on your need. Or you can directly call them on +91-22-3050 3050

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