Reduction in Group Health Benefits likely to happen - Things to do
What it is all about?
Cost cutting has just impacted your company group health insurance as well. Yes, from January 2015, cost cutting might just affect your health benefits, thanks to a new set of policies from the Insurance Regulatory and Development Authority (IRDA) with regard to the pricing and features of the company group health insurance.
What Experts Say..!!
V. Jagannathan, Chairman and Managing Director, Star Health and Allied Insurance, said that the new rule might push the prices further up as the current group policies are enjoying the benefits of rock bottom prices due to high competition. Apart from the prices, the new rules from IRDA might also cut down on the features of the group insurance and employers might ask the employees to increase or start donating a share of the amount as premium. So if your employer looks to tighten the screws then its time you brought a top-up policy or an additional policy of your own.
Buy a Personal Insurance Policy
Company policy is just an employee benefit. You never join a job for the sake of insurance. Most of the policies are family floater plans and the coverage would be lower as well. What happens to the company group policy once you retire or change the job? On the flipside, the insurance you have on your own will always be handy and you can use it even after retirement by continuing with the premiums.
If you running tight on budget or somehow feel that you do not a need a health insurance then you can go for a top-up cover. For example, your company health insurance gives you a cover of 5 lakhs, you can buy a top-up health insurance for 5 lakhs. However, this top-up insurance will get activated if your company’s insurance of 5 lakhs is used up in the treatment. The advantage is, the top-up policy is way cheaper compared to buying a full-fledged health insurance.
So, do not give excuse of not being able to afford a health insurance or not being interested in buying one. Remember, health insurance is not just for the times when you are sick, but will also apply when you fall ill or get admitted to a hospital due to a contagious disease like swine flu or malaria, or meet with an accident which requires hospitalization.
Critical Illness Cover
Apart from the normal illness, critical illness are a boon for those who need health insurance for critical condition such as cancer, heart problems or stroke. These products are available from most general and life insurance companies as well. These are specifically useful for covering high costs related to critical illness and in some cases also give you a stipend for recuperation.
- Critical Illness Cover for Various Diseases
Get critical illness cover for Cancer, Renal Failure, MS, Benign Brain Tumor, Motor Neuron DIsorder, Terminal Lung Disease, Major Organ Transplant, Heart Valve Replacement, CABG, Stroke, Paralysis, Myocardial Infarction, Severe Burns, Coma, etc.
Insurance for the Old Aged
Companies might ask you to shell out higher premiums or even cancel the coverage for your parents. Now you can cover your aged parents as well with special health insurance policies for senior citizens. However, just make sure you are aware of all the conditions, including the mandatory waiting period for covering pre-existing diseases, the sub-limits on various treatments and most importantly the diseases, and the applicable insurance covers.
- Senior Citizen's Red Carpet
Senior citizens are often ignored in health insurance industry given their limited incomes and high susceptibility to age-related illnesses. Star Health has addressed this group's protection needs through this plan.