Why Prefer Individual Health Insurance over Corporate Health Insurance?
Posted by insurancebrokersae on November 15th, 2019
The health of the people is uncertain because it can suffer from various levels of complications within a second. Happy family time will convert into gloomy days without any warning and no one will be in a condition to take any further step. People will only remember to rush to the hospital and run behind the doctors. The life turns to be stressful which becomes worse at the expense of the treatment. Yes. It is true. People have to suffer from dual problems at the time of medical emergencies- one the issue of disease and people suffering from that and the other is treatment cost. The severity and treatment of the disease are not in the hands of the people but it is possible to reduce the burden of the cost with the help of the health insurance. It is the policy where the insurer pays the entire amount against the claims to the insured people. It is a sort of life-protection for all.
There are two major types of medical insurance namely corporate and individual with different features. People mostly avoid the importance of one over others but sometimes people must take dual insurance policy and maintain the right balance in life. Mostly this sort of confusion arises between the policies mentioned above because people are relaxed after they start getting the benefits from the corporate health insurance. They consider it to be lifetime protection from the treatment cost. Here people go on the wrong path and commit a sever mistake. People should always look for individual health insurance over corporate health insurance and the reasons are the following:
Easy to customize – The corporate medical insurance is the help provided by the company until the person is employed and works on fixed terms and conditions. On the other hand, individual insurance is not time-specific and people are free to customize the policy as per their requirements. There are policies available according to the budget of the people or on the base of the disease he or suffering. Such a facility helps to get the right insurance for the people.
No benefit on cumulative bonus- The corporate insurance comes to an end once the employee leaves the company and the claim amount does not get carried forward. Thus, people have to suffer from the loss of the accumulated benefit which they saved from years. Also, there is no cumulative bonus in the corporate insurance which is a reward offered in the individual insurance policy.
No post-retirement worries- The corporate health insurance is the partner till the person is in the condition to work but what after that? This is the important question that arises in the mind of the people as retirement comes closer. People have to think about the treatment cost post-retirement as the chances for illness increases. The individual health insurance stays with the people until life ends.
The above discussion shows the importance of individual health insurance along with the corporate policy that people need to understand and take the right action for future safety. The only point that restricts people to buy the individual policy is the cost that is more than the corporate insurance option.
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Joined: October 4th, 2019
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