Everyone is familiar with the proverb that goes like – ‘Health is wealth’. Well, the significance of this proverb just cannot be overemphasized. It is one of the most precious things to have a sound health. With each passing day, an increasing number of people are becoming aware of the importance of having a good health. However, nothing is certain in life and all of us fall sick at some point of time in life. The ailment might be trivial or fatal but in case of serious illness one’s years of savings can be depleted. Medical expenses in all forms, be it doctors’ fees, hospital fees, are rising at an alarming rate. In India, this health care has become so expensive that it can lead one to even bankruptcy. This is where health insurance plays an instrumental role. Yes, one has to shell out some money in order to have a health plan, but one has to spend a fortune if one doesn’t opt for a health policy. So, if you want to avoid burning a hole in your pocket, a proper health insurance that caters to all your requirements is your ultimate choice.

Why health insurance is a must?

You can take good care of your health by exercising on regular basis and by having a good eating and sleeping habit. But all these efforts wouldn’t cover the risks that you cannot control. Since, you never know what type of illness you may come across in future it is wiser to remain well- prepared beforehand. If you or your loved ones suffer from any serious disease you would obviously strive to provide the best possible treatment. Oftentimes, treatments are very costly and can ruin you financially. This is why a health policy is an essential thing to have these days.

Group Health Insurance

In India, Information Technology is flourishing at present and given birth to quite a few IT hubs across the country. Eminent corporate houses have their presence in these hubs and most of these companies provide their employees with health insurance policies. If you happen to be one of such employees you are also under the group health insurance scheme provided by your employer. Corporate houses usually obtain this service at a reduced price. Group health insurance is beneficial for employees because;

• It functions as an additional benefit to employees.
• Employees can avail health coverage without any hassle.
• More often than not, employees are not charged to pay in order to have a health insurance.

Why group health insurance may fall short to cater to your needs?

If you are one of such employees, you must be feeling delighted to secure such a health plan. But, is your group health insurance policy enough for you? There are some crucial factors that indicate this health may not suffice your requirement.

• Recently, many insurance houses across India reported massive loss from their group insurance plans. These results into the rise of all group insurance schemes and health insurance plans are no exception.
• Many insurance companies in India, in a bid to get more business and to increase their client base, offer impractical price. This leads to lack of uniformity between the final claim settlement and price of premium.
• IRDA has warned insurance houses for offering unrealistic prices.

All the above-mentioned reasons cause the insufficiency of group health insurance. Insurance companies are forced to ask for higher rates and most employers are not willing or ready to pay the increased amount. These employers, instead of paying the additional price ask insurance providers to cut down the number of services. This is exactly the reason why your group health insurance may fail to meet all your needs.

What you need to do to curb this issue?

Once you realize your group health plan is not sufficient you have to take some evasive action.

• First of all, you need to have a word with your employer or the concerned person to know about the exclusions in the policy.
• Once you are aware of the exclusions in your existing health plan, start looking for a health insurance that covers them. The new policy will work as the supplement of the group health policy that you already have.
• Group health insurance policies usually are not advantageous to parents and dependents. So, you should check what are the limitations or benefits available to your children, spouse or parents. You might need to opt for an extra health plan if needed.
• Government nowadays offers many types of tax benefits on purchasing insurance policies. You can claim up to Rs 25,000 annually towards the premium payment of your health plan.

If you really find your group health policy insufficient you shouldn’t take any risk and put yourself and your family members in danger. You and your loved ones’ health is priceless and you shouldn’t ignore that and keep them uninsured. Health insurance policies are easily available online and insurance comparison portals can help you select the best deal as per your needs.