January 3, 2011 11:26 am
I am currently working in a PSU. I have 100% medical reimbursement facility givin by my employer.
Is it prudent to buy Health Insurance??
It is not only the question of premiums, which anyway are not level like in case of life insurance if one is opting plans from general insurers. The premium rates will move up with the age as the contract is renewed every year and the rates are increased with different age bands. More important is the ‘pre-existance’ clause. If we delay buying and some desease enters the body meanwhile then the policy will not be covering it immediately under the pre-existing condition clause.
Given that you are in a PSU – with a reasonably high job security – the primary factor in your decision making has to be if you will stick with them till retirement or not. If you see chances of change, then you should get your own health insurance — sooner the better since premiums go up with age.
i think, the premium of health insurance is depending of the age of the isureds. however some are advising to have a health insurance in addition to from your employer for the reaso cited by you, i.e. in case you change the employer, and second to have a relationship with the particular company, which could be helpful in case of first in future.
Thanks Mr. Manikaran for your answer.
yes, the covergage is unlimited for treatment, and even it is there even after retirement. the covergage is same for all dependent family members. only limitation on the covergae is, based on the desigantion in the organization, the type of room (if Hospitalised) is decided. else, the whole treatment is reimbursed.
my main concern is that, in future, if I switch to a Pvt company, then if I wish to take a Health plan, would it be very costly because of age factor or any other reason??? So, if I take now, would the premium be low as in the case of Life insurance>>
As you have not shared the details of your coverage so it is difficult to advise you on this issue. But yes if your coverage is of comparabely good amount and will continue even after your Retirement, with no exclusion to it. You can avoid buying Health Insurance.
I understand that your spouse and children are also covered with the same facilitires
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