July 17, 2012 10:55 am
Should I buy Health Insurance as my company provide it for me and my family?
This is one question I am myself trying to find an answer for. Saying Go! get a cover ASAP is the easiest and safest answer. However I am inclined to think over what BanyanFA said.
Ronak’s dilemna is not whether to have Health Insurance Coverage or not? Its about whether to have a redundant coverage immediately or not. Its like keeping a second umbrella in hand for use as and when the first one fails.
One needs to consider a few things- why rush into buying a redundant policy if there is no cost benefit in starting early (unlike trem life insurance plan where there is definite cost benefit in starting early).
Then there is no guanrantee that even if you start early, your insurer will not jack-up the premium exhorbitantly after 10 or 15 years from now citing age, previous-claim history, adverse claim-ratio etc.etc.
Despite a number of insurance advisors, blogs, opining in favour of having an independant redundant coverage, I thing few people would be willing to buy…. the single biggest reason being that the Health insurers have failed to gain our trust till date….due to clumsy handling of claims, non-transparent policies which change everyday and many such things.
Look at my reply to BanayanFA , what if you develop some illness in between , if you want to take that risk , then you can delay !
Dear Ronak, for the plain uncertainty of life, you may switch job or may develop any illness, I w’d like you to purchase a heslth cover right now.
Manish – this is a very interesting point, and if you look closely into it, may be you may agree.
If the company benefit doesn’t go away and you enjoy the benefit for a couple of years, it makes no sense to go for a redundant insurance cover. Lets assume that if I work in a company which provides this cover and after 5 years I shift into another company which doesn’t provide this cover – then I should go and have a cover.
The point which needs to be looked into is :
– Would it be costly for me to have a cover later on than now as my age moves on;
– The saving which i shall have in the years where my company is providing for the cover may offset the additional costs which I may have to incur if I take Medical insurance later on.
I believe that for Medical insurance, one can avoid taking it privately if it is included in the part of the Corporate benefits.
Yes, if you see it from cost point of view, then its fine . It makes sense to wait . But what if you develop some illness in between , you might not get cover for that ?
I am just telling you some facts , rest you decide
If you have company insurnace, still these things can happen
1. Your company may take back the benefit
2. Your company may start asking you premium
3. Your company may reduce the benefit
4. You can leave the company and in your next job, you might not get the same kind of benefit !
Are you ready for this ?
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