Imagine this Youre a knight, charging into the professional world. Your company equips you with a sturdy shield (corporate medical insurance), but is it enough to deflect lifes unexpected blows?
Heres the truth While corporate medical insurance offers a basic line of defence, it might still leave you vulnerable in some areas.
Let us understand the limitations as well as the positives of Corporate medical insurance first.
Good Aspects of Corporate Medical Insurance:
- Basic Defence : Corporate medical insurance acts as a first line of defence, covering hospitalization costs, diagnostics, and other medical expenses.
- Convenience and Group Rates : Its often automatically offered by your employer, and the company might secure a better premium due to group negotiation. Often times, the premium is paid by the employer.
- Safety Net : It provides peace of mind, knowing you have some medical coverage in case of emergencies.
- Family Coverage : A corporate medical insurance provides a shield for your dependents irrespective of age and existing illness.
- Limitations of Corporate Medical Insurance:
- Limited Coverage : The coverage amount may be based on eligibility as per the position of the employee and may not always be sufficient cover for the family.
- Predefined Limits : There might be sub-limits on hospitalization costs, room rent, or specific procedures.
- Job Dependent : Coverage terminates upon leaving the company, leaving you vulnerable during job transitions.
- Post-Retirement Peril : Most Corporate medical insurances terminate on super annuation. Sometime they can be continued as a personal plan. This is a major vulnerability for someone who does not have another insurance to fall back.
Here is why additional personal medical insurance might cover the chinks in the armour
Why Additional Medical Insurance is Crucial: