With medical costs rising steadily in India in the last few years, availing a health insurance policy has no longer remained an option. To afford competent medical care without the need for spending exorbitantly, individuals can opt for any of the health insurance policies available in the market.
Now, health insurance policies can be broadly divided into several types, depending on the coverage they provide. Among them, two of the most important ones include –
- Individual health insurance policy
- Corporate health insurance policy
To know which one you should opt for that will effectively meet your requirements, you must first learn about what each of them entails.
Individual Health Insurance Policy – An individual health insurance policy that provides coverage for medical expenses of a single individual. This insurance policy can be availed by an individual for him/her, as well as for his/her family members. Here, the sum insured can be used to cover only a single individual.
Corporate/Group Health Insurance Policy – Corporate health insurance policies are the ones that organisations purchase for their employees. The employees working in an organisation are covered under a single insurance policy, which can extend to cover their family members as well.
But, is a corporate health insurance policy enough to provide comprehensive coverage as far as medical expenses in India are concerned?
Let’s find out!
Comparison Between Individual and Corporate Health Insurance Policies
The difference between these two types of health insurance policies can be illustrated in the table below:
Now, when it comes to deciding which one is the better option for availing competent healthcare, it is best to choose an individual health insurance policy because it will allow you the scope for customizing it as per your requirements. Even though corporate health insurance policies are cheaper, the benefits offered under them are also limited, as compared to individual insurance policies.
Which Policy Will be Better for Availing Coverage for Your Family?
While corporate health insurance policies extend their benefits to cover the employee’s family, they might not be enough to cover the medical expenses incurred for seeking specialised treatment.
For instance, you might need maternity care benefits for your spouse, which might not be covered under the corporate health insurance policies.
You might also need a senior citizen health insurance policy for your elderly parents, which might not be provided by the corporate health insurance policy. Which is why, it is always better to avail an individual or family floater health insurance policy to make sure that your family is appropriately covered.
Most individuals choose to avail an individual insurance policy in addition to their corporate health insurance policy to make sure that they are financially protected against any health-related liability that might arise.
So, make sure you check the benefits offered under each policy and look through the fine prints of the policy before you make a choice!