Why Cashless Health Insurance is a must
Thank you for reading this post, don't forget to subscribe!With the fast and dynamic world we live in today, health insurance is a necessity and not a luxury. Most companies offer health insurance to employees, but relying only on this cover is not advisable. Company insurance will always have limitations, such as low coverage, fewer options to choose from in hospitals, and loss of benefits if the person leaves the job. This is where personal cashless health insurance comes in. It provides uninterrupted coverage, increased financial security, and peace of mind, especially during job changes. The following is why cashless health insurance is a must, even if you have company insurance.
Limitations of Company Health Insurance
Company health insurance covers are designed to provide basic coverage to employees, but they are not individual-centric. The sum assured is usually low, which may not be sufficient for complicated medical conditions or lengthy treatments. For instance, surgeries, complicated diseases, or chronic diseases result in very high bills that go beyond company insurance coverage. In such situations, employees have to shell out of their own pockets, resulting in financial pressure.
Also, company cover policies are employer-specific. If the employee moves out, the insurance disappears. This places individuals at risk during the period between jobs. Moreover, company cover policies may not provide coverage for pre-existing diseases or complete benefits like maternity care, mental care, or alternative treatments. These limitations indicate why an individual health insurance policy is a must for personalized and uninterrupted coverage.
The Need for Personal Cashless Health Insurance
Personal cashless health insurance has numerous advantages over corporate insurance. One is the cashless facility for treatment. For cashless insurance, the policyholder is treated in network hospitals without paying a single rupee. The insurance company pays the hospital directly, hence reducing the financial burden in emergencies. This is particularly useful in emergency cases when it may become difficult to arrange money.
The second advantage of personal health insurance is that the policy is portable. Contrary to corporate insurance, which is job-specific, personal insurance is with the person even if they change jobs. This implies coverage is still intact, even if a person is in between jobs or changing careers. Also, personal policies can be tailored to suit specific needs, with higher coverage amounts, coverage for pre-existing conditions, and add-ons such as critical illness riders or wellness benefits.
Bridging the Gap During Job Transitions
One of the primary reasons to have personal cashless health insurance is the security it provides during job changes. When individuals change jobs, there is always a gap between leaving the old job and joining the new job. In this period, corporate insurance is no longer applicable, hence leaving individuals and families exposed to health problems. Personal health insurance is a cushion, and medical emergencies are covered even when corporate insurance is not.
Also, the insurance policy of the new employer may have a waiting period before it begins to work. In such a situation, personal insurance provides for no break in the cover. It also provides people with the option of choosing hospitals and treatment, which may not be provided under company policies. This is very critical for individuals with specific healthcare requirements or individuals staying in areas with limited network hospitals under their company insurance policy.
Long-Term Financial Security
Medical emergencies can arise at any time, and the cost of medical treatment is increasing significantly. Dependent solely on corporate insurance may leave individuals unprepared for such emergencies. Personal cashless health insurance ensures long-term financial security by providing complete coverage that adapts according to changing healthcare requirements. It also safeguards savings and investments from being eroded by unexpected medical costs.
Also, personal health insurance policies tend to provide no-claim bonuses, which reward individuals for not availing of the claim facility by raising the sum insured or providing a discount on the premium. This helps individuals remain healthy while ensuring that they are well covered in case of emergencies.
Family care often depends on the monthly budget, as financial resources directly impact the level and quality of care a family can provide. A well-managed budget allows families to prioritize health, education, and basic needs while also setting aside funds for emergencies or long-term care. Limited funds may restrict access to healthcare services, quality nutrition, or extracurricular activities, which are essential for overall well-being. In contrast, a stable budget enables families to invest in essential areas, ensuring that each member’s needs are met without stress, fostering a healthier and more secure family environment.
Why Cashless Health Insurance is a must (9886568000)
Corporate health insurance is a wonderful employee benefit but can never be a substitute for individual cashless health insurance. Company cover is, after all, very restricted, e.g., low limit of cover, no portability, and lacunas on changing jobs, so individual insurance is unavoidable. Cashless health insurance is a guarantee of continuous access to good medical treatment, financial security during emergencies, and peace of mind for oneself and one’s family. Purchasing a personal health insurance policy is a wise decision to safeguard one’s health and finances, regardless of the employment status of an individual. With rising health unpredictability nowadays, individual cashless health insurance is no longer a choice—it’s a necessity.