Do you need private health Insurance even though I have a cover from my office?
The points to think:
- Office Insurance seizes to exist when we leave the company. And when we try to get health insurance during that time, it depends on our health condition during the time of applying. For additional risks like BP and sugar, we will get loading (additional premium) for life and if we had met with heart attack, or stroke, we will not get any health insurance for life. This could be especially risky as age increases.
- As per IRDAI there is waiting period of 4 years for pre-existing diseases and 2 years for critical illness (like hip replacement). Hence it is better to buy health insurance when we are healthy and have enough time to remain healthy before the need arises.
- 5 lakh cover may not be sufficient now and will be quite less as the years pass by due to inflation. In such scenario, it is better at least to have additional cover like top up cover say, from 5 to 25 lakh, which comes at much cheaper price compared to 0 to 25 lakh cover.
- Office cover generally will have sub limits and co-payment. If we buy insurance with minimum restrictions thaf is additional peace of mind.
Considering these facts many have gone with private health insurance. It avoids sudden financial shocks in unfortunate situation in additional to the ond provided by their employer.
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