Because the company health plan covers us, many choose not to purchase health insurance. Most people also believe that they shouldn’t spend money on health insurance since they are in good health, even though healthcare costs are rising at an alarming rate. According to the National Sample Survey Organization (NSSO) research, in 2014, private hospitals treated hospitalized patients on average for about four times as much as public hospitals did.
It is crucial to realize that most business health insurance plans provide coverage based on the employee’s seniority and pay range. After retirement, the same may end or be reduce. Additionally, you move jobs or lose your employment. In that case, you will no longer be protect by the company’s insurance, and there is no assurance that your new employer will also provide coverage.
It is strongly advised that you obtain an individual health insurance policy in addition to any employment-related insurance that continues to provide coverage after retirement. By doing this, you will likely not have to use up any of your money to pay for medical expenditures.
Let’s examine the numerous arguments that support the superiority of INDIVIDUAL HEALTH INSURANCE.
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Ease of customization
Your HEALTH INSURANCE PLAN can be modifie by adding add-on covers to improve the coverage or providing co-payment facilities to lower the rate. Additionally, since you have complete control over the policy, adding or removing family members can be a simple procedure. It enables you to stay up to date on all information about your insurance, including its premium and coverage.
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None made Cumulative Bonus Benefit / Bonus.
The main disadvantage of getting company insurance is that you will forfeit whatever accrued benefits you have built up throughout your work. When you quit the firm and relocate to another one, your employer’s health cover plans won’t allow you to keep the benefits. Therefore, even if you have a corporate policy or group plan through your job, it is advisable to obtain personal insurance. Group health insurance policies do not supply any claim bonuses or cumulative bonuses for not filing claims, but individual health insurance plans undoubtedly provide them.
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After-retirement issues
We all know that health insurance premiums increase as we get older, so if you rely on your employer’s health plan for the rest of your life, your chances of finding a insurance plan with a low premium and enough coverage after retirement are slim. Once an insured approaches a particular age group, most insurance companies impose entry-age limitations or stop covering various illnesses. They also believe that older adults are high-risk insure, which raises premiums. Therefore, relying on business insurance for lifelong coverage is not a brilliant idea.
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Retirement-related concerns
We all know that health insurance rates rise as we age, so your chances of obtaining a health insurance plan with a low cost and enough coverage after retirement are minimal if you depend on your employer’s health plan for the remainder of your life. Most insurance providers set entry-age restrictions or stop covering certain conditions once an insured reaches a certain age. Additionally, they think older adults are high-risk insure, which drives up premiums. As a result, it is not a good idea to rely solely on company insurance to provide lifetime coverage.
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Problems relating to retirement
We all know that health insurance premiums increase as we get older, so if you rely on your employer’s health plan for the rest of your life, your chances of finding a health insurance plan with a cheap cost and enough coverage after retirement are slim. When an insured reaches a certain age, most insurance companies impose entry-age limitations or discontinue covering specific conditions. Furthermore, they believe that older people are high-risk insure, which raises premiums. Therefore, relying entirely on company insurance to offer lifetime coverage is not wise.
