Group health insurance Vs Individual health insurance: After going through the global pandemic, most people have become conscious about the health of themselves and their families. Due to this people have also understood the importance of health insurance. No prediction can be made regarding medical emergency. Anyone can face this problem at any time. That is why it becomes necessary that we be prepared in advance for any kind of medical emergency.
It cannot be denied that having insurance eliminates our fear of medical emergency and does not cause any kind of mental stress. Due to sudden illness or death of someone in the family, one may have to face mental stress for a long time. If you want to buy health insurance, you can opt for group insurance or personal health insurance for an individual or family.
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What do experts say
Sanchit Malik, Co-Founder and CEO, Pazcare says, “Group health insurance is a much better option than personal medical cover. Employers often give group health insurance to their employees as it is cheap and covers hospital ambulances and cashless registration etc. He further adds, “Claiming in group health insurance is easy as it is done through the employer. In case of personal insurance, many things are not covered and it is not economical either.” Hence, industry experts say that during hospitalization, group policy should be taken advantage of as it takes very less time to process and can be claimed easily. Later, if needed, you can shift it to a personal policy.
What is better in terms of cashless and reimbursement
Also, if you are opting for cashless payment, what would be better for you? According to Malik, if you have both a group and an individual health policy, then in such a situation the group health cashless option should be considered. Still, if required, you can join and avail cashless under personal cover. If you are confused about which one to choose between group insurance and personal health policy while making a reimbursement claim, it depends on the individual and the claim amount. However, if it is a small amount and can be claimed through a group health policy, it is better to use it instead of a personal health policy.
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Experts say that in case of small claims, if possible, one should avoid personal health policies so that the No Claim Bonus (NCB) is not used. In most policies, when you do not make any claim in your health plan, you are entitled to No Claim Bonus (NCB) in the subsequent year. It keeps on increasing to a certain extent. Making small claims means that you will not be able to take advantage of NCB. If you are planning to choose a personal health insurance policy from an employer over a group policy, says Malik, “you should consider overall health insurance coverage between Rs 6 lakh to Rs 10 lakh.”
(Article: Priyadarshini Majhi)
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