Importance of Personal Health Insurance for Corporate Employees: CA Sakshi Jain Explains

If you are a corporate employee and struggling to choose between group health or personal health insurance, then you need to know these points before making any decision. Sakchi Jain, a well-known finance influencer shares crucial and insightful financial advice that helps you to make informed decisions. Most of the time employees are confused about making the right call on personal health insurance or group health insurance. To clear this confusion, CA Sakchi Jain highlights some crucial benefits of personal health insurance that offer worthy advantages. But, first, let's try to understand personal or group health insurance. 

What is Corporate Group Health Insurance? 

Group health insurance plans provide treatment to a group of members, generally composed of company employees or members of an organization. Group health members usually receive insurance at a reduced cost because the insurer's risk is spread beyond a group of policyholders. 

What is Personal Health Insurance? 

A personal health insurance policy covers a single person with medical bills and hospitalization costs. An individual can purchase a health insurance policy for themselves, their spouse, their children, or even their parents. 

Why is Personal Health Insurance Better Than Corporate Group Health Insurance? 

You might think you don't need personal health insurance if you have corporate group health insurance, but the main disadvantage of corporate group health insurance is that once you leave the job that health insurance is gone.

Some companies do offer the policy of transferring your Group health insurance from one company to another, it is a good choice but think once, if you are leaving the corporate world and doing something else. In that case, you will need personal health insurance, and at that time buying personal health insurance will be very costly for you.

Personal health insurance offers customization. You can customize your policy according to you. Which is not possible in corporate group health insurance policy. Also,  personal health insurance gives you a choice to choose your doctors and hospitals, ensuring you receive the care you deserve.

Additionally, personal health insurance frequently offers wide coverage options and additional benefits, such as health-related programs and preventive care services.

Group health insurance may seem efficient, but investing in personal health insurance ensures you have complete coverage and peace of mind for the long term.

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According to Sakchi Jain, group health insurance can be helpful during your employment but personal health insurance provides you a greater flexibility. So, personal health insurance is better than group health insurance for your health and financial well-being.