Shreya Jaiswal Busts Myths About Corporate Health Insurance Coverages

Do you rely solely on your corporate health insurance for medical coverage? Shreya Jaiswal, a Chartered Accountant and digital creator who shares finance-related insights, warns that many employees are misinformed about the adequacy of their corporate health insurance. With medical inflation rising by 14% each year, is your corporate health insurance truly enough to cover you in the future? Let's dive into why you might need more coverage than you think.

Is Corporate Health Insurance Really Enough?

If you believe your corporate health insurance is sufficient, you could be setting yourself up for financial trouble. According to Shreya, the average corporate employee has a health insurance cover of just ₹2 lakh. While this might seem adequate today, with the rising medical inflation rate of 14% annually, will it be enough five years from now? Shreya believes it's not even enough for today's medical expenses.

The Hidden Restrictions of Corporate Health Insurance

Corporate health insurance typically comes with several limitations. Shreya highlights common restrictions such as co-pay clauses, room rent limits, and the lack of critical illness coverage. For example, imagine being hospitalized with a bill of ₹2 lakh and being told that you need to pay ₹50,000 out of your own pocket due to a 25% co-pay clause—something you may not even be aware of! This is a reality for many employees who assume their corporate health insurance will cover everything.

Why You Need Personal Health Coverage

Shreya emphasizes the importance of having personal health insurance in addition to corporate coverage. Personal health plans don't come with the same restrictions, ensuring that you have sufficient coverage for lifestyle diseases, critical illnesses, and unexpected hospital bills. With personal health insurance, you won't face surprise expenses like co-pays or room rent limits while recovering from a major hospitalization.

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Relying on corporate health insurance alone is risky. Shreya Jaiswal's expert advice sheds light on the gaps in corporate coverage, urging employees to consider personal health insurance to avoid financial surprises. With personal health coverage, you can ensure your medical expenses are fully covered, providing peace of mind in times of need.