Is Your Company Sponsored Medical Insurance Enough For You?

 

If you would prefer to read instead, here is the transcript:

Hello everyone and welcome to the ithoughtwealth podcast.

Today, we talk about an important aspect of your personal finance, which is your medical insurance.

Many of you would have seen how medical expenses have been on the rise over the recent years. And health is not something you want to compromise on, so everyone looks for the best medical care!

The question is, how prepared are we to face these expenses. If the Covid-19 pandemic has taught us one thing, it is that we must always be prepared.

One common notion that we see amongst people is that while they acknowledge the importance of Insurance, they feel that their company-sponsored policy is enough for them, based on the fact that the policy covers them for a base value.

But in reality, there is a lot more that we need to when it comes to medical insurance.

So what are some of the most important factors when it comes to studying your company policy?

Most importantly, it is important to be covered for the right value. We see how many people who are running families of 3 or 4 people feel secure with their company cover of 5 Lakhs or 7 Lakhs for the whole family.

In reality, with how medical expenses are increasing every family member needs to have a cover of about Rs. 5 Lakhs each, meaning that your total medical cover must be much higher.

  1. Network Hospitals – Your policy should have a good network hospital coverage, especially the ones that you would probably choose to visit in case of a medical emergency.
  2. Room-rent capping & Disease-wise capping : (Most policies today will have these expenses capped at a certain value, meaning that the rest of the cost will have to be borne by the person themselves. This defeats the purpose of insurance, as it doesn’t give you complete financial security)

Therefore, considering all of the above factors, it is of extreme importance that you are covered with the right value early on and to make sure that you have all the necessary features in place as well.

Thank you for listening in on this podcast.

If you’d like to get a professional’s input on how best to cover your medical insurance requirements, please contact us in the details mentioned in the description below and we’d be happy to get in touch.

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