Why individual health insurance policy is necessary for employees despite group health insurance?

While working in the organised sector, many types of facilities are provided to the employees by the company. Health insurance facility is also a part of it. Generally, those who have group health insurance do not consider purchasing a separate individual health plan.

They consider spending money separately on health insurance as unnecessary expenditure because they feel that they are already covered under the corporate health plan.

But is it right to rely only on the health insurance provided by the company?

So the answer is no, let us tell you about it.

Insurance facility also ends with job loss

Nothing can be said about when and to whom a health-related emergency will occur.

Even if you have got medical insurance from the company, it is not right to rely only on it.

The reason for this is that whenever you leave the company, retire, or due to any reason, lose your job, in any such situation, you are no longer a part of the health insurance cover provided by the company.

Therefore, you must buy a separate health insurance.

Group insurance does not keep up with rising medical costs

Also know the second reason for taking health insurance cover.

Just as all your expenses increase with increasing age, similarly the premium for life insurance increases.

In such a situation, you should ask yourself whether the company is providing you adequate cover as per the rising medical costs, and whether, the company's cover will continue even after retirement.

Most people will find the answer to be no.

To solve both these problems, you must buy a separate health insurance policy.

Tax exemption available from personal health insurance

If you buy health insurance separately, you also get the benefit of tax exemption from it.

According to Section 80D of the Income Tax Act, you can avail tax deduction on premium paid on the policy up to Rs 50,000 for senior citizens and Rs 25,000 for others in the family in a year.