Why You Need Your Own Health Insurance Even With Employee Coverage

Why You Need Your Own Health Insurance Even With Employee Coverage

While it may seem convenient to rely on health insurance provided by your employer, having your own policy is essential. Here’s why.

Health insurance is a crucial aspect of ensuring your well-being and protecting yourself financially in case of medical emergencies. Many individuals believe that having coverage through their employer is sufficient. However, relying solely on employee insurance can have significant drawbacks and potentially leave you vulnerable. That is why it is important to consider obtaining a separate health insurance policy, even if your employer provides coverage.

Here are the key reasons why having your own health insurance is essential, regardless of your employee coverage:

1. Coverage Gaps and Job Transitions: One critical factor to consider is that your employment-related insurance will cease to cover you once you leave your job. Whether you resign or get terminated, you will be left without any coverage. This becomes especially problematic if an unforeseen medical emergency occurs during this transition period. Without your own health insurance, you would be unprotected. Rakesh Goyal, director of Probus Insurance Broker, emphasizes the importance of this scenario, highlighting that you wouldn’t be covered by either employer’s insurance during the transition period.
2. Limited Coverage: Employee insurance plans typically provide limited coverage compared to individual policies. Although some employers may offer options to extend coverage by paying extra premiums, it is still advisable to obtain personal health coverage. Goyal suggests that individuals get their own health insurance in addition to the coverage provided by the employer. He notes that the last day of employment usually marks the end of coverage under the employer’s insurance policy. By having your own policy, you ensure comprehensive coverage that is not dependent on your employment status.

Employee insurance cover is often inadequate, making it better to have independent coverage. Relying solely on employee coverage can leave you vulnerable to changes in company policies, such as reductions in coverage or changes in policy terms. By having your own health insurance, you have control over your coverage and can ensure it meets your specific needs.

3. Flexibility and Family Coverage: Having your own health insurance also provides you with flexibility and the ability to tailor your coverage to suit your needs. With an independent policy, you can choose the coverage options that align with your specific healthcare requirements. You can include additional benefits or select preferred healthcare providers, giving you greater control over your healthcare decisions.

Furthermore, if you have a family, having a separate health insurance policy becomes even more crucial. While some companies may allow you to continue the policy independently after leaving the job, this is subject to the company’s discretion and policies. To ensure the well-being of your family, it is advisable to have a separate health insurance policy that covers them as well. This way, you can provide comprehensive coverage and peace of mind for your loved ones.

In conclusion, while employee insurance coverage is valuable, it is insufficient to fully protect yourself and your family. Having your own health insurance policy is vital to avoid coverage gaps, ensure comprehensive coverage, and maintain flexibility in your healthcare decisions. Relying solely on your employer’s insurance can leave you vulnerable during job transitions and limit your coverage options. Invest in your own protection and secure the well-being of yourself and your loved ones by having a separate health insurance policy.