Your company provides health insurance worth ₹5 lakh and, therefore, you may think that there is no need to get an additional policy. However, what will happen if you lose your job tomorrow? In such case, your salary may stop, and your health insurance cover will also cease.
Such situations often go unnoticed by most employees until the time of a medical emergency.
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Your Job May End, But Medical Expenses Don't
Imagine Amit, a 34-year-old marketing manager who has health insurance worth ₹5 lakh for his family. His wife and son are also covered under the insurance policy.
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After being laid off, Amit takes three months to find a new job. In this time span, his son gets hospitalised due to infection and incurs a bill of ₹80,000.
Unless Amit has any other health insurance policy, he would have to pay the bill himself. The problem is not just losing a job. It is losing financial protection at a time when household savings may already be under pressure.
Also Read: Health Insurance Claim Rejected? Documents, Deadlines That Could Matter
Three Things You Should Check
1. When Does Your Cover End?
Ask your HR team or insurer whether coverage ends on your last working day or another specified date. Do not assume it will continue throughout your notice period or after resignation.
2. Can You Continue the Same Policy?
Ask whether conversion to an individual policy or another continuation option is available. Do not assume your employer's group policy can automatically be transferred to your name.
3. Should You Buy Personal Health Insurance?
An individual policy can provide protection independent of your employment. However, check its waiting periods, exclusions, premium, and coverage before choosing one.
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Don't Wait Until You Resign
Buying personal health insurance while you are still employed gives you time to compare policies and understand their conditions. Remember that acceptance, waiting periods, and coverage depend on the insurer and policy terms. Your employer's health insurance is a valuable benefit, but it should not be your only safety net. Your medical protection should not depend entirely on where you work.
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