Why Getting Your Own Health Insurance Policy Is Important

Health insurance coverage is a big relief for any individual because it provides an element of financial protection in case of high medical expenses.

A lot of people are actually covered by their employers, and this is a big perk that they get due to their employment. However, it is essential that everyone have their own individual health policy, too, so that they are not left without any protection in case the employer's coverage is no longer there. There are an increasing number of cases where employees find themselves suddenly without health insurance coverage due to some action by their employers.

Here are some reasons why this occurs and why this should lead you to have your own health insurance coverage.

Every individual is on the lookout for better opportunities, and this is especially true as one's skills and experience grow.

That can lead to a change in the job as better opportunities emerge from some other employer. This can lead to a problem on the health insurance front because the new employer might not have a health policy that is similar to the old one. The conditions with respect to coverage for health insurance vary across companies. Some of them provide coverage both for their employees and their dependents, while others have a co-pay element so that a part of the claim has to be paid by the employee.

Still, some people may only have basic coverage through their group policy, which means that the exact benefits may be lower and the employee may not have enough protection. The presence of your own individual policy will ease this concern and allow you to make decisions that help the advancement of your career.

A lower coverage or benefit policy is one thing, but there is another big risk that is present after the termination or end of one job and the start of the next one. There might be a time gap between the last date with the old employer and the joining date at the new place. If there is no individual health coverage, then the family could find themselves without any health coverage for this period of time.

That is a very risky situation, as any medical emergency during this period will have to be fully borne by the individual from their own pockets.

A small gap can unravel years of planning. If there is an own-health policy present, then there would not be any worry as the health coverage continues.

One of the most common corporate events is the takeover or acquisition of one entity by another. In one stroke, this can change the entire situation for the employee.

The new organisation might have less health insurance or a different policy in this area than the old one. The employee will find that the conditions that are applicable now are the ones that are set by the new entity or owners, and there is no time to even think before the changes are implemented.

That can once again leave the employee in a situation where they end up with a coverage that is not enough for them, and hence, this kind of negative surprise can also be avoided.

There are also times when the employer may change the details of the health coverage because of certain circumstances.

That can result in a dilution of the benefits that were present earlier. There is little that the employee can do about this since this is a corporate decision and not an individual one. In the midst of all this, the own health insurance coverage would ensure that there is a strong track record built up over a period of time, so even any pre-existing disease coverage period is counted.

Starting at an older age for a new policy will not only make it more expensive in terms of premiums but also lead to starting the exclusion period for pre-existing diseases afresh.