Health Insurance: Individual Health Insurance or Group Mediclaim

By  ,  Onlymyhealth editorial team
Feb 04, 2013

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There are various outstanding differences between individual health insurance policies and group health or medical insurances.

If your company has covered you under any kind of group insurance scheme, then you are lucky to have the comfort.


Advantages of Group Mediclaim


There are various advantages of being covered in your company’s group mediclaim when compared to being covered under an individual health insurance plan.

  • Most of the setting and conditions in a company group insurance scheme are relaxed.
  • To top-it-all, it is part of your CTC salary.
  • It is much cheaper when compared to buying a group insurance policy on your own.
  • Many people who have been dealing or have been pre-diagnosed by a health problem, may find it easier to claim for their policy cover as they are treated as high-risk candidates by insurance companies. On the other hand, if they opt for buying an individual health insurance policy, they may find it difficult.
  • Every individual is covered under group insurance plans, despite of their pre-existing health condition as the high-risk people are summed into the total cost of the group insurance plan.
  • A group health insurance plan cannot deny or single out high-risk individuals, thus the advantages of your health coverage are many.

Advantages of Individual Health Insurance


Even when you are covered under you company’s health insurance scheme, it is a must for you to buy an individual health insurance scheme. It is because:

  • If the company pulls out the group health insurance scheme reasons such as cost cutting and so on, one must have an individual insurance scheme, for unforeseen causalities.
  • If by any chance, you leave your present company in order to join any other company which does not provide you with a health insurance scheme, having an individual health insurance scheme is a must.
  • One must have a secured individual health insurance policy because while associating yourself to company group policy, one won’t even know and can be a victim of downsizing.

Thus, being without an individual health insurance policy in today’s day and age is scary and one must not take risks for the same. Even a single illness in your family can make you pay from your own pocket, if you do not have an individual health insurance policy under your name.


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