Today we are going to share why salaried people should get top up or individual policy in 2024. What are the pros and cons of getting a top-up or individual policy?
Approximately 10 crore people are salaried and are working in corporates and companies and they are getting health insurance from their companies most of the time they are confused about whether they should buy Top Up or individual policy.
Should Salaried People Get Top Up or Individual Policy?
In my personal opinion, salaried people should get individual policies some valid reasons justify buying the personal or individual policies and the reasons are listed below.
Reasons why Salaried People should Opt for Individual or Family Floater Policy?
We at Galaxy Health Insurance Solution always recommend that salaried individuals buy an Individual health policy even though he or she has a health policy provided by his or her company, for the following reasons:
- Seeing the inflation rate in the medical and healthcare industry the Group health policy provided by employers is not sufficient enough for the major critical conditions. As these GHI often have limited coverage.
- When you resign from a job or take a break from a job, the Group health insurance provided by the employer ends and you will not get continuous coverage, even after you join the new employer. Whereas in Individual policy you will get the benefit and coverage till the time you continue the policy.
- Individual policies can be customized as per your requirements like the sum insured, one can add add-on benefits as per one’s requirements, whereas in the policy provided by the employer to salaried people, these features are not available.
- You can avail of Tax exemption on the premium paid for the individual policy under section 80D, whereas in GHI (Group Health Insurance) you can not avail of the same.
- A top-up policy can provide additional coverage at a lower cost than buying a new comprehensive individual policy. But do remember never compromise with health insurance, you must go for the individual or family floater policy and never depend on the health insurance policy (GHI) provided by the company.
Summary
For the best comprehensive coverage with continuity, flexibility, and on top of that to get tax benefits under section 80D a salaried individual should go with both a group health insurance policy and an Individual health policy.