The 5 main disadvantages of getting medical coverage through employment shall be frankly revealed basically to astound your hasty excitement after you got the news of the opportunity in your employment pack. Anyone should think it is a big win to get medical insurance in their employment. Yet, the truth is it is not always the glittering gold you call it.
Gaining a health coverage in your new employment opportunity may have its own benefits, no doubt. Many of the areas it may cover for you are:
- Lifestyle-related ailments are common these days
- Healthcare is becoming increasingly expensive
- It is difficult for a family to quickly arrange for huge amounts of money required for treatment
- Most of the savings of a family are in the form of fixed assets, which cannot be liquidated quickly
- You get to protect yourself with an individual plan, but with a family floater plan, you can ensure the health of your entire family.
The rising cost of private medical care in the country is so high, that hospitalization can give you a heart attack too it will impact your financial health too. Purchasing a health insurance policy is a smart way to keep your finances protected.
Although health insurance is an important financial cover especially with the fact that it acts as a cushion in case of uncertain hospitalization and other health contingencies, the very cloudy things we do not know it is that it has its own very diverse demerits and double standards.
Some of these shady aspects of the opportunity will be duly outlined for your knowledge; this is so you may be careful and not give yourself up to the mirage it impresses on your mind as it does to so many people. Let us therefore dissect these 5 main disadvantages of getting medical coverage through employment:
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Pre-Existing Exclusion
Another disadvantage would involve people who have pre-existing diseases. They have to undergo a waiting period which is typically four years. Insurers typically require you need to wait for four years for any pre-existing illness to be covered.
This becomes a major obstacle for older individuals with pre-existing medical conditions. This is particularly so because pre-existing illnesses don’t only include illnesses you may have received treatment for in the recent past. It includes illnesses for which there were signs or symptoms in the 48 months prior to the payment of the first premium.
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Waiting Period
In the Waiting period you must wait for a specified amount of time before you make a claim. But you cannot claim some or all benefits of the health insurance from your company. The initial waiting period or 30 day waiting period is the time where the customer has to wait before making a claim under the health insurance policy.
Any accident-related claims are exempt from this waiting period rule. This is also added to prevent people from taking health insurance only at the time of illness.
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Lacks Full Family Coverage
Many group insurance plans do not cover the family members. It is one of the significant disadvantages of corporate health insurance. In other cases, the health insurance benefits are only limited to the spouse and not the parents. For many sole breadwinners of the family with dependent children and parents, corporate health insurances are not the best health insurance. If you are in such situations, it is better to look for individual health insurance plans.
Read Also: How to Start a Successful Training and Employment Company
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Increase in Premiums
The premiums of your Health insurance policy mostly depend upon your age. There can be a significant difference in the premium amount when you purchase a health policy when you are 30 years old and when you buy one after crossing 50 years.
The insurers get increased risk by charging a higher premium. This is the reason why it is said that you should purchase health insurance when you are young.
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Co-Pay
Co-pay is the way of making customers liable and participating in the claim settlement process. Co-pay is the amount of claim which is to be borne by the insured customer at the time of claim settlement. Most of the health insurance policies have a co-pay condition if there are senior citizens included in the policy. Higher the co-pay amount selected by the customer lower would be the health insurance premium.
