A brand-new series that decodes various aspects of purchasing insurance. The series will highlight and discuss various topics which are essential for anyone trying to secure their future. From purchasing the right cover, to switching policies while shifting jobs, to ensuring a comprehensive child cover, insurance experts deliberate, simplify and shine light on the complexities of purchasing insurance in India.
On this week’s episode, our panel of experts comprises of the industry's leading insurers, Amit Chhabra, Business Head, Health Insurance, Policybazaar.com & Anika Agarwal, Chief Marketing Officer, Max Bupa Health Insurance who join our eminent anchor Vivek Law, as they discuss why employer-provided health cover is never enough.
All of us have quoted ‘Health is Wealth’ more than once in our lives. Yet, today the cost of healthcare is making medical aid less affordable to a major part of the population. What does one do, when it is health on one hand and wealth on another? The answer to this dilemma is health insurance. Health insurance is the most basic yet most important step of financial planning. The consumer must ensure that he researches well about the plans that are available and chooses the ones that provide the most coverage, for example, laboratory costs, medication, hospitalization and critical illnesses.
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According to Anika Agarwal, Chief Marketing Officer, Max Bupa Health Insurance, millennials today are more aware and conscious about their financial spending, what they plan to do with their life and other long-term goals. There is a change in the youth’s outlook towards health insurance and financial planning. The youth now takes an initiative towards availing health insurance at a much earlier stage in their life than they did before.
The panelists also talked about the health insurance covers that are provided by employers and the comparison of group and individual policies. There are a lot of myths regarding the cover that various policies provide, which creates a need for clarity when it comes to buying insurance policies, which can be done by websites like policybazaar.com. Group cover or individual policies depend on the firms or health insurance companies providing them. A part of every employee’s insurance is covered by the Employer’s State Insurance Corporation. The rest is covered by the employer who buys group policies for their employees.
More and more plans are introduced every year and the employers, or the users should themselves try and upgrade their policies for more coverage. More coverage ensures less stress in the skyrocketing pricing that healthcare has today. A large group of individuals believe that the group cover policies that are provided by the employers are enough. However, there is a need for individual policies as it provides more personal and custom based coverage that is designed based on the individual.
The youth believes that the group covers are enough as they are quite young at age with good health conditions and therefore, don’t need individual insurance.
The myth needs to be busted as there are numerous cases of lifestyle diseases affecting young individuals and depending on group or corporate cover might be risky as the amount or coverage is not adequate. It's always wiser to buy insurance at an early stage because there is great coverage at a cheaper price and cheaper upgrades in time.
Watch to know more about the benefits of health insurance and the myths related to the correct age to buy health insurance.