A friend called to ask…tell me precisely what can go wrong in a group policy:
1. First of all you are dependent on your employer. That does not sound too great, does it?
2. Your employer could just do away with medical insurance completely. Period.
3. Suddenly your parents could be excluded – and if they are above 65 you will struggle getting them medical insurance AT ALL.
4. Your employer could exclude your spouse and children (do not look horrified, it happens far more regularly than you wish to accept).
5. What happens if you have quit a job on Friday, decided to join on the coming Wednesday, but your heart decides to attack you on Monday? Remember between jobs you will have no insurance.
6. If you lose your job – and you are perhaps most vulnerable, you lose your insurance too. When you have just lost your job, the chances are insurance premium is NOT likely to be your topmost priority.
7. The waiting period for your spouse and children could be different from the waiting period for you. This means your wife may be without cover for say 3 years because you have changed your job.
8. If you move from a large company (say 15000 employees) to a small company (say 700 employees) – which could suddenly see a reduction in coverage amount.
9. Rarely, if at all, do companies increase the sum assured to cover INFLATION.
10. Many companies take medical insurance without realising the impact of non payment of claim.
…10 points per post!!
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