Personal health insurance vs. Employees group insurance
I am having a dilemma on what action I should take with regards to my insurance plans. I am working for a company which provides employee group insurance (group plan) as my employee’s benefit. However, before I join the company, I already have my own personal medical insurance plan (personal plan) for almost 10 years, which covers almost the same benefits as the group plan. I only filed claim on my personal plan once for admission to hospital due to high fever.
There is no cash value in my personal plan as it is a traditional plan, i.e. the amount I pay periodically is always 100% insurance premium. The premium also increase every 5 years as I age.
I’m planning to exit my personal plan and only depend on my company’s group plan to save some bucks as they are almost identical to each other. But I am worried that it could bring dire consequences especially when I left the company in regards to my health protection.
I am ok with subscribing back to a new personal plan when I leave the company even if the premium is reasonably higher due to my older age then, but my concern is I may be not allowed to do so? Does anyone have such experience and can share? Any expert opinion is much appreciated.
As you already have a personal plan, it is advisable to keep it. Generally the Company’s group plans are better and there are no wait periods for certian illness, you need to consider below;