3

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.

Cloudy
  • 9,551
  • 5
  • 34
  • 52
Rosetta
  • 133
  • 4

1 Answers1

2

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.

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;

  • Job Loss: If you are working in industry where job looses are sudden, then advisable to keep personal insurance. You don't want to be hit doubly.
  • Job Change: If you are hopping jobs, generally there are 2-3 days gap between leaving the last company and joining next. Plus next company insurance policy may have wait period for some illnesses.
  • Age: As already pointed by you, chances of getting a new individual policy decreases or the premium is high for new joiners.
Dheer
  • 57,348
  • 18
  • 89
  • 170