Is mediclaim required even if employer provides with cover?

It is a very popular question that my employer already covers me for medical expenses in hospitalisation, should I still take my own mediclaim policy. It is absolutely imperative that you should take your own individual policy for quite a few reasons.

First when you retire that policy may not be available. Medical policies that employees take are becoming more and more expensive and therefore employers are cutting down on the benefit. The value of what is covered by the employer may not be enough for you.

Suppose the employer covers you for Rs 1 lakh; that is completely inadequate. So, you may need your own policy. If you change your job and the new employer does not have a medical policy again you will be left stranded. Therefore buying your own policy and creating a history of no claim is an absolutely essential thing which has to form part of any financial plan that you do for yourself.

source:moneycontrol