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Insurance in Action #6: Corporate Health Insurance

Source: Swiss-Sure Media
November 01st, 2016

– Understand before you buy…

When Richie discovered his company’s plans to cut costs by down-grading their health insurance, he immediately thought of his wife Michelle and their plans to have another baby. They had relied on the corporate plan for the birth of their first child and were planning on doing the same next time around.  Knowing that maternal benefit was to be cut, Richie and Michelle scrambled around for private health cover to replace the lost benefit.

They contacted a health insurance company referred to them by a friend and immediately bought a policy direct. One month later they were pregnant. When they contacted the insurance company to inform them of the situation, they were quickly informed that they would not be covered.

They had been so fixated on quickly securing the plan as they were currently trying for a baby that they never took the time to understand that health insurance plans will almost always have some form of waiting period before you can utilise the maternity portion of your health insurance plan. They had thought that they were to be covered, when in fact they had just bought a policy for nothing.

Moral of the Story: Understand the details of what you are buying before you take the plunge. Swiss-Sure – Your Insurance Brokers – are here to help you understand the fine details of your planned insurance purchase.