A gaggle medical health insurance policy provided by an employer to the staff comes with its own share of advantages. Not only is the premium low, such a gaggle cover also has a comprehensive coverage with fewer policy exclusions. The premium is usually borne by the employer while some employers include them as an element of the cost-to-the-company.
An enormous concern for workers is that on changing jobs, the coverage drops, leaving the worker with none insurance coverage. It is because, in an employer-provided medical health insurance policy, the worker stands to derive advantages till the time she or he is on the payroll of an organization.
Porting from a gaggle policy
Nevertheless, the excellent news is that portability from a gaggle cover to a person cover is allowed and an worker should ensure that to accomplish that before bidding adieu to the employer. The largest advantage of porting from a gaggle policy to a person policy is the continuity of advantages.
Here’s how continuity advantages works. There are particular ‘waiting periods’ in a medical health insurance policy which may very well be from six months to 2 years and even as much as 4 years. The insurer is liable to pay for certain expenses only after the expiry of such defined waiting periods within the policy contract. For instance, pre-existing diseases are covered in a medical health insurance policy after the tip of 48 months of a constantly renewed policy.
Now, on porting from a gaggle insurance policy, such waiting periods get accounted for and one has to serve a lower or no waiting period in a person plan. If one doesn’t port and buys a fresh individual policy after leaving group coverage, the waiting periods could have to be served from the start. When you are covered under a gaggle medical health insurance policy provided by your employer, ensure that to benefit from the continuity profit even after leaving your job.
Take a look at the foundations
Portability from group insurance to individual medical health insurance is, nevertheless, subject to certain rules. “Porting from group to individual policy could be done with the identical health insurer and never with a unique insurer. Also, exclusion of waiting period would apply to same sum assured while for any enhancement of sum assured, it would be subject to normal underwriting,” says Shailesh Kumar, co-founder and insurance head, Insurance Samadhan, a platform for resolving insurance complaints.
In most organisations, after resigning, the notice period to be severed by the worker is 1-3 months. When you want to port from group to individual plan, the method needs to begin the day you place in your papers. “It’s important to tell the group insurance company in regards to the porting process at the least 45 days prior to your last date in the corporate. Once you’ve gotten chosen the brand new plan you want to go for, you possibly can fill out the required documents with details of the prevailing plan, medical history, age proof, etc., and submit them before the renewal date of your existing group plan. Once this is finished, you possibly can make the required payment and you should have your recent migrated individual plan energetic inside a particular duration of your payment,” informs Rakesh Goyal, director, Probus Insurance Broker.
Be certain not only to use on time but additionally to maintain completing the underwriting formailites on time. “Inform the insurer on time about porting the plan and likewise get the pre-medical check-up done on time if asked by the insurer while porting. Note that group insurance policy normally don’t include any waiting period but in case your group health plan has one, then the balance is perhaps carried forward to the brand new plan for a similar insurer,” cautions Goyal.
If you’ve gotten other members of the family covered within the group insurance policy, you possibly can even port to a Family Floater medical health insurance, thus ensuring coverage for your entire family without leaving out the continuity or waiting period advantages. So, the subsequent time you turn jobs, don’t forget to take your health coverage advantages together with you!
* Porting from group to individual policy could be done with the identical health insurer
* Exclusion of waiting period in ahealth plan would apply to the identical sum assured
* Inform the group insurer in regards to the porting process at the least 45 days prior to your last date in the corporate
* If members of the family are covered within the group insurance policy you possibly can port to a Family Floater