A gaggle medical insurance coverage supplied by an employer to the staff comes with its personal share of advantages. Not solely is the premium low, such a gaggle cowl additionally has a complete protection with fewer coverage exclusions. The premium is usually borne by the employer whereas some employers embody them as part of the price to the corporate.
An enormous concern for workers is that on altering jobs, the protection drops, leaving the worker with none insurance coverage protection. This is as a result of, in an employer-provided medical insurance coverage, the worker stands to derive advantages until the time she or he is on the payroll of an organization.
Porting from a gaggle coverage
However, the excellent news is that portability from a gaggle cowl to a person cowl is allowed and an worker ought to be sure to take action earlier than bidding adieu to the employer. The largest benefit of porting from a gaggle coverage to a person coverage is the continuity of advantages.
Here’s how continuity advantages works. There are sure ‘waiting periods’ in a medical insurance coverage 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 sure bills solely after the expiry of such outlined ready intervals within the coverage contract. For instance, pre-existing illnesses are lined in a medical insurance coverage after the top of 48 months of a constantly renewed coverage.
Now, on porting from a gaggle insurance coverage coverage, such ready intervals get accounted for and one has to serve a decrease or no ready interval in a person plan. If one doesn’t port and buys a recent particular person coverage after leaving group protection, the ready intervals should be served from the start. If you might be lined below a gaggle medical insurance coverage supplied by your employer, be sure to benefit from the continuity profit even after leaving your job.
Look on the guidelines
Portability from group insurance coverage to particular person medical insurance is, nonetheless, topic to sure guidelines. “Porting from group to individual policy can be done with the same health insurer and not with a different insurer. Also, exclusion of waiting period would apply to same sum assured while for any enhancement of sum assured, it will be subject to normal underwriting,” says Shailesh Kumar, co-founder and insurance coverage head, Insurance Samadhan, a platform for resolving insurance coverage complaints.
In most organisations, after resigning, the discover interval to be severed by the worker is 1-3 months. If you want to port from group to particular person plan, the method wants to begin the day you place in your papers. “It is important to inform the group insurance company about the porting process at least 45 days prior to your last date in the company. Once you have selected the new plan you wish to opt for, you can fill out the required documents with details of the existing plan, medical history, age proof, etc., and submit them before the renewal date of your existing group plan. Once this is done, you can make the required payment and you will have your new migrated individual plan active within a specific duration of your payment,” informs Rakesh Goyal, director, Probus Insurance Broker.
Make positive not solely to use on time but in addition to maintain finishing the underwriting formailites on time. “Inform the insurer on time about porting the plan and also get the pre-medical check-up done on time if asked by the insurer while porting. Note that group insurance plans usually do not come with any waiting period but in case your group health plan has one, then the balance might be carried forward to the new plan for the same insurer,” cautions Goyal.
If you will have different members of the family lined within the group insurance coverage coverage, you’ll be able to even port to a Family Floater medical insurance, thus making certain protection for your entire household with out leaving out the continuity or ready interval advantages. So, the subsequent time you turn jobs, don’t forget to take your well being protection advantages together with you!
Big advantages
* Porting from group to particular person coverage may be performed with the identical well being insurer
* Exclusion of ready interval in ahealth plan would apply to the identical sum assured
* Inform the group insurer in regards to the porting course of not less than 45 days previous to your final date within the firm
* If members of the family are lined within the group insurance coverage coverage you’ll be able to port to a Family Floater
Source: www.financialexpress.com”