Have you thought about what will happen to GMC after leaving the current company if your next company does not offer GMC or offers limited cover or you decide to take a break in your career and start working as a freelancer or entrepreneur? There is nothing to worry about.
Companies or organizations provide Group Medical Coverage (GMC) for the convenience of their employees. It is an important part of the companies’ total compensation package. GMC policy is a good way for salaried people to get basic health insurance protection. Generally, GMC benefits are available only as long as you are employed in that company.
Have you thought about what will happen to GMC after leaving the current company if your next company does not offer GMC or offers limited cover or you decide to take a break in your career and start working as a freelancer or entrepreneur?
There is nothing to worry about. You can avail the benefits of GMC even after leaving the company. Under this, health insurance coverage can be ported to individual medical policy or family floater plan.
You can avail the facility by getting such port done.
To start this process, the insurance company offering the GMC needs to inform the insurer about porting the policy to an individual plan. To avoid any problem in this process, you will have to inform the insurer at least 45 days before your last working day with the current company or organization.
Choose the product as per your need
Select health insurance product as per your need. After this, the insurance company will give you necessary documents like proposal and portability form related to that product. Fill the form with details of existing GMC policy, medical history and claims made so far and submit it to the insurer.
Evaluate Offers: After the form is submitted, the insurer may change or modify the terms based on your claim experience or health details. Buy the product only after evaluating the offers.
Waiting period may reduce
The period is adjusted from GMC. For example, the policy you want to buy has a waiting period of four years for a particular illness, whereas you have a GMC cover for three years. In such a situation, the waiting period for those diseases under GMC will be one year. While you have GMC cover for three years.
In such a situation, the waiting period for those diseases under GMC will be one year. While you have GMC cover for three years. In such a situation, the waiting period for those diseases under GMC will be one year.
Cannot get port done from other company
Bhaskar Nerurkar said that it can be ported from the same insurance company which is running GMC. There is no health checkup required in GMC, but regular medical tests are required at the time of porting.
