Corporate Health Insurance Companies purchase group health insurance for all of their employees and some group health insurance policies also provide coverage for employees’ families. It covers hospital expenses, maternity cover, ambulance cover and much more depending on the health insurance policy. Know what to do with your corporate health insurance after leaving your job.
If you work in a company, then your company must be providing you health insurance. This benefit is given to you under the Employee Benefit Package in which the company does not charge even a single extra penny from you.
Companies purchase group health insurance for all their employees and some group health insurance also provides cover to the employees’ families. These health insurance covers hospitalization expenses, maternity coverage, ambulance coverage and much more depending on the policy.
The policy lasts only till the job
The policy given by the company lasts only as long as you are working in that company. The company does not take health insurance for each employee separately, but takes health cover for all its employees together in the group.
Therefore, read the terms and conditions of corporate health insurance and also see how
How to switch?
At least 45 days before leaving your job, apply to your insurer that you want to switch from a group policy to an individual policy. However, if you forget to do so, you have five days from the last working day when you can do so.
much coverage is being given to you. Let us now know what should be done with your group health insurance if you leave the job.
Convert Group Health Insurance to Individual
As per the rules set by the Insurance Regulatory and Development Authority of India (IRDAI), you can switch from a group plan to an individual health insurance with the same insurer. However, you may have to pay a higher premium for individual health insurance.
When you switch your waiting period also transfers to the individual health cover. However, there is no waiting period in group insurance. Group health insurance has its own limitations, like suppose you need a vaccination but it is not covered in the group policy, then you may face problems.
Apart from this, it is possible that in Group Health Insurance you may not get cover for diseases like no-claim bonus , critical illness etc. However, after switching, you can select this policy as per your choice.
