After leaving the job from the company, the employee can convert the health policy into a personal health insurance scheme by paying the policy convert charge. Many corporate health plans offer this option. Its biggest advantage is that the benefits earned or accumulated in the policy are not lost.
If you are in a private job and are leaving your current job after getting a new job, then know one thing that with this decision, along with the salary you get from your employer, the security of health insurance will end. . As soon as you join the new company, you will again get the health insurance plan there. But what would you do if a medical emergency occurred in the meantime? Naturally, in the absence of health insurance cover, you will have to pay for medical expenses from your own pocket. But there is a way that can save you from this trouble.
You can convert the corporate health insurance plan into an individual health policy before leaving the job. The advantage of this will be that even after leaving the job, you will have the security of health insurance and you will not have to face any problem under any circumstances. Let us know how the corporate health plan can be converted into a personal health insurance policy.
How to convert corporate health plan into personal policy
- Actually the employee has the option to port the health insurance plan or convert the policy. After leaving the job from the company, the employee can convert the health policy into a personal health insurance scheme by paying the policy convert charge. Many corporate health plans offer this option. its biggest
- The advantage is that the benefits earned or accumulated in the policy are not lost and the insured person can get the benefits of insurance coverage even after changing the company or retirement.
- To convert the corporate health plan into personal health insurance, you have to select a plan from the existing insurance company, in which you can choose the personal health insurance plan as per your convenience.
- The process of converting the policy can be done both online/offline. In offline mode, you are asked to provide information about the existing group health insurance plan, claim history, health profile, etc. along with the form. In some cases, you also need a health checkup or a report related to it.
- To convert a group health insurance plan into an individual health insurance policy, you need to pay the required premium as per the plan. The premium amount will be based on the underwriting process and terms and conditions set by the insurance company.
