Health Insurance Policy Renewal With the change of company, the question arises whether the health insurance policy covered by the old company will stop or it can be continued in the new company as well. Let’s understand about it.
Medical emergency can come anytime and because of this health insurance is necessary for everyone in today’s time . Those who do the job, they are provided health insurance policy for themselves and their family by the company itself. But the problem comes when you change your job. In such a situation, the question arises that along with the job, you have to leave the health insurance you get here or it can be continued.
Let us tell you that according to the rules of the insurance regulator IRDA ( IRDAI ), any employee can convert the group insurance cover into an individual health insurance plan of the same insurance company. On the other hand, if you do not do this, then the benefits of the group insurance scheme stop on the last day of the job.
This is how you can continue the insurance policy
To continue health insurance in another company also, there is a need to convert the group policy into an individual policy. For this, the existing group insurance company has to be informed that you are leaving the company and want to convert the group insurance policy into an individual policy. The consent of the old company is also necessary to change the insurance. If consent is received from the company, the insurance policy is changed within a few days.
It is to be noted here that the application for conversion of group health insurance plan to individual health insurance plan has to be submitted at least 30 days prior to the last date of the notice period.
Benefits of changing the policy
There are many benefits of converting a group health insurance plan to an individual health insurance plan.
- The waiting period for your individual health policy is decided based on the inception date of the group policy.
- Individual members also get credit for the coverage already done under the group insurance policy.
- If the waiting period for a disease in an individual policy is longer than in a group policy, then the insurance company has to inform this in advance.