Leaving your job? Bring health insurance from your employer
Moving on from your present employment may cause you to stress about not having health insurance, which is understandable if you don’t have an individual health plan.
There are disadvantages to relying solely on your employer’s health insurance, particularly if you’re between jobs, have been laid off, or want to take a sabbatical.
Many people are unaware that you can change the health insurance provided by your employer to cover a person or family.
Employees who are covered by a company’s group insurance coverage may switch to an individual or family plan, according to the Health Insurance Regulations, 2016 of the Insurance Regulatory and Development Authority of India (IRDAI).
When determining waiting period credits for pre-existing conditions or for certain illnesses (such as hernias or cataract procedures), which are frequently not covered in the first policy year, the commencement date of an employee’s group policy will be taken into account.
A master policy is issued to the employer and all employees join the group policy when a firm purchases a group insurance plan.
Each employee receives a health card including all the required information. Employees may have the option to add members of their family, including their parents, depending on the plan the business has chosen.
The employee, spouse, and children are often covered by the company’s insurance; however, if parents are to be included, the business may ask the person to pay a portion of the payment.
For a year, the policy covers the entire group; beyond that, the employers must renew the policy. If the employers are dissatisfied with the current insurance, they can look into other possibilities.
People who are covered by a group insurance plan, including family members, can switch to an individual or family health insurance coverage with the same insurer.
In these situations, you must apply to the insurance carrier to port the policy at least 45 days before your final day of employment. You have five more days following your last working day to inform the insurer of your choice to switch to individual or family insurance if you haven’t already done so.
Although you could ask the insurer to increase it, it should be noted that the portability option is only relevant to the sum covered that was selected under the group policy.