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Aug 18, 2022

How Does Group Health Insurance Work When Switching Jobs?

In 2022, the cost of healthcare is something that can easily burn a hole through your pocket; which is why you absolutely need a health insurance policy to have you covered at all times. Having one helps to ensure a financial shield alleviating, any financial stress that can come with a medical emergency. Among the different types of health insurance plans, a group insurance cover is a popular insurance plan often offered by corporates to its employees. A master policy purchased by the organization covers all its eligible employees under one insurance cover for a nominal premium which is generally paid by the employer or shared with the employee. A group health insurance plan ensures coverage for its employees and extends the benefits to provide non-monetary perquisites. However, there is a limitation for group insurance plans, wherein the coverage only lasts till the employee is in service. Change or termination of employment ends the insurance coverage. This article talks about the different points about group health insurance and its correlation to changing your job. Continue reading to know more.

How does group health insurance work when changing jobs?

A typical group insurance policy’s coverage ends on the last working day of your job. However, there are a few insurance companies that allow converting the group insurance policy into a standard insurance plan by paying the full premium. This way, as a policyholder, you do not lose coverage while being protected from financial risk of medical emergencies. The regulator, IRDAI, allows the employees to convert group insurance plans to an individual policy with the same insurance company only after completion of necessary formalities. You can visit the official website of IRDAI for further details. That being said, it is the discretion of the insurance company to decide the terms of such an insurance cover. Keep in mind that this conversion option is not available with all insurance companies (only a handful). Thus, you need to check with your insurer beforehand. Along with paying incremental premiums, you may be required to undergo a medical checkup to convert your insurance coverage. * Standard T&C Apply

What are your health insurance options when changing jobs?

When changing jobs, there are two options — first, converting your insurance coverage to an individual policy, or second, buying a fresh insurance plan. While exercising the first option depends upon whether the insurance company allows for such a facility, the second alternative is a guaranteed way to ensure medical coverage. When selecting a separate policy, health insurance plans for family can be effective in ensuring coverage not only for you, but also your dependents, such as your parents, spouse, or children. This policy can be further fine-tuned to secure coverage using add-on riders that are offered by your insurer. While add-ons are additional insurance covers, they end up increasing the premium and you can make use of a health insurance premium calculatorto determine the final value. * Standard T&C Apply Like all major decisions in your life, you need to take health insurance seriously and buy a policy considering your family’s medical history. In this process, selecting a plan that offers AYUSH treatment in health insurance is an effective way to ensure coverage for alternative forms of treatment, in addition to other benefits. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

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