How Employees Can Port from Employer’s Group Health Insurance to Individual Health Cover

Posted on: Sep 9, 2021 | | Written by:

How Employees Can Port from Employer’s Group Health Insurance to Individual Health Cover

Published on September 8, 2021. EST READ TIME: 3 minutes

Salaried individuals usually get to enjoy multiple benefits, and a group health plan is one of them. This is an insurance policy offered by employers tocover all their salaried employees together. So, the company willtake care of the insurance premiums, while you can enjoy the policy benefits. However,a group health plan ceases to benefit you once you quit the job. In such cases, you and your dependents covered under the group insurance can no longer avail its advantages.

Keeping this in mind, insurance companies allow easy migration from group health insurance to health insurance for individuals.And the best part is that you can do so without losing the benefits earned under your group health insurance policy. However, you must take individual health cover with the same insurance company.

Process to port from group health insurance to individual health cover

If you are looking to switch from group health insurance to health insurance for individuals, you must do the following:

1. Inform the group insurance company:

This is the first step for porting from your employer’s health insurance plan to an individual one. You must inform the insurer at least 30-45 days before your last day of employment in the same company. In case you forget to inform the insurer, you will be given time till 5 days after leaving your current job.

2. Select a health plan:

Check the health plans that the insurer offers and compare them based on their inclusions, exclusions, and terms and conditions. You must also consider the coverage amount and get a rough estimate of the policy premium.

3. Fill the form and submit documents:

After selecting a suitable plan, you must fill the health insurance portability form. The insurer may also ask you to submit certain documents, such as your existing group policy, medical history, age proof, claim history and more. You must submit everything at least 45 days before the renewal date of your existing policy.

4. Pay the first premium:

Once your insurance application is processed and everything looks fine, you can pay the first premium. The insurer will then issue your new policy.

Things to consider when porting the health plan

Talk to your current insurer:

As per the rules set by IRDA, you can switch from a group plan to health insurance for individualsif you stick with the same insurer. Also, the insurer will decide the terms and conditions of your new health plan and its premium.

Inform the insurer in time:

You must inform your insurer at least 45 days before your existing policy expires.

Pre-medical check-up:

Before porting the policy, the insurer might ask you to get a pre-medical check-up done.

No waiting period:

Generally, group health insurance plans have no waiting period. So, when you port to individual health insurance, the no waiting period clause alsogets transferred to your new health plan. In case your group plan has a waiting period and a part of it is remaining, the same will be carried over to your health insurancefor individuals.

Benefits of porting from group health insurance to individual health cover

1. Waiting period benefit:

When porting, the waiting period of your employer’s health insurance also gets ported to your individual health cover. So, if your group plan had no waiting period or the mentioned waiting period is over already, you can enjoy full benefits of your individual health insurance cover from day one.

2. Better coverage:

You can customise your individual health plan as per your requirements and budget. This is not possible with group health insurance.

3. Increase the sum insured:

When porting your health plan, you can also talk to the insurer and opt for a higher sum insured for extensive coverage.

Conclusion

So, if you are planning to quit your job, remember to port from your current employer’s group health insurance to an individual one. This way, you can enjoy the accrued benefits of your existing health plan. You can also customize your new health insurance for individuals as per your requirements and stay covered against medical emergencies.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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