4 min read
Updated on Jul 13, 2022
Are you planning to switch jobs? Do you know that you can convert the medical insurance offered by your employer into an individual health insurance plan? Read to know all about it.
So, what is an Employer Health Insurance plan? It is an insurance policy that is offered by organizations to qualified employees to secure their health. In most cases, the health insurance plans offered by employers also cover family members of the employees. These employer health insurance plans are also termed as corporate health plans or group health insurance plans.
So, let us understand more about the corporate health plans.
As discussed earlier, a group health insurance policy is the one where an employer/organization offers the health coverage to its employees. So, here the employer/company pays for the premium of your insurance plan. These plans are, of course, very significant for an employee as they allow coverage not only to the employee but his/her family members as well.
Hence, they are popular among employees while seeking job opportunities with an employer. The perks allowed under a health plan by an employer can be a major aspect that might hold an employee from switching jobs as well. However, you must note that policy benefits available under your group health cover can be easily transferred from your corporate plan to an individual plan in case you think of changing your job? This way, you can avail the best and cheap individual health insurance from the same insurer.
As per IRDAI, an employee who has a corporate health insurance plan is allowed to transfer the benefits of the policy from the employer plan to an individual health policy. So, if the employee who is insured under an employer health plan intends to switch his/her job and take up another one, he/she can continue with the health insurance benefits offered under the group health plan by migrating to an individual coverage.
So, now you know that you can switch from your group health plan to buy an individual health insurance policy. But do you know the procedure to do so? Let us discuss how can you make the move from group plan to individual plan.
To migrate from group plan to individual plan, you are required to complete few formalities that the insurance company specifies for this move. However, you would be glad to know that you can avail the benefits of the waiting period that you have accrued from the employer’s health plan in your individual plan. But, it is also to be noted that whether your policy conversion would be accepted or not depends on the insurance company, who hold the complete right to accept or reject the policy. The insurer also has the right to decide the terms of the new individual policy that you are seeking and its premium too.
Here are the steps to initiate the conversion process to cancel employer health insurance and make it an individual plan:
You may have a few questions in mind like, Can employer reimburse health insurance premiums? So, you must note that your employer can definitely reimburse your health insurance premiums depending on the company policies.
Here are the salient features of employer health insurance plans.
It is important to note that while migrating from corporate plan to individual plan, you must consider the best health insurance companies for individuals offering individual health insurance. If you don’t want to spend a hefty amount on your individual plan, you can look for health insurance for low income individuals.
Migrating your employer’s health insurance policy is possible to make it an individual health insurance plan to serve your individual needs and stay protected. On the other hand, you can even consider buying another individual plan to support your corporate plan offered by your employer so that all your medical needs can be fulfilled, and you can have the best individual health insurance. Since the healthcare needs are soaring high, having an extra policy if you can afford it is always a better idea.
View this post on Instagram
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Table of Content Highlights of Mukhyamantri Chiranjeevi Yojana Eligibility Criteria of Mukhyamantri Chiranjeevi Yojana Benefits of Mukhyamantri Chiranjeevi Yojana Registration Process for Mukhyamantri Chiranjeevi Yojana.
Table of Content Why is Health Insurance the Most Important? Health Insurance Companies Offering Low Premium Health Insurance Affordable Individual Health Insurance Plans Low Cost.
Table Of Content What is the Incurred Claim Ratio? Incurred Claim Ratio Formula/a> Difference Between Incurred Claim Ratio and Claim Settlement Ratio/a> Role of Incurred.
Cost of an Open Heart/Cardiac Surgery in India? Table Of Content Know about an Open Heart Surgery Cost of Open Heart Surgery Factors Affect the.
Table of Content What are Home Care Services? Diseases Covered Under Home Care Services Home Health Care Services Offered by Insurance Companies Things that are.
Fixed Benefit Health Insurance - Everything You Need to Know What is a Fixed Benefit Health Insurance Plan? Importance of Fixed Benefit Health Insurance Plan.
Critical Illness Cover vs Terminal Illness Cover - Guide to Terminal Illness and Critical Illness Covers in Health Policy Terminal illness, also known as critical.
Table Of Content What is Health Insurance for NRI in India? Can NRIs Buy Health Insurance in India? Importance of Health Insurance for NRIs in.
High Blood Pressure Health Conditions Caused by High Blood Pressure Hypertension Risks High Blood Pressure Concerns Reduce the Risk of High Blood Pressure Hypertension or.
Speak to our advisor
Corporate Office : Mahindra Insurance Brokers Ltd ( A Mahindra Group Company ) Sadhana House, Ground Floor, 570 P. B. Marg, Behind Mahindra Towers, Worli, Mumbai 400018.
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2022 Mahindra Insurance Brokers. All Right Reserved.