Health Insurance: The company's health insurance will not go waste after leaving the job, you can get it transferred in this easy step..

Health insurance is the need of the hour.

Today, health insurance is not just an option but has become a necessity. Most private companies in India provide group health insurance policies to their employees. This policy is often provided upon joining the job. For this, some amount is deducted from your salary every month. In some companies, it is optional, while in some companies it is mandatory. Similarly, some companies provide cover to the employee as well as his primary family (parents, wife/husband, and children). Whereas in a few companies, only the employee gets the benefits of health insurance.

The company's health insurance becomes inactive as soon as you change jobs.

This health policy of the company remains active as long as you work in that company. As soon as you leave the job or are fired from the job, the coverage can end immediately. The question is, can we continue our company's health insurance even after leaving the job? What is the process to transfer it?

IRDAI provides the facility of 'Insurance Migration'
The Insurance Regulator and Development Authority of India (IRDAI) provides the facility to transfer the group health policy received from a company to a personal health policy. According to IRDAI's Health Insurance Regulation 2016, any employee has the right to transfer his group health insurance to a personal or family policy. This is called 'insurance migration' in technical terms.

How can you take advantage of group health insurance?

A private company buys a health insurance policy for its staff. A master policy is given by the insurance company, in which all the staff are covered. Then the company allots a health card or health insurance TPA (third-party administrator) number to each of its staff. It contains important information related to its insurance policy, such as coverage amount, coverage details, and list of hospitals, etc. If an employee has to get treatment for any disease or surgery during service, then he can get his expenses cashless through the TPA number. This policy is usually valid for one year. After the year is over, the company has to renew it.

How to migrate group health insurance after leaving the job?

According to the rules of IRDAI, one has to go through a process to migrate his group health insurance to individual or family health insurance. You have to inform the insurance company at least 45 days before the date of leaving the job that you want to convert your group policy into an individual policy. If you have not given information earlier, then it is necessary to inform the insurance company within 5 days after leaving the job.

You may have to pay an extra premium

Under the portability option group policy, you can take a policy of an amount equal to or more than the coverage amount received from the company. For this, you will have to pay an extra premium. The insurance company decides whether it will issue the policy or not based on your profile and health history. This is decided under their underwriting guidelines.