Top News

Considering the impact of job change on group health insurance policy is necessary since the cost of healthcare in India is rising sharply. In such a scenario, going without health insurance can pinch the finances severely. So, if you are an individual looking to switch your current job, here is what you need to know about its consequences on the group insurance policy offered by your current company. How Does Group Health Insurance Work in India? Most employers buy business insurance online for their business, which may include group insurance plans. Group health policies help employees manage the financial burden during medical emergencies. They offer comprehensive coverage to employees without requiring them to pay anything from their pockets. However, an employee is eligible to enjoy the benefits of group insurance only while he is associated with the organisation. Thus, when an employee leaves the job, they also lose out on the benefits of the group policy. Group Health Insurance and Changing Jobs The benefits of group health insurance come to an end on the last working day of the employee. Since it is difficult to manage medical expenses without insurance in India, an employee may consider the following while switching jobs. ● Conversion of Group Insurance- Firstly, an employee can convert his group insurance into individual insurance if his company provides for the same. According to IRDAI regulations, an employee can convert a group insurance policy into an individual one by fulfilling the specified requirements. In this case, the employee must pay a premium as required by the insurer to continue enjoying the coverage benefits. Thus, he will be protected against financial risks in the event of a medical emergency. ● Opting for New Insurance- The second option an individual can opt for is to purchase new health insurance for himself and his family to receive adequate coverage for medical emergencies. It ensures that the employee and their family do not face a financial crisis if any medical situation arises. How To Smoothly Transition Insurance While Switching Jobs When changing jobs, insurance coverage becomes a primary concern for employees. However, one must remember the following points to transition insurance smoothly when changing jobs. 1. Advance Planning- Planning about insurance transition in advance can help you with continued coverage despite a job change. For example, when you start thinking of switching your job, find out whether your current employer offers converting group insurance to individual coverage. If yes, what formalities must be done and if not, what are the other options at your disposal? It will help to speed up the process and get your insurance coverage in time. 2. Compare the Options and Benefits- Compare the various options that you have and assess the benefits that you can get with each one of them. You can compare the coverage, premiums, deductibles, customisation options, etc., to make the right decision. 3. Follow the Deadlines- You must also make sure to follow the deadlines, if any, to ensure that you complete the insurance transition on time. By doing so, you can ensure that you and your family get continued coverage. 4. Preserve the Records- Ensure that you preserve all the records of your previous insurance plans, such as the documents, coverage, etc. It can come in handy if you have to submit proofs for transitioning to a new policy. TATA AIG Health Insurance: The Shield for Your Employees Health insurance is an essential safety shield that protects you in medical emergencies, especially during job transitions. It ensures that you have access to the best medical facilities and treatment even if you are in the process of switching companies. With health insurance, you get the desired financial help, allowing you to pay the hefty medical bills without emptying your bank account. However, not all insurance plans can be efficient, as you must choose the right insurance provider and the best plan. To achieve comprehensive protection from a credible insurance provider, you can rely on TATA AIG. They offer some of the most affordable, extensive and highly beneficial health plans for you and your family. Thus, while you change jobs, you can rest assured that you have the backing of an insurance plan that offers coverage against all sickness, accidents, COVID-19 and other medical emergencies. You can also customise the insurance plan with the help of various add-ons to suit your health requirements. TATA AIG also offers some of the best family floater plans, which cover you and your family, ensuring your health and well-being at all times.