After the multiple waves of COVID, healthcare has become more of a dinner table conversation. The average cost of healthcare for one individual has never been higher. Along with that, things considered dangerous are also on an upward trajectory. Not to mention, the 9-5 lifestyle doesn’t leave much time or energy to be physically proactive. That’s why having a good health insurance plan is something every individual should prioritize.
Whether or not a company is willing to provide health insurance to its employees is something that is turning into a deal-breaker for many young professionals. And that is precisely the reason why the number of companies providing group health insurance has increased over the years. In fact, since the pandemic, one in every four companies has increased their insurance coverage by up to Rs. 5 lakhs.
But it is also important to keep yourself and your family medically covered when you might be between jobs.
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Reasons why you may not be working with corporations:
1. The duration between your last working day and the first day at the new company was longer than you expected.
2. You decide to take some time off to invest in some personal growth.
3. It takes longer for you to find a new job after the last day with your current employer.
In any case, it is always smart to have an insurance policy of your own in order to avoid any financial issues at the time of an emergency.
Not all, but many group insurance providers also have the option of converting group insurance policies to individual policies. So before you leave your current job, make sure that you have a conversation with your employer. You should collect as many details about the insurance providers as you can.
But are you allowed to convert your group insurance policy into a personal policy? Well, as per the Insurance Regulatory and Development Authority of India (IRDAI), you can do that. Provided that you fill out all the appropriate documents and go through the correct formalities.
Here are a few things you might need to consider before entering the phase between jobs:
1. If you have personal insurance, make sure that it does not end in the middle of your unemployed phase. Check the dates on your insurance and if it is ending soon, go through the procedures for renewing it.
2. Know the exact date that you stop being covered under your current employer’s group insurance policy.
3. Make sure that you have as much data as you can on the group insurance provider at your current company.
4. Keep in mind that you might have to pay a higher premium if you convert to a personal policy. The insurance provider can also set the terms and conditions for your new policy.
5. And lastly, evaluate what will be sufficient coverage for you and your family and if the policy you are going ahead with meets those numbers.
When it comes to insurance, you can never be too cautious. So, whenever you are planning on changing jobs or moving from being an employee to being a business owner, always make sure that you and your family are medically insured during those times.