Converting Corporate Health Insurance to Individual

Transitioning from Corporate to Individual Health Insurance

When you work as an employee for a company, you may often receive various benefits beyond your salary, and one of the most valuable is corporate health insurance. But what if you decide to leave your job? Can we convert corporate health insurance to individual? 

Fortunately, if you decide to leave your job, you can typically convert this group health insurance into an individual health insurance plan, ensuring continued coverage.

Process to Port From Corporate Health Insurance to Individual Health Cover

Can group health insurance be ported? You are required to do the following while converting a group health insurance policy:

Step 1: Inform the Concerned Insurance Provider

It is the foremost step once you have decided to transform your employer-provided health insurance policy into an individual plan. To raise the issue successfully, you must approach the insurer at least 30-45 days prior to the last working date in your organisation. If you do not inform your insurance provider, you will still be given an extra 5 days after leaving the job to complete this step.

Step 2: Choosing a Health Plan

Before opting for a specific health insurance policy, consider exploring the various options. While doing so, check out the policy terms and conditions, inclusions, exclusions and other relevant guidelines to avoid non-compliance-related issues. Finally, you should check the insured sum offered and try to get an approximate estimate of the premium. 

Step 3: Fill the Application Form and Provide the Relevant Documents

Once you have picked a suitable coverage, proceed to fill out the medical insurance portability form. At this point, your insurer will ask to provide various supporting documents like your medical history, claim history, existing group insurance plan particulars, etc. You must provide all these details to your insurance company at least 45 days ahead of the existing policy renewal date. 

Step 4: Pay the First Premium

After your porting request is accepted and everything is set, you are eligible to pay the first month’s premium. Some insurers collect yearly premiums from their customers. If your insurance company offers the latter option only, then the flexibility gets a bit restricted.

Eventually, after receiving your deposited premium, the medical insurance company issues you a fresh policy.

We have seen all essential steps regarding how to convert corporate health insurance to individual.

Over to You

Purchasing or porting your health insurance policy does not have to be overwhelming. With these tips, you can easily make the change and get the cover you need.

Also Read:

→ Corporate Floater Health Insurance Explained

→ Do You Need to Notify Health Insurance When Someone Dies

→ Guide to Claiming Health Insurance for Hospital Visits

→ Health Insurance Card Renewal Process