How to convert corporate health insurance to individual?

Health insurance is essential nowadays, whether private or corporate. However, many employees rely solely on their employer- provided corporate health cover until they switch jobs, and understand its benefits or importance. A corporate health insurance policy, also known as group health insurance, is offered by employers to their employees with no waiting periods. These plans sometimes even provide coverage for the employee's family members.

At the same time, one common confusion that comes to the employees when they switch to another job or plan to start their own business is whether they will be left without any health insurance or do they have the option to continue the coverage according to their own terms.

Fortunately, yes! You can convert your corporate health insurance to an individual plan. Now, if you’re not sure about how to do so, here is a step-by-step process.

Process to convert corporate health insurance to individual

Step 1: Inform the Concerned Health insurance company

It is one of the primary steps that you need to consider while migrating your corporate health insurance to an individual plan. You must inform the concerned insurer regarding this at least 45 days before your last working day in the company. Failing to do so can lead to rejections that can give an unexpected financial burden during urgent medical situations.

Step 2: Select the Right Health Insurance Plan

Don't get this wrong, but you need to discover different plans that are available in the market before picking one. The plan's features should match your health requirements. Be aware of policy inclusions, exclusions, limitations, and waiting periods in order to head off non-compliance-related problems.

Step 3: Fill the Application Form

Once you have made a decision about which health insurance coverage you want to proceed with, fill out the application form carefully.

Step 4: Provide the Relevant Documents

Provide all the necessary documents as requested by the insurer provider, such as your corporate policy number, coverage amount, claim history, KYC documents (ID proof, address proof, etc.), your past medical history and resignation letter as proof.

Step 5: Pay the Premium for your health insurance policy

After everything is set, pay the first month’s premium online through credit/debit cards or UPI. After paying the premium amount, you will get the policy documents on your registered email ID and mobile number.

Individuals can easily convert their health insurance plans by following the above mentioned simple steps. However, remember to provide all the information accurately to avoid unpleasant surprises later on.