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Most of the time, policyholders need to first tell their current group insurance company about the change. And if the policyholder loses their job, they would need to talk to the company’s admin or HR department to find out more about the porting process.

If you want to switch from a group health insurance plan to a policy for yourself, you should fill out the paperwork about 30 days before your last day of work. According to the rules, the insured worker must let the insurer know before leaving the company.

Or, this must be done within 5 days of the date the group policy ends in order to get a new retail health plan to cover up to the amount of the policy’s coverage, after paying the full premium for the new individual health plan.

At the time the policy is issued, the underwriting requirements of the insurance company are used to make the new retail policy. In some cases, the insurance company might ask for reports from a pre-medical checkup before giving out the policy.

Short version

You can buy a separate health plan to help pay for the rising cost of health care if you are covered by your employer’s health insurance plan. On the other hand, if you don’t have an individual health cover, you can now convert your corporate health plan into an individual health plan and use the coverage benefits, according to IRDAI rules.

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