Working in the corporate world comes with a lot of perks. You get a great work environment, holidays, celebrations, and, mainly, perks upon your job profile. Once you get a job in the corporate world, you are provided with a health insurance plan along with your job. This health insurance policy provided by your employer may also include health insurance for parents.
This blog will examine your job status’s impact on your health insurance scheme, and it will help you learn about health insurance and the corporate world.
What is Corporate Health Insurance?
Corporate health insurance is a kind of insurance that is provided to employees by businesses and employers. In layman’s words, it is a type of collective health insurance plan sponsored by the firm and the employer that covers both the company and those who work there. Corporate medical health insurance is usually provided to a group or team of members in the firm. Some insurance policies provide you with health insurance for parents as well.
How Does Your Job Status Impact Your Health Insurance?
A common pattern seen in the corporate world often shows that if you are working on a higher post than average, with more salary and a respectable position, you are bound to get higher insurance coverage on your claim. However, if you are in a junior position, you will likely get group health insurance which will be the same for your team members.
What are the Health Insurance Options When You Are Switching Jobs?
Your corporate health insurance only lasts until you are an employee of the company. It means once you leave that job, your insurance will end too. Thus, when switching your job, you have two options to consider. To cover your medical dues, you can either buy a new health insurance scheme or convert your corporate group insurance to individual health insurance.
How to Convert Your Corporate Health Insurance to an Individual Plan?
According to the Insurance Regulatory and Development Authority of India (IRDAI)’s guidelines, if you are a corporate employee, you can convert your corporate insurance policy into an individual one. However, not all companies allow this transition. So, you must check with your employer beforehand to avoid any hassle.
Here is how you can convert your corporate insurance into an individual plan:
- Contact the insurance company: You must inform your insurance provider about your job switch at least 30 days before your last work day.
- Choose an insurance plan: Read through the terms of the insurance plans and choose the one which is suitable for you.
- Complete the paperwork: Once you decide on the policy, collect the documents and paperwork your insurance provider requires.
- Pay the premium amount: Once you have submitted your documents, you can pay the first premium to issue your new policy.
Employee Health Insurance Benefits To Look For When Switching Jobs
Before changing your job, always look for the most beneficial health perks the company provides. These include:
1. HealthInsurance For Family Members
As an employee, you get covered by corporate insurance. However, you should also check if the company provides health insurance for parents and families.
2. Insurance Amount
Before switching your job, check the sum of insurance claims your new employer provides. It should be greater or equal to the amount provided by your current employer.
3. Claim Settlement Ratio
The claim settlement ratio is based on the number of claims settled by an insurance provider in a year. The CSR of your corporate insurance is an important aspect to check before you switch your job, as higher CSR means you have a better insurance policy.
4. Network of Hospitals
Every insurance provider has a network of hospitals in their medical health insurance. Thus, you must check if the policy covers good hospitals under their claim before changing your job.
In the corporate world, you must always ensure you get the best employee benefits. Health insurance for parents and family is one important benefit you must seek in your job. Now that you know about corporate insurance, head to Niva Bupa Health Insurance’s website to find some of the best insurance policies!