Corporate health insurance is a form of group health insurance that has an employer-employee relationship. If you want corporate health insurance transferred to an individual plan, you should fill out the paperwork about 30 days before your last day of work in the organization.
The employer takes corporate health insurance for the benefit of the employees working in the organization. The premium under corporate health insurance is paid by the employer and the coverage is availed by the employees.
The premium in the corporate health insurance plan depends on the age of the members, coverage opted, number of members, floater sum insured, or individual sum insured.
The employer decides on corporate health insurance, which is only good as long as the employee works for the company. Once the employees leave the organization, corporate health insurance is no longer valid.
The corporate health insurance can then be availed from the new organization in which the employee is joining.
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Below are things to take care of at the time of job change with respect to corporate health insurance:
Availability of Corporate health insurance:
You should check if the new company is offering corporate health insurance before joining the company. If there is a corporate health insurance plan in place, then the next thing to do is enroll in the plan immediately after joining the company.
If possible it is better to have a word with the new company to provide the coverage from day one of joining. This can be done if the corporate company is maintaining a cash deposit account with the insurance company.
A cash deposit account is like a bank account in which the employer can save the extra premium to be utilized in case of joining new employees in the organization. The coverage would start on the date of joining the employee if there is a cash deposit account in place.
Coverage:
The other important thing to check is the coverage offered by corporate health insurance from the new employer.
For instance, if your old company is offering a corporate health insurance plan in which you can include your parents as well as spouse and children but the new corporate health insurance plan doesn’t have any of these benefits then it is better to have an alternative in place before moving on to the new company.
The coverage can be in terms of the sum insured or the list of diseases covered etc. The new corporate health insurance plan should be checked for maternity cover, newborn baby cover, and other add-ons which are required and available in the previous corporate health insurance plan.
Coverage under the corporate health insurance plan would be decided by the employer and you would have no say in the corporate health insurance decision-making process.
Premium payment:
The other important thing to check at the time of corporate health insurance change is the premium payment facility.
It is important to check whether the premium payment has to be done by the employee or the employer makes the premium payment or if there is a concept of premium sharing in the organization.
A few corporate companies offer to extend the corporate health insurance plan to immediate family members and parents or parents-in-law on payment of extra premiums. This has to be checked and if needed this facility has to be availed at the time of enrollment.
Once the policy starts, changes cannot be made to the existing structure. Any change in the corporate health insurance plan can be made only at the time of renewal. Mid-term additions are permitted only in case of the occurrence of certain events such as marriage or childbirth.
Network hospitals:
The most important thing to look out for in corporate health insurance during a job change is the number of network hospitals available with the new employer. Network hospitals are the best option as they provide cashless claim settlement facilities and OPD facilities
The more hospitals in the network, the more comfortable the customers will be. It is also important to check whether the corporate health insurer offers third-party claim settlement services or has an in-house claim settlement team.
Group health insurance transfers, also known as corporate health insurance transfers, cannot be transferred from one employer to another because the policy is chosen by the employer and varies from one to the next.
