The group health insurance policy is one of the important benefits for employees because the employer covers the insurance premium cost. This indicates that an employee is not charged for the insurance coverage. However, if an employee leaves their employer, they are no longer included in the insured group of employees, and the coverage ends. However, you don’t need to buy health insurance all over again! You can just transition to an individual plan. If you fall into this employee category and are curious about how to change from group health insurance to individual health insurance, continue reading to learn more.

Process of transitioning from group plan to individual plan

The transition from group health insurance to individual health insurance can be made in the following manner.

Step 1: Decide the plan you prefer.

You must decide on an individual health insurance plan. You can choose a single plan, or you can choose from a number of packages with various features and advantages. Specific add-ons can also improve some plans. A health insurance premium calculator can help you decide on a plan that fits you. 

Step 2: Start the procedure.

By officially notifying the insurer, you can start the process of changing your coverage. Filling out an online or offline form is one way to achieve this. This form might need to be supplemented with other paperwork, such as your current group health insurance policy, a claim history, a health profile, etc. You may be required to get a health checkup and submit any pertinent findings.*

Step 3: Finish the paperwork

All the paperwork listed in step 2 must be finished well in advance, ideally 30 to 45 days before the group plan’s renewal. The insurer may ask for more information, if necessary, based on the given paperwork.

Step 4: Pay the premium.

In a group plan, the employer is responsible for paying the policy’s premium. However, you may need to pay the appropriate premium as you may move from a group plan to an individual one.*

This sum can be determined based on the information you provided in step 3 and the insurer’s underwriting procedure. Before completing the payment, it is advised to carefully review the policy’s terms and conditions and get any questions answered.

Step 5: Check the policy

For the premium, the insurer may issue the coverage. Verify the specifics of the policy; if any point doesn’t work for you, have them fixed as soon as possible.

Key points to remember:

If you’re thinking of transitioning from group health insurance to individual health insurance, here are some things to keep in mind.

• Get in touch with your insurance provider to transfer before the group plan’s expiration date or when you resign.
• While requesting the switch, you might need to submit paperwork and do a few examinations. Keep all documents ready in advance.
• The individual plan may be offered at the discretion of the insurer.
• Your served waiting period may be credited when switching.
• By paying the necessary premium, you can obtain comprehensive and long-term health insurance through an individual plan without relying on your work.

Transferring from a group insurance plan to an insurance plan has several benefits. These include a reduction in waiting time, reduced dependency on the company, and the opportunity to avail comprehensive coverage.*

You can also shift to health insurance plans for family from group plans. Opt to use a health insurance premium calculator to figure out the perfect plan for you.

* Standard T&C Apply

‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.‘