TCS has planned to lay out more than 12,000 employees. This has not only increased the concern among the employees of IT companies, but the employees of other sector companies are also in tension. As soon as the job is over, many types of facilities stop getting. These include group health insurance cover. This health cover is especially important for the employees whose parents are quite elderly.
Many companies allow the parents to cover the parents in the group health policy
Many companies still allow the parents to cover the parents in the group health policy of the employees, while some companies get only the employees and children in the group health policy. If your company also gives health coverage to its parents along with employees, then it is very beneficial for you. The reason for this is that buying a health policy is very difficult for senior cities.
Insurance companies do not show the elderly in issuing health policy
Insurance companies do not show interest in issuing health policy to older people. If the company is ready to issue a policy, then its premium is very high. There is a three -year waiting period for already undergoing diseases, which is a big challenge. So if your group health policy includes parents and you are only dependent on this health policy, then before leaving the company, you should try to port this policy to the retail policy.
Buying a new policy will include the condition of waiting period
You also have the option to buy separate policy before leaving the company. But, this is a bit difficult. Even if you buy a new policy, the diseases already going on will not be covered in the policy immediately. For this you will have to wait for three years. So it would be good that you try to convert your group health policy into retail policy. The new guidelines of the Insurance and Regulatory Authority of India states that insurance companies will have to allow the group index policy to switch to individual cover. There will be no changes in even the uncertain and benefits.
Waiting period credit cairs go forward in getting policy switching forward
One of the major advantage of this is that the waiting period of already running diseases is forwarded. This means that if the insurance company had given a two -year cover, then after leaving your job, your parents will have to wait only one year for coverage of decklered diseases already going on. This is a matter of benefit, because the waiting period will be reduced from 3 years to only 1 year.
Understand the terms and conditions of waiting period while switching
You can ask your HR department about the process of migrating the group policy in a retail policy. However, before switching, you have to understand the terms and conditions of the waiting period well. It may also be that in the retail policy you did not find all the benefits that you were getting in the group policy.