New Delhi. When changing or leaving a job, many people forget that their office’s group health insurance policy also expires on the same day. In such a situation, if any medical emergency occurs, the entire expense goes from your pocket. But the good news is that if you want, you can port (transfer) your group plan to an individual or family floater policy, that too without losing the old benefits.
How is the porting process?
Porting means that you move from the group policy of your company to the retail policy of any insurance company. For this you have to apply at least 45 days before the end of the group policy. The new company decides the premium after looking at your medical history and age. Once approved, the new plan starts without any break from the old one.
What benefits are available?
In this process, your waiting period and old claim records are transferred. That means, if you have completed 2 years in a group policy, then they will also be counted in the new plan. However, the terms of the new policy may be slightly different such as room rent limit or co-payment rules.
what mistakes to avoid
The biggest mistake people make is that they start porting after leaving the job. By doing this the policy lapses and the chance of porting ends. Therefore, it is better to start the process 45–60 days before leaving the job. Keep old documents and claim history ready and read the terms and conditions of the new policy carefully.
Frequently Asked Questions (FAQs)
Question 1. Will my entire waiting period be void if I port from a group policy to a new policy?
Answer- No, the waiting period does not end, but is credited. That means, the waiting period you have completed in the group policy gets added to the new policy. For example, if the new policy has a waiting period of 4 years and you have completed 3 years in the group policy, now you have to complete the waiting period of only 1 year.
Question 2: Can I increase my sum insured (coverage amount) during porting?
Answer- Yes, but medical underwriting is necessary for this. The insurance company may make you undergo a medical test, impose a waiting period on the new part or charge a higher premium. Continuity is guaranteed only on the old coverage amount (and bonus).
Question 3: What if my employer changes the insurance company before porting?
Answer: As long as your old policy is active, you can port – even if the company has changed the insurer. For this you will have to provide the latest policy document and proof of continuous coverage.
