
What happens to your cover if you retire or leave the company?
When retiring or leaving the company, the provider you are insured with will most likely provide you with a quote for continuing your medical insurance. At this point you may find that the price is more than you were expecting. Insurers will often inflate the price for a group leaver because they find it difficult to pinpoint the risk associated to you.? Group schemes are community rated, so your premium will be calculated from the policy you are leaving. This means, even if you haven?t had to claim on the company health insurance policy, any claims that have occurred can still impact the premium the insurer provides. Therefore, we strongly recommend that you shop around and compare health insurance policies when moving away from a group scheme, as there will likely be competitive options available.
Why continuing cover could be essential
Having a gap in cover could mean that you must start new underwriting, which can have a detrimental impact if you are already covered for an existing condition. The rule?for most insurers is that, to continue your current underwriting, you must take a policy out within 30 days of the termination of the group scheme.Share this story