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Good to get one more backup Health Insurance along with office health cover

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A top-up plan can be of use in case of job shift and at higher age

HEALTH insurance has become important for everyone over the past few years. Constantly rising medical cost inflation and introduction of new medical procedures has made having a mediclaim policy more economical than not having one.

Various organisations have also been providing health insurance to their employees as an incentive or perk. Despite having a health insurance cover from an employer, one is always advised to have a separate health insurance policy so that he is covered even if he leaves his present organisation.

A separate health insurance is advised with a longterm perspective. Supposing one switches his job at an age of 50 or 55 years, then the health insurance premium will be very high and he might be asked to undergo some medical examinations as.

Some insurers offer top up health insurance policy as well that are suitable if the policyholder already has a basic mediclaim policy, either of his own, or from his employer. People who are entering higher age bracket go for top-up policies so that extra coverage is available to them in case of medical emergency.

People who are enjoying health coverage from their organisation should also consider buying a separate health insurance cover for themselves and their dependent parents. Beyond a certain age, insurers might not accept proposal application for parents as per their underwriting guideline or the premium might be too high.

Health insurance portability, introduced last year in October, has, however, made it possible for policyholders to continue the policy from their employer's health insurance company even if they leave their organisation.

As per portability clause, one can transfer his existing policy that is from his employer to a standalone retail health insurance policy. For this the person will have to pay the premium that is being charged by insurer from their retail policyholders

The policyholder will have to send a portability request form 45 days in advance to the insurance company. On receiving the proposal form and portability form, insurer will cross check the claim status, medical condition and other relevant details as per their underwriting guidelines. Once the underwriting team approves the proposal, insurer issues the policy and the insurance comes into effect from the renewal date.

Depending on the medical condition of the policyholder and age, insurer might ask the policyholder to undergo certain medical tests. In case of adverse medical condition, insurer may apply certain exclusions or waiting period.

Portability allows the policyholder to transfer accrued benefits, such as no-claim bonus and waiting period for pre-existing diseases, if they switch from one insurer to another or as in this case, from group policy of employer to a standalone policy.

After portability came into effect, policyholders can renew their existing policy without break. This is particularly helpful for those people who do not have any separate policy. However, certain coverage like maternity and pre-existing disease coverage from day one is not provided under retail segment insurance policies
 

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