TCS’s choice to terminate over 12,000 workers has sparked worries, particularly regarding the loss of employer-provided group health cover typically the sole coverage for senior parents. When an employee leaves, these policies generally become inactive. Due to the expensive nature, restricted accessibility, and lengthy waiting times for health insurance for seniors, maintaining this coverage is crucial. Employees must verify whether the insurer permits transitioning from the group policy to an individual retail policy. According to IRDAI regulations, insurers are required to offer this choice, allowing the insured to transfer waiting period credits for pre-existing ailments. For instance, if you’ve been covered for two years by the group policy, only one additional year is needed under a new plan that has a three-year waiting period. Starting this process early is essential ideally before departure by notifying HR and providing necessary documents. Nevertheless, the approval for migration rests with the insurer and might require health assessments or adjusted premiums. Employees are unable to select another insurer during migration but may transfer the policy afterward. Prior to implementing any modifications, examine the policy terms thoroughly, paying particular attention to the sections on room rent, sub-limits, and co-pays. Migrated plans might not align perfectly with the original group policy but can still provide substantial protection during unpredictable periods.
