- Date : 13/09/2023
- Read: 3 mins
After being laid off, check your contract for health insurance options. Port your corporate plan or buy a personal plan. If still uninsured, explore government schemes.
Approximately 17,000 employees were laid off in the first half of 2023, and this process is far from over. Besides losing a steady income, people also fear losing their health insurance policy. This blog aims to help you navigate corporate insurance after a layoff and be at peace during medical emergencies.
- Review your contract to determine if there are provisions for health insurance coverage after a layoff.
- Some companies offer extended health insurance coverage for a specific period post-job loss, allowing you to maintain your benefits.
- If your employer doesn't provide post-termination coverage, consider porting your corporate medical coverage to a personal health insurance plan or purchasing a new one.
- Explore government schemes like Pradhan Mantri Jan Arogya Yojana, Ayushman Bharat, and Awaz Health Insurance Scheme if individual policies are unaffordable.
- Health insurance safeguards against unexpected medical expenses. Consider discussing post-layoff coverage options with your employer.
How does health insurance work after termination?
To determine whether employees are entitled to health insurance benefits post-layoff, they must check their contracts or speak to human resources. Check the terms and conditions of the corporate medical insurance policy to see whether there is a provision for continuing coverage post-job loss. If there is, review what is the duration and how you are eligible.
Most companies conducting layoffs provide health insurance benefits after termination for a particular period. This helps employees enjoy the coverage until they find another employment. The process of availing of group insurance remains the same: using your insurance card.
What happens if a company does not provide insurance benefits post-termination?
If companies do not offer group insurance benefits after being laid off, there are still a few options. The employees can port their corporate medical coverage to a personal health insurance policy. The coverage and benefits of the policy remain the same, but the employees will have to pay the premium from their pocket. Employees can also purchase a personal health insurance policy that provides the same coverage. In both cases, they can choose a personalised plan that caters to their specific health needs.
Explore schemes offered by the government
The Indian government provides various healthcare schemes for free or with a subsidy. You can look into these schemes if you cannot purchase individual policies. Some popular government schemes include Pradhan Mantra Jan Arogya Yojana, Ayushman Bharat, and the Awaz Health Insurance Scheme.
A good health insurance policy protects individuals from unexpected medical expenses. Fortunately, some employers extend health insurance coverage even after layoffs for a certain period. But if not, discussing raising healthcare insurance for a specific time post-layoff with your employers is worthwhile. This provides employees with peace of mind until they find a new job.
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