Is It Possible To Switch My Family Floater Plan To Individual Health Plan?
Updated On Sep 02, 2022
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On the basis of the extent of coverage, there are mainly two plans namely Individual Plans and Family Floater Plans. Under the former, you can get coverage for yourself, however, under the family floater one, you can get your spouse, children and even parents covered under the same health insurance plan as yourself.
One of the common questions health insurance buyers have in regards to these two plans is can they switch between these plans after buying one of them. Well, in this article, we are going to answer that by focusing on whether or not it is possible to switch from a family floater plan to an individual health plan. So, read on!
What Are The Things One Needs To Consider Before Switching A Health Plan?
Following are the things an individual needs to consider before switching a health plan -
- Consult With Insurer - When you elect to convert your family floater health insurance to individual coverage, the insurer will determine the new health plan's terms and conditions, including the premium amount. IRDAI established this as a regulation.
- Inform Your Insurer - Make sure to notify the insurer 45 days prior to the insurance policy's expiration date in order to complete the porting on time and without any problems.
- Pre-Medical Check-Up - The corporate health insurance plan does not mandate a pre-medical examination. However, the insurer will want you to have a pre-medical checkup should you choose to move the plan to an individual plan.
- Waiting Period - When you move a family floater health plan to an individual plan, the no waiting period provision can be carried over to the new plan as group health plans often don't have one. Your waiting period will be moved to the new individual plan, though, if your group plan includes one.
However, it's crucial to keep in mind that you may only change your insurance provider when switching from a group coverage to an individual one. Only once you've had your individual coverage with the current insurer for at least a full year are you eligible to transfer insurers. If a policy covers your entire family, you can also change it. Each family member might have their own policy, or you can pick a family floater insurance.
What Is The Procedure For Switching Funds For Someone?
Following is the procedure for an individual to switch funds -
- Inform Insurer - Once you choose to switch to an individual health plan, be careful to let the insurer know. Additionally, you must notify the insurer 30 to 45 days before the policy expiration date.
- Look For Required Plan - You must choose an individual health plan that meets your needs after alerting your group insurance provider. There are several websites where you may compare various plans and then pick the one that best suits your needs.
- Form Filling - Once you've decided on an insurance plan, request a form from the insurer so you may fill it out and send it in. Additionally, be sure you have the paperwork prepared that must be sent with the registration form.
- Payment - After submitting the form, you can use a debit/credit card, UPI, or net banking to pay for the premium sum.
A fantastic alternative is a individual health insurance plan because there is no waiting time and pre-existing conditions are also covered. However, you have nothing left over if you quit your work. Therefore, getting a family floater or individual health plan early on is usually advised.
Yes, you can switch your family floater plan to individual health insurance plan. However, it is recommended to know about all the crucial things before switching it in order to take a wise decision.