When you receive private medical insurance as a company paid benefit, you have access to the speed and choice of treatment by a network of private hospitals and consultants. When you are leaving a company policy through retirement or redundancy, what are your choices then?
Continued cover with your current insurer as an individual client
When you are leaving your current employment you could choose to take out individual cover with your current provider. This can be done on continuation terms. It is important to those people who may have had treatment or have pending/planned treatment due. Your insurer will look at your history and provide you with a premium for you to keep your policy in place. This policy will be offered as an individual client without further underwriting.
A new individual policy
When you are leaving a company policy, you could choose to take out a new policy with any of the market providers. For a new policy you would then have to be medically underwritten. You would have the choice of full medical underwriting or moratorium underwriting.
If you are retiring you can choose the benefits you want to have to suit your budget. You can have a full refund policy or you can opt to reduce your costs. Health insurance is a modular product and therefore you can choose the cover level you want to have.
Switching to a new provider
If you approach the market prior to the date you are leaving a company policy, then you may be able to transfer to a new provider. Switching insurer can be a simple way to save money. This can be an important factor if you are facing retirement or redundancy. If you can complete their switch declaration then you could avoid further medical underwriting. The new provider will need to see a copy of your original certificate as confirmation of cover. Your certificate confirms any pre-existing conditions that were excluded on your policy. Any existing exclusions would be applied on your new health insurance certificate.
Moving to a new company scheme
If you are going to work for a new company who offer healthcare insurance as a company benefit, please let them know you already have cover in place. You may be able to switch to their policy, providing this is done prior to the lapse date of your current policy. The new provider will need to see a copy of your original certificate as confirmation of cover. This may save you from having to take new underwriting.
Don’t leave yourself without cover!
SMP Healthcare treat their individual clients in the same way as we do our group clients. We are here to help ensure you are aware of your options. There are no charges for our services and we would like all of our clients to know exactly what is available to them. If you would like us to help you transfer from a group to an individual policy, give us a call or email us and one of our expert advisers will be happy to help you.