Transitioning away from your job can be stressful. It can cause uncertainty, particularly if you are currently benefiting from a company’s private medical insurance (PMI) scheme. You might have a lot of questions about what will happen to your cover after your departure. In this article, we aim to answer the most frequently asked questions about leaving a company’s private medical insurance scheme. We also aim to help you have a smoother transition when it comes to your health insurance coverage.
What happens with my company’s private medical insurance after leaving a job?
In most cases, when leaving your job, your company-provided health insurance will stop. Any new treatment after the date you left, may no longer be eligible for coverage under your company’s scheme. You can however continue the policy on a personal basis. More on this below.
Can I continue my private medical insurance coverage after leaving a job?
Continuing your private medical insurance coverage means keeping the original start date of your company’s PMI scheme. This is beneficial because it means no additional exclusions will be added to your new policy.
If you moved to a policy with a new start date, the medical conditions covered by your previous policy will be classed as pre-existing. It will therefore be excluded from your new cover.
There are two ways to continue your company’s private medical insurance coverage after leaving your current employer.
If you switch jobs and your new employer offers private medical insurance, you might be able to continue your coverage. This may depend on your old and new underwriting methods and whether you have any open claims. In this case, talk to your new employer and give them the required information about your previous cover.
The other option is to move to an individual private medical insurance plan. This means taking out your own health insurance policy and being responsible for paying the premiums and managing the policy directly with the provider. Depending on your circumstances, such as current underwriting, claims history and medical history, you might be able to continue with the same health coverage you previously had.
There are circumstances where your cover can’t be transferred. But this means you may have to start a new cover, with a new start date. This means any medical conditions you had throughout your old policy will not be covered. This might be preferable when taking out an individual policy because it can be cheaper than continuing your cover.
What do I have to know about my private medical insurance scheme before leaving a job?
When you’re added to a company’s private medical insurance scheme, you’re not usually involved in any decisions regarding the policy such as choosing the provider, the benefits or the excess. Often, this means employees are not aware of the details of their policy.
Before leaving a company’s scheme, it might be a good idea to check what specific benefits and coverage. This can be helpful if you want to continue with your existing coverage, add additional benefits or reduce your coverage. You can also look at how many times you claimed certain benefits and whether your claims were accepted or not.
Will my health insurance benefits change after leaving a job?
Depending on your new policy, your benefits could change or stay the same. As most policies provide cover for inpatient and day-patient treatment as standard (when you’re required to be admitted into the hospital), this aspect of the policy will probably stay the same. However, any additional benefits such as outpatient cover, alternative therapies and dental treatment might change, depending on the product and provider.
If you’re moving to another company’s PMI scheme, your new benefits are probably standard across the group and chosen by your employer on your behalf. This means you won’t be able to modify your benefits package.
If you’re switching to an individual plan, you have more control over your new benefits. If you wanted to keep the same benefits, you can contact the company that provided your company PMI. Here you can ask them for a group leaver quote with the same benefits. If you wanted different benefits, you can compare different policies and choose the one that best suits your needs.
How much does private medical insurance cost after leaving a job?
When moving from a company private medical insurance scheme to an individual plan, you are responsible for paying your premiums directly to the provider. This may come as a change if your previous policy was paid by your employer.
Your individual private medical insurance cost can depend on several factors such as your age, your claims history, your location and the cost of insurance premium tax. But one of the most influential factors is your policy cover and options. The more comprehensive your cover is, the more expensive the premium is. Your cost can also be impacted by your excess option, low excess bringing higher premiums because you’re choosing to make a lower contribution towards your treatment when claiming.
How do I move to an individual plan after leaving a company PMI scheme?
To get the right cover for your needs and at the best possible price, it’s always recommended to shop around and consider your options before moving to an individual health insurance plan.
Our friendly, independent health insurance advisers can help you compare the market and give you personalised health insurance advice based on your specific circumstances. This way, you can rest assured you are getting the most appropriate deal after leaving your company’s private medical insurance scheme. Request a quote here or get in touch with our friendly team today.