When it comes to getting married, for a woman it means changes to her life that are absolutely to the level of minute details in her life. One such minute detail that is actually very important in her life is her financial portfolio since all changes in terms of names, addresses, relations and documentation have to be recorded in the financial investments made as well. Health insurance portability though might sound very minor is actually the one insurance policy which keeps you independent under the worst of conditions even after marriage and hence changing your documentation details is absolutely important under such circumstances.
Why Porting The Health Insurance is important after Marriage
Earlier we gave a general idea about the reason behind, a lot people are buying health insurance for their whole family. This is is a very common scenario which means that individual health insurance policies are a product of the past to a certain extent. This is because a woman gets married from a nuclear family to create another family or gets into another family. So how will things change when it comes to insurance? Here is a closer look based on the plan chosen:
When it comes to a personal health insurance plan the change in your personal details such as maiden name, signature,address, etc. will not be required. The plan will continue as it was with every renewal. Also the marriage certificate with all the change and requests have to be provided to the bank with a formal letter for the same. Some companies have forms that can be submitted along with the required documents for the same purpose to make the process more efficient on both ends.
Family Floater Plan
If you are included in your family-floater plan then after marriage you have two options. This means you can either include your husband in the policy or you can shift to his plan. Also, if you are below 25, your family insurance policy in most cases will cover you upto the point. Under this circumstance you will have to get a new policy with your husband. If you include your husband in the existing plan then you will have to add him in the policy for which you will need to submit his documentation and details. But if you join his existing family health care plan, the same has to be provided for you.
If you want to be included in your husband’s existing policy you can simply be added as his spouse. Unlike the earlier scenario mentioned in this case, he has to be the one to initiate the process. He will also have to submit documents that you will need to submit in the previously mentioned scenario such as marriage certificate as well as KYC documents including identity proofs, age proofs along with photographs. This change can be made either in the following policy renewal or on the next policy renewal simply by filing an additional form stating the details and submitting it along with the premium that has been pro-rated.
Though it will take some added effort a new plan altogether with your husband will be advisable since you are starting a new family and your needs will be different from the past. You can also reap the benefits of adding your children to the policy at lower premiums or getting upgrades for your children as well as yourselves as you get older. However, if you want your individual plan to be independent you have the least amount of documentation to deal with at the end of the day.
GST rate of 18% applicable for all financial services effective July 1, 2017.
Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.