If you are a salaried person with only a ‘group health insurance policy’ and are looking to shift jobs, then this health cover may just work for you. Tata AIG General Insurance Company has launched ‘MediCare Reserve’, a super top-up health insurance plan that covers persons who are in the middle of shifting jobs without the need to have the usual ‘deductibles’ or ‘base cover’ for up to 90 days.
Basic vs super top-up
A health insurance ‘deductible’ is the fixed expense the customer has to pay from her/his own pocket for hospitalisation expenses before the starts covering the costs. For instance, if you take a ‘super top-up’ plan with a deductible of ₹3 lakh, the insurance cover will start only after you exceed this amount limit. Similarly, if you have a base cover of ₹3 lakh, the super top-up benefits will start after you exhaust this basic limit.
Having ‘deductibles’ or a ‘base health insurance cover’ is typically a basic requirement for buying super top-up plans. The ‘TransiCare Wallet’, an optional benefit under ‘MediCare Reserve’, provides health insurance coverage during job transitions when employer health coverage may no longer be available even without deductibles or base cover. “These benefits provide financial support during medical events and coverage gaps,” said Pankaj Shrivastava, Head – Agency and Health, General Insurance Company.
Insurance coverage during job shift
“When people shift jobs, there are periods when they are left without coverage. With this plan, we are focusing on the salaried segment. Under ‘TransiCare Wallet’, the coverage starts at ₹3 lakh and will be valid for 90 days,” said Renuka Kavinde, Vice President, Health Insurance, TATA AIG General Insurance Company.
Once transition period of 90 days is over, the customer either has to get either a base health insurance cover or opt for deductibles if she/he wants to continue enjoy the benefits of ‘MediCare Reserve’. But like any other health insurance cover, the standard exclusions and waiting periods will apply for this plan as well.
What is covered
“Traditional ‘Group Medical Coverage (GMC)’ plans are increasingly falling short of evolving healthcare and workforce realities. With job transitions becoming more frequent, the need for health insurance solutions that extend beyond employment-linked coverage is expected to grow,” TATA AIG said.
“The product is particularly relevant for working professionals aged 18–55 years who rely on employer-sponsored group medical insurance across sectors such as manufacturing, IT, technology services, startups, sales and field operations,” it said. The aggregate deductible options range from ₹3 lakh to ₹50 lakh and sum insured choices are from ₹5 lakh to ₹5 crore.
‘MediCare Reserve’ also offers coverage for emergency hospitalisation due to accident for NRIs () and OCIs (Overseas Citizens of India) visiting India with a coverage that starts at ₹3 lakh. The plan further includes ‘Pocket Protect’ to help manage out-of-pocket expenses during prolonged hospitalisations and ‘Consumables Benefit’ for specified non-medical expenses incurred during hospitalisation.
The ’Waiver of Aggregate Deductible’ under the plan enables policyholders to transition to a ‘zero-deductible base policy’ after five consecutive years of coverage without fresh underwriting.