5 things to check before LEAVING your corporate job

If you or your family members have diabetes or other serious illnesses, it's essential to be aware of a blind spot that could impact your medical coverage. Many people have asked me about obtaining medical insurance after retirement when dealing with these conditions. This blog post aims to shed light on lesser-known knowledge that could potentially save lives. Please share this information with anyone you know who is facing health issues while still employed in a corporate job.

Medical insurance coverage makes a huge difference for our second lives, especially if we have health conditions.

1. Your Health Condition:
   Your health plays a significant role in determining whether you can secure medical insurance coverage. If you solely rely on group medical coverage and don't have personal medical insurance, you need to be cautious. There's a risk that if your health worsens while you're employed, you may be unable to purchase any coverage. For instance, individuals with diabetes for over 10 years are often declined coverage due to the high rates of serious disease developments. The only way out is to have group medical insurance, which is typically offered by large corporations without requiring health checks. If you have long-term diseases, diabetes, or cancer, and lack personal medical coverage, group medical insurance becomes your lifeline, even after retirement.

2. Option to Carry Forward Group Medical Coverage:
   I've come across cases where individuals with long-term diseases or serious illnesses like diabetes or cancer had excellent group medical coverage while working in a multinational company. However, when they left or retired, they failed to continue any group medical plans for themselves or their dependents. This is understandable, as the group insurance provided generous benefits for C-suite-level employees. To avoid this situation, you must check if you have the option to carry forward your group medical coverage upon leaving the company. If your health condition prevents you from purchasing personal medical insurance, consult your HR team to explore the possibility of paying to continue your group coverage.

3. Plan Details:
   If you discover that carrying forward coverage is an option, it's crucial to determine whether the plan remains the same as your current corporate plan or if there are any differences. Sometimes, the plan may change, or there might be additional top-up plans to choose from. Double-check the details to ensure you understand the coverage you'll have.

4. Guaranteed Lifetime Renewal:
   While it may be assumed that insurance will cover us as long as we keep paying, there are plans with a maximum covered age, often set at 65 years old. If your plan has an age limit, you'll need to make arrangements for additional funds to cover your medical needs beyond that point.

5. The Cost:
   Once you have confirmed the details of the medical coverage you can carry forward, it's essential to consider the cost. Gather all the necessary information and discuss it with your family financial planner or insurance agent to evaluate if this option is the best for you and your family. Additionally, you should plan for how to generate sufficient funds to pay for lifetime medical coverage.

Conclusion:
It's crucial to plan ahead to ensure you have adequate medical coverage. Although these factors may not seem significant initially, they can make a tremendous difference, especially when health issues are involved. If you or your loved ones are dealing with health concerns or long-term diseases and need personalized advice, please book an appointment with us here.