Group Benefits (Need to report?)


#1

Whether it is disability, life insurance, automobile insurance etc., if you have a group policy through a previous employer, do you have to report that you are no longer with that employer to remain eligible for coverage?

Group policies are primarily about marketing plans to large groups of people through employers, right? So does it matter that I’ve moved on when I originally signed on with them via a group plan?


#2

That is the way I understand it.

I think extended health coverage ended when you were no longer employed by that employer.
Disability insurance ended but an existing claim is now a contract between you and the insurance company so an existing claim has nothing to do with your employment status.
I don’t know about life insurance but that coverage may also end when employment ends (might depend on the insurer or policy).

Report to whom?


#3

I’m not worried about an existing claim – just anything future.
I’m just wondering if I’m still under a group policy but am no longer with that company, if it invalidates the policy.

I don’t see why I wouldn’t be entitled to the same pricing given it was through the original company that I found them to begin with.


#4

I don’t think I’m understanding.
It doesn’t sound like a group policy paid for by an employer (or payroll deduction).
It sounds like private insurance paid for by you.

For example, there is a discount offered for employees of a certain company to buy car insurance.
I would no longer qualify for the discount if I no longer worked for the company.
I don’t know if the insurance is good until it comes up for renewal or it becomes void now.
I would ask the insurance company.


#5

Yes, that’s right. It’s not paid by the employer – just a “group policy”.
They’ve never confirmed my employment since and I haven’t worked there for several years.
I’m just wondering if it matters.

Would my policy really be invalid or is it not a big deal?


#6

The insurance company?
I have no idea if it matters.
I get group discounts through my university alumni association.
I have no idea if they do/can verify I am entitled to that or what happens to someone that claims the discount and is not entitled to it.
I wonder if there is fineprint that obligates you to tell them if you are no longer employed by said company.
I don’t know and I am rather cynical about insurance companies using fineprint to save money so it wouldn’t surprise me.
I found this: http://blogue.lacapitale.com/en/car/8-reportable-changes-renewing-car-insurance/
I would ask the insurance company just to be safe.
I wouldn’t want to pay premiums for essentially no coverage.
Maybe you could ask a different insurance company what they think. :slight_smile: