When your company changes from one medical carrier to another, many people are under the impression that they will lose any credits for deductibles that were paid for services under the old policy.
In most cases, these payment credits can be applied towards your new policy with a just a few restrictions. The process of rolling deductible payments from one policy to a new carrier policy is called a Deductible Credit Transfer.
Requesting a Deductible Credit Transfer is a fairly straightforward process but you will need to request it. Carriers will not automatically ask new group members if they want this, or automatically transfer deductible credits from the old carrier policies.
The main restriction on Deductible Credit Transfer is that the carrier will only transfer deductible payments made after the beginning of the current calendar year. This means that if your group had a August renewal previously and then your group decides in May to change carriers, you will only be eligible to roll over any deductible payments made from January - April of the current year.
Who Is Eligible for a Health Insurance Deductible Transfer?
Please be aware that it is required that members of the group be employees who were enrolled in health insurance coverage before the switch in order to claim a health insurance deductible transfer.
A new employee cannot claim a deductible credit on his or her new job’s health plan. For example, if an employee paid toward her deductible while working at Company A, that employee is not eligible for a transfer credit through Company B.
If you wish to request a deductible credit transfer, just reach out to our SimplyInsured support team by emailing us at https://support.simplyinsured.com/hc/en-us/requests/new and we can work with the carrier to submit this request on your behalf.