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All You Need to Know about Health Insurance Portability

Numerous insurance providers offer varied health insurance plan features and benefits. Therefore, it is important to select an insurance provider that offers benefits suited to your needs.

However, there may be instances where you have already purchased your health insurance policy and may wish to switch to another insurance provider. The reasons to switch to another insurer may be many. Some of the common reasons are poor service quality, lack of comprehensive coverage, low claim settlement ratio, delayed reimbursement, and regular increase in premium, besides others. You may also seek to port your insurance plan in case of hidden terms and conditions or co-payment clauses. Besides, another insurance provider may offer higher benefits at competitive premium rates.

The Insurance Regulatory and Development Authority of India (IRDA) has, therefore, introduced a portability system to facilitate smooth portability from one insurance provider to another. This helps you port your insurance plan without any hassles. Moreover, the new insurance provider has to give you the benefit of credit in terms of waiting period for any pre-existing conditions. Besides, the new insurer has to provide an insurance coverage of at least up to the sum insured under your old health insurance policy.

Pros of health plan portability

The benefits of health insurance portability are many. You may customize your new insurance plan based on your current health condition or lifestyle changes. You may opt for an additional rider or appoint new nominees. You may also avail of the benefit of accrued No Claim Bonus to your new insurance plan. This means that your new insurance provider may offer discounts on premiums for making no claims with your past insurer. Another benefit of porting your health plan is that you may continue to receive benefits of your old plan even after you have made the switch.

Cons of health insurance portability

Though the benefits of portability are many, there are a few disadvantages as well. You may port medical insurance plan only once your existing policy is due for renewal. Besides, you are at a disadvantage if you wish to port your group policy to an individual health plan. You may lose out on benefits accrued in your previous policy.

Process of portability

There are numerous points to keep in mind before making the switch. It is necessary to gain comprehensive information about your existing plan and new plan by comparing the sum insured, renewal limits, co-payment clauses, and conditions about pre-existing diseases, among others. Once you have taken these aspects into consideration, you may port to your desired private health insurance plan or public health insurance policy.

The process of porting your plan is quite simple. You may submit the duly filled portability form and proposal form to your new insurer. The new insurance provider obtains details of your existing plan from your old insurer or from the IRDA website. Your existing insurer is obligated to furnish all details, such as medical records, personal details, and claim history, besides others. Upon receiving all the details, the new insurance provider will assess your application and inform you about their decision with in 15 days. After successful processing, you may enjoy the benefits offered by the new insurance provider.

Due to the advent of digitalization, you may port your medical insurance planto your new insurance provider without any hassles. You may conveniently port health insurance online. By doing so, you may enjoy a great degree of flexibility.
All You Need to Know about Health Insurance Portability All You Need to Know about Health Insurance Portability Reviewed by Parvesh Bravo on 3:45 PM Rating: 5