Health Insurance is one of the foundations of your financial security, which provides financial support during health-related adverse moments. However, life is ever-changing, and so are our needs.This is where Health Insurance Portability has a great role to play
You might be aware of the option which facilitate you to move to a new service provider and still keep the same number. It was nothing short of a revolution with double-sided benefits. A client no longer had to change their cell number when leaving their present service provider. The service provider got more demanding about providing excellent services to its consumers. The advantages were mainly for consumers. That is what portability means.
Well, health insurance portability works similarly for your health coverage.That means you can transfer your policy to another insurer keeping all the accumulated benefits of your policy intact. It helps you to keep your health coverage flexible and choose plans which suit your changing needs.
Let’s say you’re dissatisfied with your current health insurance carrier, or you find a better plan elsewhere. Health Insurance Portability allows you to make the switch without any problems.The waiting period, pre existing disease coverage, and other benefits accrued from your existing policy will be carried over to the new policy.
So, if you’re seeking for a change or better health insurance benefits, Health Insurance Portability could be your best option!
Reasons for portability of health insurance?
You should port your health insurance policy if you are not happy with the services provided, coverage, or premium with respect to the current health insurance policy. The reasons to port could be different for different individuals. Understanding these reasons can guide individuals in making informed decisions when considering porting their health insurance policy.
- Better Coverage and Benefits: The health insurance sector is constantly changing. New standards, advances in medical technology, and changing market dynamics all contribute to the landscape’s constant change.Hence people often look for health insurance policies that give more extensive coverage, additional benefits, or specific treatment that their current policy does not cover. Switching to a new plan that better suits their changing demands is a common reason for porting.
- Lesser Cost: Premium cost can also be an important consideration when deciding to switch. As new policies get introduced frequently, Individuals may find a new policy from another insurer that provides equivalent or better coverage at a lower rate. Saving on premium with having enough coverage is a good reason to switch.
- Customer Service / Changing Scenario: You may not be happy with the service provided by your existing insurer. Life is unpredictable, and circumstances may necessitate changing insurers. The availability and proximity of network hospitals can influence a person’s choice especially if they are moving to a new location where there current insurer has limited or no network hospitals. Porting helps policyholders to easily switch to a new insurer for any reason like relocation, career changes, or dissatisfaction with current services while keeping their existing benefits and coverage.
- Policy Flexibility and Customization: Insurance needs vary with changing lifestyle or health requirements. Switching to a plan that adapts to the changing needs is a valid reason for portability. Portability allows switching to a policy with a higher sum insured to ensure adequate coverage.
Here are the steps required in transferring your health insurance:
The process of transferring health insurance in India is quite simple and quick. The insured person will be able to port the policy to other insurers by applying to such insurer to port the entire policy, including all family members, if any, at least 45 days before, but no earlier than 60 days from the policy renewal date, in accordance with the IRDAI portability guidelines.
If such a person is currently covered and has been continuously covered with no lapses under any health insurance policy with an Indian General/Health Insurer, the proposed individual will receive the accrued continuity benefits in waiting periods in accordance with IRDAI standards on portability.
- Step 1 – Choose your new insurer:You can research the numerous health insurance policies offered by various insurers before selecting one that meets your needs. If you are confused, you can get help from your insurance agent.
- Step 2 – Apply to the new insurance company: You can start the process of transferring your insurance policy by applying to a new insurer. This can be done online or by contacting an insurance representative. However, you should remember to apply for policy portability 45 days before your health insurance policy expires. You should also be aware that not all insurers can guarantee portability, and your request may be denied if the insurer does not consider the risk acceptable under their policies.
- Step 3 – Fill the portability form: The new insurer accepts your application for port health insurance and gives you the portability and proposal forms, which you must complete by providing all of the information requested by the insurer. You must send these documents to your new insurance provider.
- Step 4 – Verification of details: The new insurer verifies the information you gave. This includes verifying your medical history and previous claims. The verification is completed by asking for information from your current insurance provider. The verification period varies for each insurer, but it normally lasts 7–14 days.
- Step 5 – Exchange of information: Your previous insurer now provides the information requested by the new insurer via the Insurance Regulatory and Development Authority (IRDIA) portal, in accordance with the format prescribed by the regulating authority for port health insurance plans.
- Step 6 – Framing of proposal: After getting the relevant information from your previous insurer, the new insurance provider creates a proposal based on their company’s guidelines.
- Step 7 – The proposal is sent: Your new insurer will process the insurance policy and send you a proposal within around 15 days. Note that if an insurer has received all of the essential information but has yet to send out the proposal, you can be confident that the new insurer will accept the porting of your insurance policy.
To Conclude
In the ever-changing world of health insurance, portability is a pillar of stability and adaptation. It enables policyholders to confidently navigate the industry’s shifting currents, maintaining continuity of coverage, reducing uncertainty, and enabling consumer choice. As we negotiate the complexity of healthcare, portability serves as a solid ally, guiding us to a brighter, more secure future.