A Definitive Guide to Porting Health Insurance (1)

A Definitive Guide to Porting Health Insurance

Are you happy with your current insurance provider? If your answer is no, then porting health insurance policy is an easy solution to get you need.
A Definitive Guide to Porting Health Insurance (1)
Nothing is constant but change, and this applies to health insurance as well. The reasons for switching to another medical insurance provider are many. It could be a better deal or only poor experiences with your existing provider. No matter what is the reason, porting health insurance policy is a useful solution.

What Is Health Insurance Portability?

Health insurance portability gives you the flexibility to shift or change providers. You can choose from an array of insurance providers where you will just have to apply for a change of policy. So, almost anyone can benefit from porting a health insurance policy.

Things You Must Know

The following is a list of some crucial documents and criteria you must comply with. Else, there is a chance your porting request would be denied.

  1. You can only shift to like-to-like health policies. This means as a policyholder; you can switch to a similar plan only. It could be moving from a regular reimbursement plan to a basic one, or even from one top-up to another.
  2. You also have the provision to opt for a generalised or a specialised portability. Your new provider would give you the similar scheme.
  3. Both individual and family policies are portable.
  4. Health insurance policies can be ported only during renewal periods. You cannot opt for porting health insurance coverage at any other time.
  5. The notice period of 45 days before the renewal is mandatory for portability. This process is done in writing. You must state your wish to port your policy to some other company.
  6. Even if an insurer discontinues the policy, you are still eligible for portability.
  7. As per the underwriting norms, some bonuses or privileges are waived. Do evaluate this aspect as well.
  8. Make sure you receive an acknowledgement from your insurer. This should be done within 3 days of receipt the application.
  9. Earlier porting health insurance policy implied the loss of the ‘waiting period’. Especially, the waiting period covering “pre-existing conditions”. However, IRDAI has now said that the new insurer “shall allow for credit gained by the insured for pre-existing condition(s) regarding waiting period”.

What Is the Porting Process?

The porting process for health insurance is relatively easy. The basic steps are as follows:

  • You can apply for probability via mobile, e-mail or also by submitting regular applications.
  • You can use for portability at least 45 days before the renewal date of an older existing policy.
  • After you use, your current provider would acknowledge your request. They will then send you a portability form along with related documents.
  • These documents are to be then shared with your new provider. The new providers would take approximately 15 days to confirm the porting of your health insurance policy.
  • You would need to submit documents like the previous policy, claim experience, proof of age, etc.

What Is the Right Time for Portability?

If you are not happy with your current provider, make the switch immediately. Porting a health insurance policy should be done when you are younger, as it then provides you with better premiums. Also, it would give you more coverage benefits and add-ons.

Conclusion

Porting health insurance policy isn’t complicated. It just requires you to put in some effort and compare a few new vendors while selecting the most practical and functional plan. You will benefit more from a switch over to a lucrative scheme than you would if you stuck to an older unbeneficial one.

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