Simply put, health insurance portability is the process of transferring your current health insurance coverage from one insurance provider to another for several reasons. Listed below are a few factors that typically influence a policyholder’s decision to switch health insurance plans:
- Product Features
Check out the item to which you want to transfer your policy. It should generally offer comparable advantages or a few special extras that make it comprehensive in light of your needs. Consider product features, including room rent, co-pays, waiting periods, and pre-existing conditions. Make sure you compare health insurance before buying.
- Observe The Policy Type
Look over the different policy options. You can select a Family floater or a multi-individual policy, for instance, if your current policy is Individual and you wish to add members to it.
- The Waiting Period
Check the waiting period of the policy. When porting policies, the waiting time for the specified insured amount is typically waived if you’ve had your existing policy for a few years, like two.
- Unutilised Cumulative Bonus
When transferring policies, people usually ignore or are unaware of this important element. A Cumulative Bonus that has accrued on your policy must be transferred to the newly moved policy.
- Sum Insured To Opt
As mentioned in point 4, the Sum insured chosen should at least equal the Base Sum Insured of the Policy plus any Unused Cumulative Bonus.
- Add-On Features
Look for extra features that will help to expand the scope of your current insurance, such as those that cover Consumables and raise your Sum Insured.
- Porting Documentation
Don’t forget to give your prior insurance plenty of notice before the renewal. Have your renewal notification ready when providing paperwork to a different insurer for verifying policy details like insured sum, covered members, cumulative bonus, etc.
- Medical Background
A new insurer may reject your portability request for health insurance if they consider you a high-risk applicant due to prior medical conditions or frequent hospital visits, such as heart problems, diabetes, renal failure, or high blood pressure.
- Prevent Break-Ins
The only time an existing policy can be transferred is during a renewal. Additionally, if you want to port the same, you should plan and start the process 45 days before the renewal. This allows you to renew your current policy and retain its benefits even if the other insurance carrier rejects the porting request.
- Costing
To switch to health insurance coverage with a reduced premium, many people opt to do so. Finding methods to save money is usually a good thing, but choosing a policy with a cost-effective premium isn’t always the wisest course of action.
Standard T&C Apply
All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
