Health insurance portability is simply the transfer of your insurance policy from your existing insurance provider to a new one, wherein you do not lose out on the benefits acquired. Via this initiative, the IRDA has simplified the process of porting, allowing you to enjoy the accumulated credits gained for all pre-existing diseases in the waiting period.
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Furthermore, this term applies also when you are planning to shift to a new insurer offering better benefits, from your existing plan.
6 Important Things to Know While Porting Health Insurance Policy
1. Current Policy Expiry Date
In case you are planning to port to a new health insurance policy because your current one is not going too well (either due to poor service, bad experience, longer waiting period, high annual premium price or simply because it is not suiting your personal healthcare needs), you can now port to a new insurer right before the renewal time.
You just need to inform your new insurer and the old insurer about your plan to port 45 days in advance to the current policy’s renewal date.
2. Knowing and Sharing Correct Claim History and Medical Details
Honesty is the key here! Ensure that you remain transparent and inform your new insurer about your medical history, claim history and benefits acquired from your previous insurance provider to minimise any issues of rejections or issues from the new insurer in the future. Similar to relationships, honest communication with your insurer will ensure a secure association ahead.
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3. Know the Benefits of the New Policy
Here’s a tip! Every health insurer has lucrative benefits and discounts up the sleeve, which they will readily offer in case you are willing to port. Be sure to inspect an array of insurance policies, and the numerous benefits each offers.
Most often than not, the benefits will not remain as per your previous insurer’s policy, and will instead change as your insurer changes. While some may provide a free annual health check-up after every 4 claim-free years, others may provide this benefit one year after your health insurance policy has been ported.
4. Advantages & Disadvantages of Porting Health Insurance
Advantages
- Continuity of Your Benefits – You get to keep your previous benefits of the old plan, even when you shift to a new health insurance policy.
- No Claim Bonus (NCB) – You get to keep your benefits like NCB as it will get ported to your new plan.
- Waiting Period – In case you have a waiting period of 4 years on your old policy and you have already spent 3 years with your previous insurer, the waiting period will get ported to your new insurer. In 1 year you can enjoy the benefits that come with the waiting period of your previous insurer.
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Disadvantages
- You have to wait for the time of renewal, before you can port you policy. But, here’s a time-saving tip! Research the market and evaluate all the plans and benefits that insurance companies have to offer 4 months before the renewal date. That way you can anticipate and send a hard copy of the porting request to the new insurance company, 45 days before renewal, staying ahead of time!
- You cannot modify your existing plan too much and will need to go for a better version of a similar health plan. Tweaking your plan as per your customisations will lead to a change in your policy terms, conditions and regulations.
- A large-scale coverage will demand a higher premium.
5. What Can You Port in Your Health Insurance Policy?
A health insurance policy will safeguard you and/or your family during health emergencies and crises by covering your healthcare expenses during times of need. Thus, it is mandatory to secure a stable insurance policy to combat the ambiguous times that we are facing now! In case you already have one, and plan to port it, let’s look at what you get to keep.
- All members insured under the present plan
- The Present Sum Insured
- NCBs and Accumulated Benefits
- Waiting Period (Of Your Pre-Existing Plan)
- Disease-Specific Waiting Period
- Maternity-based Waiting Period and Benefits (if opted)
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6. How to Port Health Insurance Policy Online
For making matters simple and considering the fast-paced life that you are living, IRDA has developed a technologically-advanced online facility portal for seamless health insurance portability. The web portal serves as a pool of data for all the updated health insurance policies that the insurance companies are providing in India.
You can easily compare an array of insurance policies from the portal, as per your need. At the same time, your new insurer can also access all the previous medical records, benefits and conditions that your old insurer had provided, from the portal.
With the tips shared here, guiding you on IRDA’s initiative to health insurance portability, you can now port your health insurance in an easy, hassle-free and planned manner. Just ensure to stay updated on the expiry date of your present policy and compare policies months in advance, to keep ahead of the game!
