With the rising health issues and hospitalisation expenses, health insurance has become mandatory from an infant to an old person. However, getting a health insurance policy is not that cheap. One can reap the benefits of a health policy only after paying a high amount of premiums.
Sometimes, your existing health policy might seem unappealing to you. The reason would be anything like a sudden increase in premium, no network hospitals in your relocated area, problem in settling the claims or poor service standards. In this regard, 'Health Insurance Portability' option would come in handy.
With health insurance portability, you can shift your existing policy to a new health insurance provider without losing the benefits of the previous one.
Follow the below said points to make the transition process smooth and fast...
Know About Insurance Portability
Remember, an insurance portability can be done only at the time of the policy renewal. And the porting process must be initiated in the last 45-60 days of the expiry of the existing policy.
The porting process begins when you report your previous insurer by filing the portability application. The policy holder should also inform the previous insurer to whom the policy has been shifted.
Now, your current insurer will send all policy porting documents to the new insurer you opted for.
After the verification, the new insurer reveals his decision on accepting/rejecting your policy proposal within 15 days.
Know Your Rights
A policy holder can port his policy to any insurance company.
Irrespective of type, individual or family floater, every policy is eligible for portability.
The benefits you gain from the old insurer relating to the waiting period must be given to you by the new insurer.
Your insurance sum must be the same as the previous one.
As per IRDA (Protection of Policyholders’ Interests) regulations, the two insurers (old and new) must complete the porting process within the specified period (15 days).
Think Before You Port
Though portability seems beneficial, the process needs to be carried out with extra care. Apart from premiums, check for all other services provided by the new insurer. As the exclusions differ from one insurer to another, it is advised to do a thorough research before going for insurance portability.