Health Insurance Portability — All You Need To Know

Health Insurance Portability Allows You To Switch Your Insurance Provider Without Letting You Lose Your Accumulated Benefits

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Are you doing everything to stay fit? Are you maintaining a healthy diet, taking the stairs as much as you can, sleeping early? Well, that’s brilliant, because, as they say, health is wealth. However, have you ever stopped to wonder whether your health insurance company is keeping up with you? Is it working hard enough to ensure all your healthcare needs are met? Does it provide innovative features and new-age processes?

If it does not, then it is time you considered switching your insurance provider through a process known as porting of health insurance. If you are not familiar with the terminology, don’t worry, we will tell you everything you need to know about this process and how to make the switch count, check it out!

So, What Is Health Insurance Portability?

It’s a simple process that allows you to change from one insurance company to another without losing out benefits (specifically your waiting period benefits) that you enjoy with your current insurance policy. It’s quite similar to the process of porting your mobile number – you change the service provider but your mobile number and plan usually remain the same.

When Should You Port Your Health Insurance Policy?

There are numerous instances wherein you can consider switching your health insurance policy. The first is if you find another insurance company providing better protection, enhanced features and easier processes. You can also switch insurers if you find an insurance company that is offering similar or better protection at lower premiums. You can also switch insurance providers if your protection needs have changed – maybe you are thinking of having a baby and you are looking for a policy that covers maternity expenses and that will provide newborn care benefits.

What Is The Process For Porting Your Health Insurance?

To port your health insurance policy, fill out a portability form and provide details of your previous year’s policy to the new insurer. This needs to be done 45 to 60 days before your current policy expires.

After this, the new health insurance company will approach your existing insurance provider and evaluate your medical and claim history. After evaluation of the details, the new insurance company will either approve or reject your application for porting. As per Health Insurance Regulations, 2016, this needs to be done within 15 days of obtaining all your medical and claim details from your existing insurance provider. If the new insurance provider fails to reject/approve your application within 15 days, they will be obliged to accept your request for porting.

What You Should Ensure While Porting Your Health Insurance Policy

When porting your health insurance policy, make sure you aren’t losing out on any features or elements of protection. Also, remember that all benefits such as no claim bonus (NCB) and credits earned for pre-existing illnesses and other waiting periods are transferable, and not denied to you.

If you wish to transfer your policy and need any help, feel free to contact your health insurance provider! This will help you make sound porting decisions.

The views, thoughts, and opinions expressed in the artefact above are for marketing purposes only. Before concluding the sale, please refer to policy wordings and prospectus

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