Health-Medical Insurance Portability
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What is Health-Medical Insurance Portability?
It is a facility to transfer your health insurance policy or medical insurance policy from an existing company to another without many hassles.
When you change your health insurance policy from one insurance company to another, you don’t have to lose the benefits you have accumulated.
In the past in health insurance policies, such a move resulted in your losing benefits like the waiting period for covering “Pre-existing Diseases”.
Now IRDA protects you by giving you the right to port your policy to any other insurer of your choice. It has laid down that your new insurer “shall allow for credit gained by the insured for pre-existing condition(s) in terms of waiting period”.
This applies not only when you move from one insurer to another but also from one plan to another with the same insurer.
How to Port Health-Medical Insurance?
It is a pretty simple process. You need to submit a form to the new insurer stating the porting of your policy. It should be sent 45 days before your policy renewal date. The new insurer will take a decision on accepting this policy within 15 days.
What are the benefits of health insurance portability-Medical Insurance Portability?
You can change the Health insurer if you are not happy with the existing health insurer’s service.
You can choose any new individual / family policy with the new health insurance company.
Benefits of the previous health policy would continue to exist.
Your new Health insurer has to insure you at least up to the sum insured under the old policy.
Few Conditions To Note
Portability is allowed only at the time of policy renewal.
Submit the application at least 45 days before renewal date.
The new insurer has the authority to fix a higher premium.
Policy should be in continuation. The new insurance company may reject the portability if the premiums are not paid.
Renew your policy without a break (there is a 30 day grace period if porting is under process)
What you can lose through Health-Medical Insurance Portability
The premium may not stay the same even for a similar coverage as health insurers are free to levy premiums according to their underwriting norms. This means that people in the ‘high-risk’ category may have to pay a higher premium after switching. If you have accumulated no-claims bonus, it will be lost in transition.
Though you can carry forward your enhanced coverage, you will not get a discount on the premium and will have to pay the full amount. The terms and conditions of the policy will differ from insurer to insurer. Therefore, know the inclusions and exclusions before switching.