5 min read
Updated on Oct 14, 2022
Rakesh is a 30-year-old man who works with an MNC. One fine day when he was getting ready for work, he started feeling uneasy and had a bit of pain around his heart and shoulder. It got so worse that he had to be taken to the hospital. Everything happened so fast that his wife could not draw cash from the ATM. However, the good part is that Rakesh was admitted to a good hospital, which is near to their home and he could get the best possible treatment. His wife was able to get cashless treatment offered by his health insurance plans since it was a network hospital and everything went smooth. After the treatment, they did not have to pay anything and the bill was settled by the insurance company. Now, Rakesh is stable and continuing his medication as prescribed by his doctor and often goes for regular health checkups.
Well, this is the kind of help we expect to get when we have a health insurance policy. Even if there is a medical emergency, it can be taken care of without being worried about money. Also, if you can get your treatment from the network hospital, you can be assured to get cashless treatment which can come as a big help for people in need.
Unfortunately, that is not always the case for the customers who take a health insurance policy. Many times, after buying one we realize that it is not the right one for us. What do we do then? Should we stick to the same health insurance policy and keep paying the premium for something that we are not satisfied with? Well, the answer is ‘no’. You can simply port the health insurance policy.
It is basically a scheme that enables the policyholders to transfer their existing health insurance policy from the current health insurance company to another insurer. In India, you can find more than 50 insurance companies that cater to the health insurance needs of people across the country. Mediclaim policy portability ensures that the insurance providers do not take their customers for granted. Also, it makes them come up with more promising policies with amazing features and benefits for the customers. And, the policyholders have all the right to switch their insurer if they are not happy with the service provided by their current insurance provider.
Porting health insurance may sound easy but might be a bit confusing for the policyholders. Since there are so many health insurance policies available in the market, it can be confusing to choose another insurance company when you are already disappointed with your existing one. Well, in one such situation, keeping the following points in mind can help you.
Insurance companies make many promises about their services when they sell their insurance products to buyers. Do they always live up to their promises? If your insurance provider has forgotten the promises they made, it is time for you to remind them about those by switching your insurance company. You as a policyholder deserve to get the best of service and if you do not get it from your provider, you have all the right to look for another insurance company.
If you come across some hidden clauses after buying the health insurance policy and you are not fine with it, you can go ahead and find a different health insurance provider to port mediclaim policy.
Not many people pay heed to the claim settlement ratio of an insurance company, though it is one of the most important points. However, if you find out that your insurance provider has a history of slow claim settlements, you should definitely look for an insurance provider that has a high claim settlement ratio with a better response rate.
If you feel that other insurance companies are offering better services at affordable premiums and you are not getting the same with your existing insurance company, you must go for a different insurer.
Health insurance portability in India is very much possible and here are the stages that you need to know about.
To get started with the process, you need to duly fill-up the IRDA portability form. Now you would be required to approach the new insurance provider where you want to transfer your existing health insurance policy. You will receive some documents from the new insurer, which will include a proposal form and a portability form. You can even evaluate the several health insurance products offered by the new insurer.
Once the new insurance provider receives all the necessary forms from you, they will contact your existing insurance provider to get your medical records and all the other required information related to your health insurance policy. They may even ask about your claim history.
Once the new insurance company receives all the required information from your existing insurance company, they will then take the call on whether to offer you a health insurance policy or not. The process is called the underwriting of a policy. The new insurer will underwrite your health insurance policy within 15 days if they want to offer you the health insurance policy.
Now, if you want to port your health insurance policy, all that you need to do is a bit of research in finding the new insurance company that you believe will fulfill your health insurance needs.
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