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Health is the supremely important thing for every individual and off-late people across the globe have started giving equal emphasis to health. This can be seen from the tremendous growth in the insurance sector, especially health insurance. Unlike earlier, people these days insure their health with multiple health plans to secure them against medical emergencies as well as against age-related health conditions.
Of course, medical health insurance are serving as boon to all. And the facility of insurance portability has made things all the more convenient for people, especially those who are unhappy with their insurance policy or insurer due to any reason. Let’s discuss health insurance portability in detail in this post.
It is the facility offered by IRDA or Insurance Regulatory Authority of India where an individual who is not satisfied with his/her current policy can port health insurance from one insurance provider to another. While doing so, the insured will not lose any of the benefits that the person is availing from his/her current health insurance policy provider. Moreover, health insurance portability also allows the insured to port his/her plan from individual policy to family floater policy.
There can be varied reasons why an insured would like to port his/her health insurance plan from one insurer to another. Below are some such reasons:
Here are the things that you should remember before opting for portability of health insurance:
Below are the pros and cons of health insurance portability:
|Pros of Health Insurance Portability||Cons of Health Insurance Portability|
|You may gain competitive advantage to procure better insurance benefits at lower premiums||The policy can be ported only near the renewal date|
|The new sum insured is calculated by clubbing a no-claim bonus with the existing amount||The insured might have to pay higher premiums to avail additional benefits|
|Despite porting, all benefits of the existing plan remain active||The insured can opt for similar insurance products only|
|The plan can be customized||You may lose certain benefits by moving from a family floater plan to an individual plan|
Below are the health insurance portability rules that you must know:
If you want to know how to port health insurance policy, here’s what you need to know:
Yes, insurance companies have the right to either accept or reject a portability request. Below are the factors why an insurer might reject a portability request:
Health insurance portability allows the insured to switch to a new insurance provider without losing the benefits gathered with the previous insurer. This rule makes it easy for policyholders to opt-out of their current health plan and seek better plans with more benefits.
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Below are some of the disadvantages of health insurance portability:
# Health insurance portability option can be obtained only at the time of policy renewal. So, you must wait for the insurance renewal date
# Porting is possible only for similar products
# If you opt for additional benefits, you might have to pay a higher premium
# If the insured changes the policy from family floater to individual plans, he/she might lose some benefits of the current plan
Below are some advantages of health insurance portability:
# The sum assured and benefits enjoyed under the previous plan will stay active in the new policy as well
# The insured might enjoy lower premiums by comparing the plans and choosing a low premium plan
# The option of modification that is available with portability allow the insured to modify the plan according to their needs and lifestyle
# The sum insured of the current policy is joined together with NCB or No Claim Bonus at the time of determining the new policy sum insured
You can port your insurance only at the time of policy renewal by applying a minimum of 45 days prior to the renewal date.
The main purpose of health insurance portability is to make it easier for people to keep their health insurance active. It allows the policyholders the option to change or modify their health insurance plan if they are unhappy with the current insurance provider. Further, it supports the healthcare industry in managing administrative costs.
Yes, portability of health insurance is good because it allow the policyholder to choose a health insurance provider with better CSR or claim settlement ratio and better coverage
Normally, it doesn't happen. You might be asked to serve half of the waiting period under the new policy. However, this depends on the terms and conditions of the new insurance company.
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