Health Insurance Portability: A Comprehensive Guide

Are you not happy with claim settlement services? Do you think you are paying a higher premium but getting less coverage? Are you not satisfied with your current health insurance company? Do you want to change your health insurance policy? If so, health insurance portability is the right option for you. Under the provision of the Insurance Regulatory and Development Authority of India (IRDAI), a policyholder is entitled to switch his or her health insurance plan from one insurer to another without losing the benefits of their plan.

Health insurance Portability Process

According to IRDAI, you can port your health insurance policies only during the time of renewal of the health insurance. It is therefore kept in mind to request porting with your existing insurer a minimum of 45 days before the date of the policy renewal. In addition, it is also recommended to notify your new insurance company by filling and submitting both the proposal form and portability form.

Once done, the new insurance company will verify your request for the same by getting details about your health plan from the IRDAI website or from your existing health insurance company. Once the assessment is done completely, you can start enjoying benefits under the new health coverage.

Factors That Can Affect Portability

There are some factors that you need to consider when porting health insurance plans.

Premium Amount:

You may wish to port your health insurance plan because of low premium amount. However, when health insurance company reduces premium, they also cut the coverage benefits. Thus, in the end, the policyholder ultimately ends up paying more in order to get their needs covered. Hence, checking the premium of a health policy with coverage benefits under it is always a good idea before opting for a portability service.

Medical History:

If you are suffering from any pre-existing disease or health condition that requires a continuous visit to the hospital, the new insurance company can reject your request for portability. In general, the new insurer can ask you to undergo a medical health check-up if you are aged 45 or more. If the reports of the checkup show any conditions like blood sugar pressure or diabetes, the new insurance company may not approve your request for portability.

Age of the Policyholder:

Age is another factor that affects health insurance portability. Generally, our health deteriorates with age. So many insurance companies disapprove the portability applications of old people or senior citizens. What else? The insurance company that is not ready to accept such an application can most probably charge higher loading expenses alongside co-payment clauses.

Claim Settlement:

Another crucial portion to take into account when porting your health insurance policy is the claim settlement procedure. Making sure whether the new insurance company can make a settlement of claim through a cashless facility or reimbursement is an important step to take. Furthermore, do remember to go through the network hospital list from the new insurer.

Tips to Port a Health Insurance Plan

Many people who are reluctant to go through any kind of hassle, generally skip the option of moving from one insurer to another health insurance company. But the entire process of porting your health insurance policies has been made quite simple and hassle-free for policyholders.

All you need to just follow the following instructions:

  • First of all, fill the portability request form at the time of plan renewal
  • Contact the new insurance company
  • Then fill a proposal form and portability form from the new insurer
  • Choose an ideal plan
  • Submit all documents at the time of portability. Documents include Proposal Form, Health Insurance Plan, IRDA Portability Form, Claim History, Identity Proof/ Address proof, and other documents related to medical history.

Once the new insurance company receives all required information, they will determine whether to issue the new insurance plan. In general, the portability process (analyzing submitted information and risk profile) may take approximately 15 days.

Disclaimer: This article has been written in the general public interest. It includes general information only. Readers have the right to rely on the contents of another article as conclusive in nature. They can research another piece of writing or consult a health insurance expert in this regard.

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