Here’s What You Must Know About Portability Of Health Insurance In India

by readyrewind
Here’s What You Must Know About Portability Of Health Insurance In India

Have you ever felt the need of switching over to a new insurance provider? Perhaps, you are not satisfied with the service you are getting from your current insurer. Or, maybe you simply have found a plan with better benefits. The good news is that you can now switch between health insurance providers easily while retaining many of the benefits such as the completed waiting period. You will not lose out on the waiting period you completed simply because of the switch. That is a huge relief indeed!

Why do people want to port between insurance companies?

There are many different reasons why people feel the need to change their health insurance provider. To begin with, most people make the switch simply because they have found more affordable plans. They might be getting coverage of the same sum insured at a much lower premium cost with another insurance company. 

Secondly, people also sometimes change insurance companies when they shift to a new city or town. The previous insurance provider might not have enough cashless network hospitals in the new location; thus, they may want to change providers. 

Sometimes, people may also want to port over simply because they are unhappy with their current insurance provider. 

Important points to keep in mind for health insurance portability

If you are planning to port over your health insurance policy, here are some important regulations that you need to follow:

  • Inform your insurer

You must inform the current insurance provider of your wish to port the policy 45 days before the policy renewal date.

  • Waiting period details

The years of waiting period that you have already undergone will be counted; however, you may have to adhere to the new insurer’s guidelines if they have an extended waiting period. For example, if your current insurer has a 2-year waiting period and the new insurer has 3 years, you will have to serve that extra 1 year after porting your plan. 

  • Portability only allowed on policies that have no breaks

If you want to port your health insurance policy, there should be no gaps in your premium payment. Nor should your policy itself have had any gaps. 

  • New policy details and terms

You must note that your health insurance benefits will now change over to the terms of the new insurance provider. However, the new insurance company must give you the same sum insured as your old policy; they cannot reduce it. If you want to increase the sum insured, you may have to undergo underwriting of the new insurance provider. 

Do make sure to have a detailed discussion with your new insurance company before you change over. This way, you have a proper insight into their terms and conditions. 

When it comes to your health, you deserve the best medical treatment. And, only the best health insurance plan will help you access that kind of care. So, go ahead and switch over your coverage to an insurance provider who cares. 

All the best!

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