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A plan that assures financial support and provides a safety cushion for a bettertomorrow by providing complete protection, on and off the job, including death, disability, loss of job and financial protection.
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Unhappy With Your Health Insurer? Consider Health Insurance Portability
Change is the only constant! This saying is true for all aspects of life. When something you pay for does not give you good value for money, it is only natural to choose a product or service that does. It is with mindset that the Insurance Regulatory Authority of India (IRDAI) allows you to change your insurance provider. What’s more, you can move or port your policy without losing the benefits. In this article, we shall attempt to simplify what health insurance portability is, how you can port your policy if needed, and other vital details concerning portability. Read on.
Health insurance portability, refers to the facility through which you can switch from one insurance provider to another. Per the health insurance portability rules set by the IRDAI, you can transfer the benefits, e.g., the no-claims bonus benefits you have accrued under your existing policy. However, you may port your policy only when it is due for renewal, and you must submit your request to port your policy at least 45 days prior to the renewal date.
If you are unhappy with the services provided by your insurer, or if you find another one providing better coverage benefits at the same or more affordable rates, you can port your insurance policy to the new insurer. Rising insurance premiums, inadequate coverage, an unpleasant claim-filing experience, unfair compensation following a claim, and changes in your personal conditions are other reasons to port health insurance policy.
Understanding the components of health insurance portability is important to make an informed decision. Some key aspects include:
In most cases, you can file claims immediately, if you have already ridden out the waiting period on your original policy. However, it is best to check if you need to ride out another waiting period.
It is just as important to compare the premium structure of the new policy with your existing policy. Check if you are eligible for both EMIs and lumpsum payments.
Per the IRDAI, you need not lose the accumulated no-claims bonus benefits. You can transfer them to the new policy, but it always helps to check for any anomalies.
You must also carefully check the coverage limits and exclusions of the new policy to ensure they match your specific requirements.
Did you know? The Insurance Regulatory Development Authority of India (IRDAI) introduced health insurance portability in 2011.
If you are covered under a family floater health insurance plan, you must consider additional factors like the following before you port your policy:
Assess the health status of each family member to determine if any specific medical needs should be included in the new policy.
Family floater policy premiums largely depend on the age of the oldest covered member. The changing age of the oldest member may also impact the premium payable.
Ensure that there is no gap in coverage during the porting process, so that you can file claims in case of a sudden medical emergency.
If you are covered under a group health insurance plan provided by your employer and choose to convert your policy into an individual health policy, you must consider these aspects:
Be prepared for the underwriting process, as individual policies typically require a more detailed assessment of health conditions.
Evaluate the features and coverage conditions of the individual policy to ensure it meets your specific health needs.
Compare the premium of the individual policy with the contribution made under the group plan to determine how it will affect your finances.
Did You Know? Insurers assess the risks of offering you insurance coverage by a process called underwriting, after which they determine your eligibility and set appropriate premiums.
Before starting the health insurance portability process, you must consider the following aspects and make an informed decision:
Thanks to digitalisation, today you can port your health insurance policy online by following these simple steps listed below:
1. Research and Compare
Before you port your policy, you must research various insurance providers and policies and choose one that best meets your requirements. You can use online comparison tools to check premiums, coverage, and features.
2. Inform Current Insurer
The next step is to notify your existing insurer about your decision to port the policy. You must do so at least 45 days before your policy is due for renewal.
3. Fill the Portability Form
Obtain the portability form from your current insurer and fill it providing accurate details about your existing policy, coverage, and any specific details.
4. Receive the Quotation
The new insurer will consider your portability request and give you a quotation based on the information provided.
5. Submit Documents Online
Upload the necessary documents online, including the portability form A, previous policy documents, KYC documents, and other information requested by the new insurer.
The new insurer will now take your portability request under consideration, and if needed, ask you to undergo a medical check-up. Once the documentation and verification processes are complete, the new insurer will accept your porting request.
Ensure you have the following documents ready for a smooth online porting experience:
Did You Know? Insurers do not levy any charges on porting of health insurance policies in India. You only need to pay the applicable premiums costs for the new policy.
Health insurance portability empowers you to customize your coverage per your changing needs. Understanding the process, components, and necessary considerations is essential for making an informed decision. Offering a seamless transition between insurers, Manipal Cigna Health Insurance prioritizes flexibility by offering customized plans as per your medical needs, easy claim settlement processes and quality healthcare services competitive features, and quality services. You can benefit from researching and considering our health insurance offerings. Manipal Cigna Health Insurance ensures a secure and adaptable healthcare plan that caters to your evolving coverage requirements.
Get Optimum Health Insurance Coverage For Your Family With Manipal Cigna Health Insurance.
FAQs
What is a portability form?
A portability form is a document you must fill when you decide to switch from one insurer to another. It comprises details about your current policy, and coverage benefits, giving your new insurer a sense of your existing policy and coverage terms.
What are the reasons to Port Health Insurance Plans?
Following are some of the reasons why you should consider health insurance portability:
Can the new insurer deny porting of Health Insurance policy?
Yes, the new insurer may deny porting if there are differences in the provided information or if you fail to meet the new insurer’s underwriting criteria. Pre-existing health conditions, non-disclosure/ falsification of information, or a poor claims history may also lead to denial.
Can you port Health Insurance Plans with the same insurer?
No, Mediclaim portability involves switching from one insurer to another. If you wish to make changes to your existing policy but within the same insurer, the process is deemed as modification or upgrade. Porting specifically refers to transferring your policy to a different insurance company while retaining saved benefits.
What should I consider while porting my policy and selecting a new insurer?
Some helpful tips to consider while selecting a new insurer are as follows:
