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.

What is Health Insurance Portability?

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.

The Need To Port Health Insurance Policy

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.

Components Of Health Insurance Portability

Understanding the components of health insurance portability is important to make an informed decision. Some key aspects include:

• Waiting Periods:

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.

• Premium Structure

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.

• No-Claim Bonus

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.

• Coverage Limits

You must also carefully check the coverage limits and exclusions of the new policy to ensure they match your specific requirements.

Portability and Family Floater Plan Health Insurance Plans – The Necessary Considerations:

If you are covered under a family floater health insurance plan, you must consider additional factors like the following before you port your policy:

• Individual Health Status

Assess the health status of each family member to determine if any specific medical needs should be included in the new policy.

• Impact On Premium

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.

• Continuous Coverage

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.

Portability Considerations for Group Health Insurance Policyholders Transferring Policies

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:

• Underwriting Process

Be prepared for the underwriting process, as individual policies typically require a more detailed assessment of health conditions.

• Policy Features

Evaluate the features and coverage conditions of the individual policy to ensure it meets your specific health needs.

• Premium Comparison

Compare the premium of the individual policy with the contribution made under the group plan to determine how it will affect your finances.

Facts To Consider When You Port Health Insurance Policy

Before starting the health insurance portability process, you must consider the following aspects and make an informed decision:

• Understand how pre-existing conditions are treated under the new policy.
• Ensure that the new policy offers the same or better options to renew your policy.
• Check if the new insurer has a wide network of hospitals for cashless claims.
• Thoroughly read and understand the terms and conditions of the new policy.

Procedure For Health Insurance Portability Online

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.

Documents Required To Port Health Insurance Plans Online

Ensure you have the following documents ready for a smooth online porting experience:

• Duly filled and signed portability form obtained from the existing insurer.
• A copy of the existing health insurance policy.for the period continuity benefit is needed.
• Valid ID and address proof documents per the new insurer’s requirements.
• Details of any claims made under the existing policy.
• Medical records and reports if requested by the new insurer.

Enjoy Customized Insurance Plans For Your Changing Needs With Manipal Cigna Health Insurance

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:

• Your coverage requirements may change and portability makes it possible.
• If you have concerns about the premium you’re paying and are getting policies at lower rates.
• If you are dissatisfied with your current insurer’s services.
• In case of changes in your family size or composition.
• If you wish to opt for an insurer with a broader networks of hospitals.
• If you want a policy that offers additional benefits.
• If you wish to overcome the limitations in the existing coverage.

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:

• Compare the coverage options and limitations offered by each insurer.
• Compare premiums to ensure cost-effectiveness.
• Consider customer feedback to get an idea of the service quality.
• Check for the new insurer’s network of hospitals where you can obtain cashless claim benefits.
• Review the insurer’s claim settlement ratio, and the time taken to settle claims.
• Check if porting gives you access to additional benefits relevant to your healthcare needs.