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Blog > Health Insurance > Health Insurance Portability – All you need to Know

Health Insurance Portability

Are you happy with your existing health insurance policy?

If yes, then great, otherwise you can port your health insurance policy from one healthcare insurance service provider to another without losing the existing benefits. 

Let’s first understand what is Health Insurance Portability?

The governing body of the health insurance companies “Insurance Regulatory and Development Authority of India” (IRDA) works for the welfare of policyholders and has made some strict guidelines for protecting their interests. Health Insurance Portability is a provision given by the IRDA that allows the insured person to switch his policy from one Health Insurance Company to another while retaining the existing benefits.

Benefits of Porting Your Health Insurance Policy

Porting your health insurance policy is a considerable job. Before porting your health insurance policy, you should check the terms and conditions of other offered policies closely. Some invaluable benefits you can enjoy after porting your policy from one insurer to another are as follows:
  • Option to choose the plan as per the need of you and your family health. 
  • Enjoy the benefits of no claim bonus (NCB) of your previous policy, if any.
  • Opt for riders to enhance the policy coverage.  

When you should plan for porting your health insurance policy? 

It depends on your healthcare protection needs as well as budget. You can switch your policy from one health insurance plan to another or from one insurer to another insurer both. You should select the portability option only when the differential benefits given by other insurers can match you and your family health protection requirements in the long-run. 
Some ignorable reasons encourage policyholders to go with other healthcare plans or insurers. Let's see some ignorable reasons: 
 Inadequate Service Quality: It may be possible that your selected healthcare company over a while may not give better services and doesn't meet the promised quality of service. It is observed that new policyholders are porting their healthcare policies or change the healthcare service provider, only when they are offered differential benefits and older policyholders opt for porting facility when they are not satisfied with the service/claim experience. 
Insufficient policy coverage: If your existing medical insurance service provider can’t give you adequate cover against particular health problems which are the main concern to you then in such an unavoidable situation you should look at porting your policy. Getting healthcare protection is the only motto of the insured person and if he found it unfulfilling during the medical emergency, then it becomes the need to move to another policy.   
More economic offering from competitors: The digital world allows you to explore the features and facility round the clock. Your little effort can enable you to get a better deal in terms of a policy premium; room rent limitations, co-payment clauses, critical illness coverage, policy coverage, waiting period etc. Due to close competition, there are great chances where you can avail the same services at a less expensive cost.
Lack of transparency: It might be possible there are some hidden clauses and provisions which you were not aware of while purchasing the healthcare policy. However, when it needs to process claims, these clauses and provisions may turn into a major concern during medical emergencies. Therefore, in such cases, you can consider moving to a healthcare insurance service provider who is transparent in their terms and conditions. 
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Health Insurance Portability Eligibility

There is no big deal in porting policy from one insurer to another. You can easily port your policy provided by the last insurer if you had maintained no break. So, as to avail of this facility, you need to apply to the insurance company, where you wish to port your policy, at least 45 days before the policy premium renewal date of the existing policy. If you are unable to do so, then in that case it completely depends on the health insurance service provider whether the late application is acceptable for portability or not.

Checkpoints before opting for portability

If you have planned to port your existing medical coverage policy, then you must remember some crucial things in your mind to experience a smoother porting process. They are listed below:
  • The offered terms and conditions may be different from healthcare policy service providers. It is crucial to double-check them for better understanding.
  • There are some specific IRDA rules regarding the policy portability feature which must be adhered to. For example, a written application by the insured person should be submitted to the existing insurer at least 45 days earlier to the policy renewal date.
  • Portability demands detailed investigation by the underwriters and the endorsed rules are followed to check the risks and decide the policy premium expenses. Higher age and medical problems are a few factors that healthcare insurance service providers consider for rejecting portability requests. If all they acknowledge, they may apply a few conditions and limitations that policyholders must check thoroughly.
  • An insurer should avoid giving inadequate information or delays in sharing the required documents that can prompt dismissal of portability requests. 
  • Lower premiums are an alluring element that urges policyholders to think about policy portability. However, this may prompt the insurer lessening their policy coverage benefits and policyholders may end up spending more. Subsequently, the premium and policy coverage are significant components to consider while porting medical policies.       
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What Are The Pros & Cons of Health Insurance Portability?

Now, you have sufficient knowledge, why most of the insured people opt for porting medical policies. Let’s discuss the pros and cons of health care coverage portability.
  • There is a customization alternative that accompanies convenience through which you can customize the policy as per the required needs of you and your family health.
  • The existing amount will be clubbed with no claim bonus in order to calculate a new sum insured.
  • The current coverage will be clubbed with no case bonus (NCB) to calculate a new sum insured.
  • All the advantages of your existing policy coverage will stay in force, even after you opt for portability.
  • On account of the stiff competition, insurance service providers offer you existing policy benefits at reasonable premiums.
  • You can go with the portability option only when the renewal date is coming closer.
  • You have limited opportunity with portability options as you have right for the selection of only comparative products.
  • For additional benefits, you need to pay higher premiums.
  • Last but highly considerable, if you want to move from group plans to an individual policy, then you may need to lose some crucial benefits that you get with your existing plans.

Health Insurance Portability is a customer-oriented option

Mediclaim policy portability is a highly efficient option for those insured persons who are not happy with their current Individual Health Plans, Family Health Plans, or existing insurer. Before you pick the portability option, it’s always beneficial to double-check the terms and conditions of the health insurance policy. Once you compare everything, then only you should go for the authentic service provider to avail maximum benefits with your existing premium.
A good option....
HDFC ERGO Health brings you the best mediclaim portability option. You can have the hassle-free online documentation process and you will be able to reap maximum benefits with this leading insurance service provider. Give your health protection plan in the safest hands and enjoy the best moments of your life with complete satisfaction and peace of mind. 

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