The decision to accept or reject the porting request lies with the new insurer based on their underwriting process
Amid life’s uncertainties, a good health insurance policy covers you financially in case of a medical emergency. But what do you do when a health insurance policy you took a while ago falls short of your expectations? This is when health insurance portability comes into play.
It allows policyholders to switch from one insurance provider to another without losing their accrued benefits.
What is health insurance portability?
Health insurance portability allows policyholders to switch from their existing health insurance policy to a new insurer without losing the benefits they have accumulated, such as no-claim bonus, waiting period credit for pre-existing conditions, and other accrued advantages.
Let us say you have a health insurance policy with a sum insured of Rs10 lakhs. Over the years, your premium has increased and you are unhappy with the insurer's claim settlement process. You find a new insurer offering a Rs 15 lakh policy with better coverage at a lower premium.
By porting your policy, you can:
Increase your sum insured from Rs 10 lakhs to Rs 15 lakhs without losing any accrued benefits like no-claim bonus. Reduce your premium while enhancing coverage, maintain coverage at your preferred network hospitals and potentially add maternity or critical illness cover as needed.
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Benefits of portability:
Policyholders can switch to a plan with better coverage, services or lower premiums without losing accumulated benefits.
The no-claim bonus and other advantages are transferred to the new policy.
Policyholders gain flexibility to change insurers as per their evolving needs.
Disadvantage of porting health insurance
You can only port your health plan at the time of policy renewal.
Health insurance portability may increase your premium due to factors like age, current health, city of residence, and additional coverage.
Switching to a new insurer could result in delays in claim settlements. The new company might need time to familiarise itself with your medical history, which could slow down the processing of your claims.
Policyholders who transition from group insurance policies to individual policies may lose some benefits that were part of their previous coverage.
Process of porting health insurance online:
Research and compare: Evaluate different insurance providers and their offerings online. Consider factors such as premium rates, coverage, network hospitals, and claim settlement ratios.
Submit portability request: At least 45 days before your current policy's renewal date, submit a portability request to your chosen new insurer through their website or mobile app.
Fill the portability form: Complete the portability form, providing details of your current policy and medical history.
Document submission: Upload necessary documents, including your existing policy document, latest renewal notice, and claim history (if any).
Underwriting process: The new insurer will assess your application and may request additional information or medical tests if required.
Acceptance and premium payment: If approved, the new insurer will provide a quote. Upon acceptance and premium payment, your ported policy will be issued.
Documents required during porting health insurance
Current policy certificate
Claim history statement
KYC documents, age proof, and medical reports (if required by the new insurer)
“If you are unhappy with your current insurer’s coverage, service, or network, portability ensures you can seamlessly move to a better provider. This flexibility guarantees that your healthcare needs are continuously met while maintaining the advantages you have earned over time. Make the switch confidently, knowing that your health and peace of mind remain protected,” said Sharad Bajaj, COO of InsuranceDekho.com
If your insurer consistently delays claims or limits your access to preferred doctors, this feature allows you to switch to a new provider without losing your accumulated benefits. For example, if your current plan denies essential treatments or has poor customer support, you can move to an insurer that offers faster claims processing and a wider network of healthcare providers.
Health Insurance Portability ensures a smooth transition, so you continue receiving the coverage and care you deserve. Make the switch today for a better health insurance experience, he said.