Health Insurance Port: Health insurance is now essential for everyone. While changing insurance companies retains the old benefits, porting is only possible at the time of policy renewal. Different companies have different terms and conditions.
How to Port Health Insurance: In today’s times, health insurance has become as essential as two meals a day. It’s no longer an option, but a necessity for every family. Given the ever-increasing medical expenses, it’s crucial for everyone to have health insurance. However, sometimes, in a hurry, we fail to choose a good and beneficial health insurance. If you’re disappointed after choosing a health insurance policy, let’s offer a solution. You can actually port your health insurance. Let’s explore whether porting your health insurance is the right decision.
What is Health Insurance Portability?
The Insurance Regulatory and Development Authority of India (IRDAI) has enacted a rule that allows a health insurance policyholder to change their insurance company. Simply put, this means transferring their existing health insurance policy to another insurance company. Many people may be wondering if doing so will result in the loss of their old benefits. But this is not the case, its biggest advantage is that the waiting period for pre-existing diseases which has been completed with the old company will remain valid in the new policy also.
Why do people port their health insurance?
Sometimes, customers are dissatisfied with their insurance company’s services, or when relocating to a new city, they port their policies to access nearby network hospitals. Additionally, people port their policies if they believe the other insurance company’s claims process is better and their premiums are lower.
When can you port your health insurance?
If you think you can port your insurance policy at any time, you’re wrong. Health policies can only be ported at the time of policy renewal. Furthermore, moving cities or companies often increases the premium. Furthermore, each company has its own unique terms and conditions.
How to port your health insurance?
The process of porting your health insurance is quite simple. First, you need to understand the new insurance company’s policies and terms and conditions, then submit a portability request with your existing policy details. The new company then checks your old insurance records and, if everything is in order, your policy is transferred.
