Health Insurance Portability is a feature that allows you to transfer your existing health insurance policy to another company without losing your previous benefits. This is especially beneficial for those who want to change their insurance company for better service, lower premiums, or access to network hospitals.
With today’s rising medical expenses, health insurance is becoming essential for everyone. However, sometimes, due to haste or lack of proper information, people are unable to choose a policy that best suits their needs. In such a situation, the health insurance portability facility provided by the Insurance Regulatory and Development Authority of India (IRDAI) proves to be a major relief, allowing customers to transfer their health insurance policy from one company to another while maintaining their previous insurance benefits.
The biggest advantage of this process is that the waiting period or pre-existing medical conditions already met in the previous policy are also recognized in the new policy. Therefore, customers can port their policy for better coverage, lower premiums, or better claim facilities without losing their previous benefits. This feature is available only at the time of policy renewal, and it’s important to prepare for the application at least 45-60 days in advance to allow the new insurer to complete the verification and approval process.
The portability process involves submitting an application to the new insurance company, including current policy information and claim history. The new company then receives the data from the insurer through IRDAI’s centralized portal and makes the final decision. Insurance companies cannot charge any additional fees for porting, although premiums may vary depending on age and coverage.
Porting health insurance is especially beneficial for those who are dissatisfied with their insurance provider’s service, are relocating to a new city, or want a policy with a simplified claim process. However, some new features in the new policy may require a new waiting period, so it’s important to understand the full terms and conditions before porting.
Health insurance portability gives you the freedom to change your options for better services and coverage without sacrificing your old benefits. This feature makes health insurance more flexible and customer-centric, ensuring the security of a better, healthier life.
