Porting Health Insurance : Nowadays the cost of treatment is increasing rapidly. In such a situation, health insurance has become an important investment. This saves you from heavy hospital bills in times of emergency and illness. But sometimes it happens that the existing policy does not meet your needs.
Porting Health Insurance: Nowadays the cost of treatment is increasing rapidly. In such a situation, health insurance has become an important investment. This saves you from heavy hospital bills in times of emergency and illness. But sometimes it happens that the existing policy is not able to meet your needs. Or the policyholder gets upset due to the huge increase in premium every year. To avoid this, have you also ported your health insurance policy to another insurance company? Or if you have ported it many times, then be a little careful now because you may also suffer a loss.
What is health insurance porting?
Portability means transferring your existing health policy from one insurance company to another. In this, some services and waiting period credit of your first policy can be given in the new plan. However, there are many challenges in this process, which is important to understand.
1. Hassle of documents and timing
Many documents have to be submitted for porting, such as old policy information, claim history and medical declaration. The most important thing is that the request for porting should be submitted at least 45 days before policy renewal and not earlier than 60 days. If this timing is missed, your request may be rejected.
2. There may be a shock in the premium
Some benefits of your old policy such as loyalty discounts or special coverage such as home treatment service are not transferred to the new policy. That is, if you had taken a special service due to any medical need, it may not be available in the new policy.
3. Waiting period may start again
Although according to the rules of insurance regulatory body IRDAI, credit for the old waiting period is given, but some insurance companies can impose waiting period again for new diseases. Therefore, it is very important to read the rules of the new policy carefully.
4. Risk of underwriting and rejection
The new insurance company decides whether to give the policy or not by looking at your medical history. Elderly or seriously ill persons may have to pay a higher premium or their porting request may also be rejected.
5. Risk of drop in coverage or gap
The services of every policy are not the same. For example, if you had taken a basic policy of only Rs 3 lakh before Corona, then now you may need more coverage. In such a situation, it would be better if you add a top-up or super top-up plan along with the new policy, which provide more protection at a lower cost.
