Tips to navigate health insurance portability in India
Health insurance portability allows policyholders to switch providers without losing accrued benefits. Introduced by the Insurance Regulatory and Development Authority of India, this initiative aims to enhance customer satisfaction. It also seeks to improve service standards among insurers. Using this option can lead to significant savings, better coverage, and finding an insurer that better meets an individual's healthcare needs.
Know your portability rights
In India, every health insurance policyholder can port their policy to another insurer. This must start at least 45 days before the policy's renewal date. Not doing so may lead to a loss of portability benefits. The new insurer must, as per the Insurance Regulatory and Development Authority of India guidelines, offer benefits equal to or better than the old policy.
Timing is everything
The best time to consider porting your health insurance is when you're dissatisfied with your current provider's service. It's also wise when facing high premiums with no justification. Or when another insurer offers better coverage options that suit your changing needs. Remember, porting does not mean automatic acceptance by the new insurer. They will evaluate your application based on their underwriting criteria.
Understand what gets transferred
When porting your health insurance policy in India, not all elements might transfer seamlessly. You can carry forward waiting periods for pre-existing conditions served under the old policy. However, the treatment of no-claim bonuses and other benefits might vary. This depends on the new insurer's policies. It is crucial to clarify these details with the new insurer before making your decision to port.
Compare before you leap
Before transferring your health insurance, compare the premiums, coverage, and network hospitals of both insurers. Also, evaluate their claim settlement ratios and customer service quality. This ensures you make a well-informed decision. Choose a plan that meets your health care needs and offers sufficient financial protection against medical emergencies. It should do so without compromising on benefits.
