Things you should know about Health Insurance portability

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There are various health insurance plans available in the market. There are chances that your Health insurance providing company does not provide you the same benefits as others are. In this case, portability helps you. 

What is Health Insurance Portability?

Portability refers to changing to another product. In terms of health insurance portability, it refers to changing your current policy service provider with another. There is no loss in porting your current policy. The waiting period for pre-existing diseases that have already lapsed in the old plan is carried forward to the new policy. Also, If there is any waiting period in your current policy which has already waited, it will be added to your new policy. Thus, on porting, your renewal benefits are not lost. They are simply credited to the new policy.

Reasons for porting your current plan

Deciding when to choose health insurance portability and move to another plan or service provider might seem confusing, but it can be simplified if certain points are kept in mind.

There are several reasons which can lead in your current health insurance portability. Deciding when to choose health insurance portability seems confusing, and there are certain points that should be kept in mind.

Poor Service

If your health insurance provider does not provide you the promised quality of service then believe this is the time to port your policy. If any company doesn’t deliver the quality it promised then there is no point to continue your services with them

Poor Claim Settlement Process:

Check for the claim settlement process of your health insurance providing company. If your insurer has a bad history of claim settlement then it’s time to take look for better companies.

Check for hidden clauses

 Always check if your insurance providing company has any hidden clauses. Hidden clauses are a major concern when it comes to claim settlement. So it is better to shift to a provider who is transparent with no hidden charges.

High Premium

If the premium of your policy is higher than other insurance providers with the same benefits than it is the time to move to a new health insurance providing company.

Things required before porting your current plan

There are certain conditions which are required while porting your current plan

Porting your policy mid-way is not allowed. You can only port when your current insurance plan is up to renewal.

It is necessary to inform your porting request to your current policy providing company in advance. A notice period of at least 45 days has to be given before porting your current policy.

Porting is allowed for the entire existing sum insured. The new policy would, therefore, have a minimum coverage amount equal to your old policy. You can increase the coverage if you want when you port.

Documents required for Porting a Health Insurance Policy

  • Policy certificates of previous years
  • Latest notice of renewal mentioning coverage continuity and other details
  • The policyholder’s self-declaration in cases of no-claim
  • Filled in proposal form and portability form

Things to remember while porting your current policy

  • Be very transparent and clear while providing your information to your new insurance company. The new insurer will consider the porting request as a fresh application and thus complete evaluation will take place. So it is very important that you share your complete medical history while submitting the portability form to avoid rejection. The new health insurer can deny the portability request if you have a pre-existing disease or have any health conditions such as diabetes, high blood pressure, heart related ailments which require frequent hospital visits.
  • Wrong or incorrect information and non-availability of previous policy documents can also lead to rejection of a portability application. Also, the details of the policyholder such as medical records, claims history is provided by the existing insurance company to the new health insurance company. So be very transparent with all the information.
  • Portability of health insurance is always free of cost. Your old insurance company or the new one cannot demand any charge for porting your health insurance policy.
  • The new insurance company can not reject the porting request if your existing policy has a record of continuous renewal.

Porting your current policy is beneficial only if the new insurance company offers better features at lower premiums. So be very careful while porting your current policy.

Make sure that you are aware of the different kinds of features provided by various insurers. It is very important for you to be aware of all the above factors while porting your current policy.

Bitola capital helps you in porting your current policy to a company that can help you in getting easier claim settlements from another insurance company and better service promise. So, understand the conditions of porting and keep the important points in mind before you port.

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