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What to Check Before Porting a Health Insurance Policy?
Health insurance portability allows policyholders to port their insurance policy from one insurance company to another. While portability may seem to be a better option for those looking for enhanced services and benefits, there are a few factors that you should keep in mind while porting your mediclaim policy. In this article, we will discuss the key points to consider before making the switch.
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- What to Check Before Porting a Health Insurance Policy?
6 Things to Keep in Mind Before Porting a Health Insurance Policy
Here are the top 6 things that you should remember before porting your mediclaim policy:
- Impact of Your Medical History: The new insurer can reject your portability request if you have a Pre-Existing Disease (PED) or a health problem that requires frequent hospital visits. Usually, health insurance companies ask applicants to undergo medical tests if their age is above 45 years. If medical reports show conditions such as diabetes and high blood pressure, the new insurer can reject the port request. In fact, people with a history of heart problems or renal failure also seem to fall into this category.
- Understand Waiting Period: There are three types of waiting periods in health insurance. The first one is the initial waiting period, which is usually 30 days for fresh policies. The second is the PED waiting period of 2-3 years for diseases that already exist at the time of buying the policy. The third is the specific disease waiting period, that is generally 3 years. So, when porting your medical insurance policy to a new insurer, the completed waiting period of the current policy will be waived off under the new policy.
- Increase in Sum Insured: Applying for a high increase in sum insured at the time of health insurance portability can alarm your new insurer. Usually, people look to raise their cover when they have made a claim in the past. As a result, the new insurer might think that the applicant may file more claims in the next one or two years. Also, for any increase in the sum insured, a fresh waiting period has to be served.
Let's say, you have been continuously renewing your health insurance policy, originally of a sum insured ₹4 lakh, for the last three years. Now, at ₹5 lakh, you want to port it to another insurer. In this case, the portable sum insured will be only ₹4 lakh, whereas the total available sum insured will be ₹5 lakh. Further, if you are hospitalized for a pre-existing illness during the waiting period of the new policy, you will get coverage up to ₹4 lakh only. The additional ₹1 lakh will be available after you have served the waiting period with the new insurer. - Age-Related Challenges: As health deteriorates with age, most insurers are reluctant to approve portability applications of senior citizens. Further, insurers who do accept, tend to charge high loading costs along with a co-payment clause.
- Evaluate Premium Vs. Coverage: Most people wish to port their policy because of low premiums. However, to fulfil this need, insurers mostly reduce coverage. As a result, in the long run, you end up paying more to cover your needs. So, before porting a policy to pay lower premium, make sure you check the amount of coverage you will get.
- Avoid Technical Errors: Filling the portability application with wrong or incorrect information and non-availability of previous policy documents are some of the issues that can lead to the rejection of your portability application. According to the Insurance Regulatory and Development Authority of India (IRDAI) guidelines, a portability request should be made at least 45 days before the date of renewal of the current policy. If there is a delay, the new insurer can refuse to accept your application. Therefore, it is important that you initiate the process well in advance.
Also Read: Benefits of Health Insurance Portability
FAQs
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Q1. How do I port my health insurance from one company to another?
Ans: If you have purchased your medical insurance policy through Policybazaar.com, you can take advantage of their portability feature to switch from one insurance company to another. -
Q2. What is the IRDA rule for porting?
Ans: As per the Insurance Regulatory and Development Authority (IRDA) rules, policyholders can port their health insurance policy to another insurer by applying at least 45 days before the renewal date of their current policy. -
Q3. Is it good to port health insurance?
Ans: Porting health insurance can be beneficial if you are looking for better coverage, more benefits, or improved customer service. It is especially useful if you are dissatisfied with your current insurer’s offerings or find a plan with more value.
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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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