Health Insurance Portability: A Comprehensive Guide
Insurance Regulatory and Development Authority of India under its provision for health insurance portability, wherein the policyholder is allowed to switch their health insurance plan from one insurance company to another insurance company without losing the benefits. The reason why a policyholder wishes to port their health plan could be because of various reasons such as not satisfied with claim settlement service, higher coverage and affordable premium, opting out of the co-payment clause from the previous insurance company, amongst others.
Health insurance Portability Process
As per the guidelines issued by Insurance Regulatory and Development Authority of India (IRDAI) policyholders are allowed to port their health insurance plans only during the time of renewal of the health plan. Therefore, it is recommended to request porting from your existing insurance company at least 45 days prior to the date of renewal. Additionally, you also need to notify your new insurance company by filling and submitting both the proposal form and portability form.
The new insurer would then do verification for the same by obtaining details regarding your health plan from IRDA website or from your existing health insurance company. After complete assessment of your request, you can start enjoying benefits under the new health cover.
Factors to consider while Porting Health Insurance Plan
Highlighted below are a few factors that you should consider while porting your health insurance plan:
- Medical History: The new insurance company can reject your request for portability in case you are suffering from any pre-existing illness or a health condition that requires continuous visit to hospital. Generally, the insurance company can ask the proposper who is aged above 45 years to undergo a health check up and if reports show conditions like high blood pressure or diabetes, then the new insurance company may reject the request.
- Premium: Many policyholders wish to get their health insurance plan ported due to the low premium amount. However, generally in order to meet this requirement of the policyholder, the insurance company lessens the coverage. Therefore, in the end , the policyholder ultimately ends up paying more in order to get their needs covered. So, it is advisable before changing the insurance company check the premium alongside coverage offered.
- Age: As with increasing age, health of the policyholder deteriorates, many insurance providers are not ready to approve portability applications of old people or senior citizens. Moreover, insurance companies who do accept such applications likely charge higher loading expenses alongside co-payment clauses.
- Claim Settlement Procedure: Another important factor to consider while porting your insurance plan is the claim settlement process. Check whether the new insurance company makes a settlement of claim via cashless facility or reimbursement. Moreover, do not forget to go through the list of network hospitals from the new insurance company.
How to Port a Health Insurance Plan?
A lot of individuals who do not want to go through any kind of hassle usually skip the idea of moving from one health insurance company to another insurance company. However, the whole process of shifting the health plans have been simplified to make it simpler for the policyholders. All you are required to do is the following:
Step 1: Fill and Submit Portability Form - In order to start the portability process, first fill the portability request at the time of plan renewal and contact the new insurance company. Then, you are required to fill a proposal form and portability form from the new insurance company and also opt for the ideal plan.
Step 2: Submit the Documents- You need to submit the following document at the time of portability:
- Proposal Form
- IRDA Portability Form
- Health Insurance Plan
- Identity Proof/ Address proof
- Claim History
- Documents related to medical history
Step 3: Underwriting of the Plan – After getting all the needed information, the new insurance company will decide whether to want to issue the new insurance plan. The process takes about 15 days, for analyzing submitted information and risk profile.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
