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5 Things to Check Before Porting Health Insurance Policy

Healthcare insurance is another investment a person makes to secure their future, but what if the policy does not satisfy their needs? This is when the role of healthcare insurance portability comes in. IRDAI has allowed portability, which allows switching from one insurance plan or company to another insurance plan or company. 

But what are these guidelines? How can one port their healthcare policy? This article will answer all questions. It will also talk about the things to consider before porting and how to port medical  insurance. But before that, let us understand what is health plan portability.

What is Health Plan Portability? 

Health insurance portability is a choice that allows policyholders to switch from their current insurance provider to one that offers better services or a better health plan. A policyholder can consider switching if they are searching for better services, rates, or coverage. 

It allows them to move to another healthcare insurance provider through portability if they find one that provides these benefits. The insurance company may offer health insurance portability online, or they may have to visit the insurance provider to port the policy.

What are the Guidelines for Health Plan Portability?

IRDAI has set some guidelines which need to be followed by the policyholder before porting their policy. They are as follows: 

1. Notify Within the Time Frame

The policyholder has to inform the insurance company 45 days before the renewal. The policyholder is not allowed to port at other times. It is for all types of healthcare policies.

2. Inform About the Interested Policy Plan

It is the responsibility of the policyholder to specify the original insurance company about the porting. The insured has to specify in which company or policy they want to port the policy. 

3. Filling up the Forms

The policyholder is required to fill up the porting form and proposal forms. It is also necessary that the policyholder has all the documents required to be submitted along with the form.

4. Acceptance of Proposal

The new insurer must acknowledge the portability request within three days of receiving the proposal. However, they must decide on the request for portability within 15 days of receiving all necessary paperwork. 

What are the 5 Things to Consider Before Porting a Health Plan?

The five things one must consider before porting a plan are:

1. Coverage 

Select a health plan that provides extra services without sub-limits. Remember that each policy differs from the others and is controlled by its own underwriting criteria. One must understand their requirement and then choose the new policy provider. 

2. Mode of Reimbursement

The payment method and collection of medical bills are crucial factors to consider throughout the portability process. Choose a policy that can ease concerns about payments. 

3. Network of Insurance

Always go for a policy that offers a larger network of hospitals close to home. Getting as quickly as possible to the closest hospitals that provide quality care in an emergency is crucial. 

4. Waiting period

There are three types of waiting periods. The first one has a 30-day waiting period for new policies. It can be a year or two if one is suffering from an illness. 

The third one can be 4 years if they are suffering from a pre-existing illness. One must always get a policy that suits the medical history and the waiting period.

5. Rejection

In case one provide wrong information, or they do not have the required documentation, then the new insurer can reject the porting request. Once all the documentation and the process are complete, the company will underwrite the policy within 45 days and give the final verdict. Thus, you must start the process timely to avoid a no-coverage period,

Conclusion

Porting a health policy is not a decision to be made in a minute; one must consider all the factors before taking this decision. Even though porting helps a person keep all the facilities and benefits of the previous insurance, one bad decision may result in losing the benefits. Thus, if you are considering health insurance portability in India, then consider Niva Bupa best Health Insurance plan. They are one of the leading companies in healthcare and provide you with a wide range of coverage. Moreover, they have active customer support and a high CSR rate.

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