A Complete Guide to Porting Your Health Insurance Policy

Public health has traditionally been well served by the Medicare system, but health insurance has been a crucial element of personal finance to address the financial woes during a hospitalisation. However, depending on one’s changing needs over a period of time, the kind of health insurance plan that one chooses might not meet one’s needs. Now, this is where health insurance porting can come in handy to an individual. Porting simply means moving your health insurance policy from one insurance company to another, and while doing so, you can retain the benefits gained from your previous insurer, which will include waiting periods, no-claim bonuses, and coverage limits.

In this guide, we will explain every detail of porting your health insurance policy, why you need to port, the process for doing it, and some key things to consider when choosing health coverage for you and your family during the process.

This can also have the following benefits, especially if you are an unhappy camper with your current health insurance firm in terms of services offered, premiums charged or available plans. Below are some key reasons why porting may be a good idea:

1. Better Coverage Options
Over the years, you might find that your healthcare needs need more attention which your current plan is not able to provide with, this is where an entirely different policy might help. Policy portability enables you to seek a new health insurance policy that will suit your current needs. Like, if you have added members to your family or if you previously didn’t need maternity or critical illness coverage, porting to a plan where these additional add-ons come for affordable premiums might help. You can opt from the various health insurance plans for family available to meet your needs.

2. Improved Customer Service
Many people pay little attention to customer service when choosing their insurance company, but this can help a lot in long run. In general, the portability option enables the customer to switch to a provider with enhanced and efficient customer support system, in case the existing company is not satisfactory in terms of handling claims. Some of the modern insurers are directing their efforts in the fast and efficient approval and claims handling process as this aspect makes the whole process easier.

3. Cost-Effective Premiums
Your current insurer might have hiked the premium rates, or you may consider that the premium you are paying is not worth the coverage you receive. This might be a reason enough to port and you can still retain your benefits while transferring to an insurer that offers you affordable premiums for better coverage.

4. Retain No Claim Bonus (NCB)
A no-claim bonus (NCB) is a discount that comes from the fact that no claims have been made during the policy year, and this bonus usually continues to be earned. In porting your health insurance, the NCB can be retained and thus, when you wish to either bring down your premium rates or wish to enhance your coverage without incurring any added cost, it can be done. This helps to make sure that you’re not stripped of the bonuses achieved because you are a claim-free driver.

5. Pre-existing Condition Benefits
Also, portability can sometimes be used to cut down on the waiting period for pre-existing conditions, if the new insurance provider you are choosing has a shorter waiting period for your condition. You should know that when changing insurance companies, some of them may look at the previous insurance company’s record. If you completed a particular period with them regarding your pre-existing conditions, your new insurer may consider the same waiting period and start off for the remaining days.

On the Health Insurance Portability: Process

Switching health plans is easy, but you need some planning when you want to port your health insurance. Below is a step-by-step guide to help you navigate the process:

Step 1: Assess the existing Health Insurance policy

Before making porting, it is necessary to study your current health insurance policy in detail. Discover what type of coverage you have, for how much, and what it is providing you. This is important as it will assist you to make a decision on what you expect from a new policy like; enhanced family health insurance or a lower policy rate.

Step 2: Differences Between Insurance and Health Plans in Various Insurance Companies

The final decision is to get on your policy and find better offers that you can switch to. It also approves different kinds of health insurance plans offered by different insurance companies.

Step 3: Notify Your Existing Insurer

You are required to give your existing insurer a notice of your intention to port the policy at least 45 days before the renewal date of the particular policy. This is because it’s enough time for the new insurer to receive your request and the prior insurer to forward your policy details to the new insurer. This notification should be in writing most preferably in an email or a letter.

Step 4: File for Porting to another Company

Once you’ve selected your new insurer, apply for porting by submitting the necessary documents, including:

Proposal form
Existing policy details (premium, coverage, NCB, etc.)
Medical history (if required)
Any other documents requested by the insurer
Your new insurer will assess the documents and provide you with a porting request, which includes details of your coverage options, premiums, and terms. If your current insurer has any restrictions or exclusions, the new insurer will inform you about these.

Step 5: Undergo Medical Tests (if Required)
The insurer may ask you to undergo a medical test depending on your age, medical history and company requirements. These results are then used by the new insurer to determine if you are at a risk which will result in a premium. The insurer may test all family members above a certain age for health insurance plans for families.

Step 6: Get the approval on the Porting Request

It takes a while (on average 15 days) once you make a request for porting to the new insurer to review. They’ll approve your request if everything is in order and your policy will be ported. If they can’t answer anything immediately, they will inform you if there are any issues or if they need anything else.

Step 7: Receive Your New Policy and Confirm the Continuity of Benefits

After you’ve applied for your porting request and gotten approval, you’ll get your new health insurance policy. Make sure the new policy contains everything that you get in the old one like the waiting period for pre-existing conditions and the No Claim Bonus (NCB). You will maintain our continuity benefits, and you can continue to use the new health insurance plan without interruption.

Conclusion

One way to be sure that you are getting the very best health insurance coverage at the most competitive price is by porting your health insurance policy. Porting your health insurance offers you an opportunity to get a better premium, better coverage, and better customer service that suits your needs.

When you’re porting, make sure you take a close look at the general policy you currently have, explore other plans, and pick an insurer that you and your family will have full coverage. It is especially useful for those growing their families as the health insurance plans for family are available under a single policy that covers all.

By following the right steps and choosing the right policy, you can ensure that your health insurance continues to offer the protection you need while saving you money in the long run.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

(This article is part of IndiaDotCom Pvt Lt’s consumer connect initiative, a paid publication programme. IDPL claims no editorial involvement and assumes no responsibility or liability for any errors or omissions in the content of the article.)

Above mentioned article is Brand desk article or whatever the client has confirmed, This article is a paid publication and does not have journalistic/editorial involvement of IDPL.