Why would you want to get stuck up with an insurer if you are not satisfied with their services? Why would you continue paying premiums and not getting the best services for what you pay? If you are dissatisfied with your insurer, think no more because The Insurance Regulatory and Development Authority (IRDA) allows you to port policies.
Porting a Health Insurance plan means converting one Health Insurance plan into another. Porting can be internal or external. Internal porting is where you can opt to port plans under the same insurer. External porting is where you may port to a policy with a new insurer altogether.
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Irrespective of the type of porting you choose, the new insurer should not ask you to serve a waiting period for pre-existing conditions if you have already done so.
You may opt to port your Health Insurance Policy for reasons like:
1) Inadequate cover
2) Poor service
3) Room rent limits
4) Complicated claim settlement
5) Delay in reimbursements
6) Lack of transparency
7) Co-payment clauses
You must apply for porting at least 45 days before renewal of the existing policy. A delay may result in the refusal of the application by the new insurer.
Keep in mind:
1. Details and claims:
If you furnish any wrong or incorrect information relating to the policy and claims, or if previous policy documents are missing, it may lead to rejection of a portability application.
2. Pre-existing disease:
Your application for portability can be rejected if you have a pre-existing disease or a health problem that may require frequent hospital visits. Or you may need to undergo a medical check-up.
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3. Waiting periods:
A Health Insurance policy has 3 types of waiting periods: 30 days for fresh policies, 1 or 2 years for diseases such as kidney stones and appendicitis and 2-4 years for pre-existing diseases. If you apply for an increase in cover while porting, the entire pre-existing diseases waiting period has to be served. If the previous insurer has a three-year waiting period, and you have served it, but the new insurer mandates four years, you need to serve one additional year to get pre-existing diseases coverage under the new policy.
4. Increase in Sum Insured:
Sometimes, a new insurer may not readily agree to port your insurance policy if you apply for a high increase in the sum insured. If he does, you will have to serve the entire waiting period.
5. Age Matters:
If you are above 45 years, you may need to undergo a medical check-up. Also, Senior Citizens Health Insurance Plan is difficult to port. The insurer may reject their applications to port or they may charge high premiums and a co-payment clause may apply.
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Health Insurance Plans with low premiums are attractive but insurers, in turn, may reduce the coverage. Therefore compare the premium against coverage before considering portability.
7. Network Hospitals:
The list of hospitals on the prospective insurer's network.
8. Preferred Hospital:
Whether or not your preferred hospital is on the list.
Suppose, you port to cashless plan and your preferred hospitals are not a part of it, you will still have to opt for the reimbursement.
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