You live in a World of expenses. All your money goes on food and clothes. You visit a mall and a decent shirt costs close to a thousand rupees. Fruits and vegetables are turning unaffordable. But cost of hospitalization and medical treatment, exceeds all these expenses. If you suffer from a disease and are hospitalized, you leave the hospital healed, but with no money in your pocket. You need a health insurance plan, to bear these high hospitalization costs. You have availed a health insurance plan from a reputed Insurer. You have paid the premiums regularly for a couple of years. You now find the health insurance plan not suitable to your needs and want to change it. Can you do so?
Yes…but you need to know what health insurance portability is.
You know what mobile number portability is. Health insurance portability is similar to mobile number portability. Just as you switch your mobile network operator, you can also switch your health insurance plan from one Insurer to another Insurer. This is health insurance portability. And there’s more…. You do not lose the benefits which have accumulated in your health insurance plan with the old insurer, when you port your health insurance plan to a new insurer.
The health insurance plan which you had availed with your insurer, had a waiting period of 2 years, for pre existing diseases. You have ported (switched) your existing health insurance plan to a new insurer. This new insurer has a waiting period of 3 years for pre existing diseases. If you have a pre existing disease, this disease would be covered by your new insurer, after a waiting period of only a year. You do not have to wait for 3 years to be covered for pre existing diseases, under the new insurer.
You can port your health insurance plan, only at the time of renewal of the health insurance plan. Your new insurance cover period, will be with the new insurer. The new insurer decides the premium you have to pay on the health insurance plan.
If you want to port your health insurance plan, you have to initiate the process, at least 45 days before the renewal of the health insurance plan. You need to intimate your old insurer that you want to switch your health insurance plan, to a new insurer. You need to mention the name of the insurer, where you want to port your health insurance plan.
Your health insurance plan must be renewed without a break, so that the portability process is smooth. You get a 30 day grace period if you are porting your health insurance plan.
You can port your health insurance plan, to any insurer offering (specializing) in health insurance.
You have ported your health insurance plan from your insurer to a new insurer. The new insurer is free to fix the premium rates on your health insurance plan. If you are in the high risk category, there is a chance your new insurer would charge you a higher premium than your old insurer. You need to be prepared for this.
If you have not made any claim on your health insurance plan for a few years with your old insurer, you are eligible for a no claim bonus. You get a higher sum assured on your health insurance plan, if you are eligible for the no claim bonus. If you port your health insurance plan to a new insurer, you could lose the no claim bonus.
Dissatisfied with your health insurance plan? No Problem…. Simply port your health insurance plan to a new insurer and avail health insurance benefits under the new Insurer.
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