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Everything about health insurance portability explained

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Health & Wellness

Several insurance companies in India offer attractive deals on health insurance plans maximising a policyholder’s benefits. Well-rounded medical insurance comes with maximum coverage that helps in reducing an individual’s financial burden during medical emergencies.

Nevertheless, one might not be satisfied with the current insurer and its offerings. In such a scenario, one can port a health insurance plan to another insurance company. By opting for the portability of health insurance, one does not necessarily lose the existing coverage and other accumulated benefits as per the IRDAI.

Here is everything one should know about insurance portability.

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What is the portability of health insurance?

The Insurance Regulatory Authority of India (IRDAI) introduced health insurance portability in 2011. This feature allows an insured person to switch existing insurance providers to a new one for better advantages. While changing an insurer, policyholders will not lose the benefits of their previous policy. Further, one can port a policy to any insurer as per preference without any break in its renewal.

When should you consider porting?

There might be several reasons for which an individual can change their existing insurer to a new one. Here are some scenarios when one should consider health insurance porting:

  • In case an existing insurer has put an upper limit on hospital room rents resulting in lesser coverage.
  • Individuals planning to get health insurance coverage for their entire family requires a family floater plan. However, the coverage limit of some plans might not be enough. In that case, one should consider porting the insurance plans.
  • Discounts on premium, No Claim Bonuses, free annual health check-ups, etc., vary across insurance companies. Individuals can switch over to another insurer if they do not receive the aforementioned benefits from their present insurer.
  • If a policyholder’s current insurer does not provide enough coverage benefits, they can shift to another insurer that offers additional coverage at the same premium.

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Advantages of medical insurance portability

Porting the existing health insurance to a new provider comes with a host of benefits such as follows:

  • Policy customisation

While opting for the portability of health insurance, one can modify the policy as per health conditions and lifestyle. For instance, policyholders can include add-on benefits, fresh nominees, etc.

  • Continuity of benefits

After porting to another insurer, individuals can continue to receive benefits from their existing plans. Additionally, while requesting insurance portability, one need not worry about time-bound exclusions.

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  • Increased sum insured

Insurers estimate the new sum insured by merging it with the No Claim Bonus from the previous insurance policy. Resultantly, the new sum insured amount is more than the previous one.

  • Better offers

One of the primary reasons individuals switch from their existing provider to a new one is for better services. While choosing a new insurance provider, one can opt for the one that comes with improved support service and other benefits.

  • Better claim settlement process

If an individual is not satisfied with the current insurer’s claim settlement procedure, they can opt for another insurer who settles claims in a hassle-free manner.

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  • Competitive policy premiums

An insurer offers coverage benefits under an insurance plan once a potential buyer pays the premium amount. Policyholders might prefer affordable premium rates that come with maximum coverage. To obtain health insurance with competitive premiums, one needs to calculate and compare the rates online by using a health insurance calculator to help settle for an optimised plan while switching to a new insurer.

  • Transparent process

Policyholders can always shift to a reliable insurer in case they are not satisfied with their existing insurer’s policies. They can opt for an insurer that offers transparent processes.

Now that you know everything about the portability of health insurance plans, you can change your provider any time you wish after following proper guidelines. However, considering the above benefits is imperative for a hassle-free portability process.

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