Porting Health Insurance: Nowadays treatment expenses are increasing rapidly. In such a situation, health insurance has become an important investment. With this, you avoid heavy hospital bills at the time of emergency and illness. But many times it happens that the existing policy is not able to meet your needs. Or policyholders get upset every year due to increasing premium. To avoid this, have you also ported your health insurance policy to another insurance company? Or have been ported many times, so now be careful because you may also lose it.
What is a health insurance port?
Portability means transferring your existing health policy from one insurance company to another. In this, some services of your first policy and credit for waiting period can be found in the new plan. However, there are many challenges in this process, which is necessary to understand.
1. Document and timing
Many documents are to be given for porting, such as old policy information, claim history and medical declaimer. The most important thing should not be given to the request policy of porting at least 45 days before the renewal and before 60 days. If this timing is missed, your request may be rejected.
2. Premium may be shocked
Some benefits of your old policy such as loyalty discounts or special coverage such as treatment service at home are not transferred to a new policy. That is, if you had taken a special service due to any medical need, it may not be found in a new policy.
3. Waiting period can resume
Although the insurance regulatory body gets a credit for old waiting period as per the rules of IRDAI, some insurance companies may re -put a waiting period for new diseases. Therefore, it is very important to read the rules of the new policy carefully.
4. Danger of underwriting and rejections
The new insurance company decides to give or not give a policy after seeing your medical history. Persons with elderly or serious disease may have to pay more premiums or can also be rejected by porting request.
5. Decline in coverage or threat of gap
The service of every policy is not the same. For example, if you took a basic policy of only Rs 3 lakh before Corona, then you may need more coverage. In such a situation, it would be better that you add a new policy as well as the top-up or super top-up plan, which give more protection at a low price.
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