Health insurance portability: Porting a medical insurance means that you can change your insurance company. With this, your policy will be fit according to your existing needs. Our health needs vary in different stages of age. For example, in the 20s you do not need maternity benefits, but when it comes time to create a family, it becomes necessary.
Similarly, you want more coverage, OPD features or organ transplant facilities. The biggest advantage of porting is that you do not lose the earlier benefits (eg waiting periods) while changing the new company. That is, you do not have to start everything afresh.
Expenditure less and better value
Insurance premiums can be quite different in different companies. With porting, you can choose a policy that is better according to money. For example, if the premium of your existing policy increases greatly when aging, then you can take the same coverage in a low premium by porting to another company.
The new insurance company often provides facilities like wellness benefits, free health check-ups and healthy lifestyle discounts, which are not available in the old policy. In this way, through porting you can save money and also ensure the right coverage for the family.
Better access to hospital network
Treatment in the right hospital is very important in any emergency. If your existing insurer’s hospital network is small or is not in a convenient place, cashless treatment may be troublesome. Porting can choose a company with a large and better network, which provides easy access to the hospital and better treatment.
Due to having more hospitals, treatment expenses are reduced and you are also worried. This feature is especially useful for those who live in different cities or travel more.
Better customer service and claim experience
Easy and fast disposal of claim is the most important part of any policy. Despite having a good policy, if the customer service is bad or the claim is complex, then the policy is not useful. If your current company’s claim process is slow or disputed, you can go to a reliable company by porting.
The correct decision can be taken by seeing the claim settlement rate, consumer complaints and accountability of the insurer. This reduces stress during emergency and does not delay treatment.
Frequently asked questions (FAQs)
Will my waiting period facility end while porting?
No, IRDAI ensures that the already completed waiting period is transferred to the new policy while porting.
Can the new insurance company reject my portability request?
Yes, the new company can allow portability by seeing your risk profile, medical history and claim experience.
When should the portability process start?
You should apply at least 45 days before the date of renewal of your existing policy, so that there is no gap in coverage while changing the policy.
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