Health insurance has become key to ensuring you have access to healthcare when you need it without excessive financial strain. However, with so many health insurance plans available, you might have to switch from one to another. To make this switch, you need to know more about how to port health insurance policy.What is health insurance portability?
If you want to switch from your existing health insurance policy to a new one, you must opt for porting. Essentially, portability allows you to shift to a new health insurance policy without losing out on accrued benefits like No Claim Bonus, free medical check–ups, waiting period credit, etc. You can also make this shift if you are not happy with your current health insurance company or policy for other reasons.Rules to follow while porting your health insurance policy
You have to adhere to the following terms and conditions if you want to port your health insurance policy:
You can only opt for porting your health insurance if the new and old policies are similar.
You can port policies from general to specialised insurance companies or vice versa.
You can only port a health insurance policy during the renewal period of the current policy and not during the in–between period.
However, if there is a discontinuity in the policy due to the insurance company, it is not considered a break–in policy, and you will be able to port.
To port from your existing policy to a new one, you must notify the same to your existing insurer in writing, along with the name of the company you want to port to. You must also file a portability request with the new insurer at least 45 days before the premium renewal date of the existing policy is due.
The health insurance company must acknowledge your portability request within 3 days of receiving it.
You can opt to port your health insurance policy without paying any charges.
You are provided a 30–day grace period for policy renewal if the process of porting is still underway or if the new insurer’s decision is pending. However, you might have to pay a pro–rata premium to enjoy this feature.
When you port, you can opt to have your sum insured increased.
Suppose you port to a new policy with an increased pre–existing disease waiting period. In that case, you have to serve the entire waiting period (minus the period already served under the previous insurer).
If you are wondering how to port Mediclaim policy, then follow the process given below:
Make a portability request to the new insurer at least 45 days before the renewal date of the existing policy is due.
When you do so, the new insurer will give you a proposal and portability form and other details.
You can select a health plan and submit the duly filled forms to the new insurer.
The new insurer will then approach the previous insurer or use the IRDAI website to check details like claim history, medical records, etc.
The existing insurer will provide the details via IRDAI’s portal within 7 working days.
Once the new insurer gets the information required, they will accept or reject the application within 15 days. If not, then they have to accept the application by default.
Now that you know how to port health insurance policies, make sure you take a decision best suited to your needs.Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.