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GetAll You Need to Know About Health Insurance Portability
Aug 21, 2021
Are you unhappy with your current health insurance policy? Do you think the coverage provided by your health plan is not adequate for the price you are paying?Or do you feel unsure of the claim-settlement record of your insurer? If you have any such issues with your existing health insurance, you can opt for health insurance portability.
What is health insurance policy portability?
Health or medical insurance portability allows you to easily switch your health insurance policy from one insurance company to another without letting you lose the benefits you have accumulated in your existing policy.
These benefits can include credit relating to waiting period for pre-existing conditions or a no-claim bonus on your existing policy.
For example, your existing insurance company asked you to wait for fivey ears to get a cover for high blood pressure or hypertension (a pre-existing disease). You have now been insured for the past two years with this policy. According to health insurance portability rules, if you change your insurer now, the new policy will allow you to avail continuity benefits of upto two years. And the waiting period for coverage against hypertension would be just three years in the policy issued by the new insurer.
What are your rights if you port your health policy?
If you port your health insurance policy, there are certain rights that no insurer can deny you. Take a look
- You are free to port your policy from and to any general insurance company or specialised health insurance company of your choice without any restriction.
- You can port both individual and family floater policies.
- You can also switch from one health plan to another within the same insurance company.
- Your new insurer has to compulsorily give you the credit relating to the waiting period for pre-existing conditions that you have gained with the old insurer.
- Your new insurer has to insure you at least up to the sum insured under the old policy.
- The two insurers have to complete the porting process within the timelines prescribed by the Insurance Regulatory and Development Authority of India (IRDAI).
- If porting is under process, you are entitled to get a 30-day grace period on the policy with your old insurer. This means you can request your old insurer to extend the existing policy for a short period by paying the premium on a pro-rata basis.
Conditions to fulfil for availing of Mediclaim portability benefits
In order to protect the interest of both policy holders as well as insurance companies, the Health Insurance Portability and Account ability Act 2011 has also laid out some rules and conditions that you would have to comply with to enjoy Mediclaim policy portability benefits. They are as under:
- Health insurance policy portability is only possible at the juncture of renewal of your policy. This is to ensure that the new insurance period begins with the new insurance company.
- Apart from the waiting period credit, all other terms of the new policy, including the premium amount and other benefits are at the discretion of the new insurer.
- You need to intimate your old insurer about health policy portability in writing at least 45 days before your renewal is due;you should also specify the company to which you want to shift the policy.
- Medical policy portability is only possible if you have renewed your policy with the old insurer without a break;if your policy has already expired, the portability request would not be entertained.
- Mediclaim policy portability rules also give insurers the right to accept or decline any request for porting health policy; an insurer can refuse to accept your health policy because of your claims history or because it does not cover any pre-existing illness you have.
How can you port your health insurance policy?
Here’s a step-by-step guide to the health insurance portability process:
- Contact the insurer you want to switch to and ask for a health portability form and a proposal form;also, ask for details of the various plans it offers
- Fill the health portability form with the existing policy details
- Then fill the proposal form with the details of the new health insurance policy
- Submit all the supporting documents, such as policy certificates of the previous years, latest renewal notice, claims history, etc.
- After receiving the forms, the new insurer will verify your details like medical records and claim history at the IRDAI’s common data-sharing portal
- The new insurer is liable to respond to your application within 15 days;otherwise, they lose the right to reject the portability request after this time period
Get to Know: What is IRDAI in Insurance?
You can check with the new insurer if it is possible to initiate the process of health insurance portability online as not all insurance companies in India provide the online porting facility yet.
Conclusion
Health insurance portability empowers policyholders by providing them unrestrained access to better health plans with better coverage at competitive prices. Moreover, the policy-porting process is extremely simple, transparent and, most importantly, time-bound. So, if you have found a better health plan for you, switch without a hitch.
This blog is intended solely for educational and informational purposes. The content may include outdated information regarding the topic discussed. Readers are encouraged to confirm the accuracy and relevance of the data before making any significant decisions. SBI General Insurance disclaims responsibility for any errors or consequences arising from the use of outdated information provided herein.
Recent Blogs
Health Insurance
All About Adding Spouse To Health Insurance After Marriage
Marriage brings a lot of changes in your life. Not only does it affect your lifestyle, but it also requires you to switch your investments in a way that are better suited for a family. You will now want to include your spouse to your financial world by adding them as a nominee in your banking accounts and other investment assets. Amidst all these personal and financial changes, do not forget to add your spouse to your health insurance plan. Adding spouse to health insurance after marriage is quite easy and can be done in three ways.
Buying a new family floater plan
If you do not have an existing health insurance plan, now would be a great time to invest your money in a family floater health insurance plan. Health insurance plans for family members cover your spouse, parents, and dependent children. The family floater plan allows you to pay a single premium to cover all named family members for medical expenses.
When buying a family floater plan, do ensure that it offers adequate coverage for you and your family. It is also important to keep in mind that the coverage amount is directly proportional to the health insurance premium you need to pay. This means that a family health insurance plan that offers a sum insured of Rs 10 lakh will require you to pay lower premium as compared to a family health insurance plan that offers coverage of Rs 20 lakh. However, it is advisable to opt for a higher sum insured if you have senior members in the plan.
Adding spouse to insurance after marriage
If you already have an existing health insurance policy, you can extend the cover to your spouse by adding their name to the policy after marriage. Upon adding you spouse, the individual health insurance plan will be transformed into a family floater plan. Since the coverage amount will increase, the premium of the policy will be recalculated. You can also add your spouse to your existing health insurance policy at the time of its renewal. You will need an application form and a few KYC documents like identity proof, residence proof, marriage certificate and photographs, to get this process started. You can easily get the application form from the insurer’s website.
Adding your spouse to the health insurance plan offered by your employer
There are many companies that offer health plans to their employees. These plans usually extend the coverage to the immediate family of the employee. However, this condition varies from one insurer to the other. Hence, it is better to check with your insurance company if they allow you to add your spouse to the existing health insurance plan that is issued by your employer. Here, it is important to remember that the health insurance policies offered by employers are group insurance plans and may, therefore, have certain limitations to coverage. Still, these plans offer a great option for coverage in case you don’t have health insurance of your own.
It is quite important to avail the health insurance cover for your spouse after marriage. This can help the both of you to securely plan your financial future.
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.
Health Insurance
Steps of adding spouse to health insurance after marriage
Marriage is a huge step in everybody’s life. And personal finance has a big role to play for a successful married life. Therefore, it is important to update the financial records, including the health insurance plan, post-marriage.
In case you did not have an individual health insurance policy before the wedding, you can invest in a family floater plan for yourself and your spouse. In case you already have an individual health insurance policy at the time of wedlock, then you do not need to buy another one for your partner. Instead, you can add your spouse to the plan and convert it into a single policy. It is a feasible and simple way of ensuring that you and your partner are adequately covered.
Porting health insurance after marriage is also important. When one of the partners already owns a plan, you simply need to add another partner to the current policy as the spouse. There is no specific rule which specifies who can add the partner. The process of adding the spouse to health insurance after marriage is simple. The one who owns the policy can start this process with the submission of KYC documents such as identity proof, proof of age, photographs and marriage certificate.
The change will come into effect in the next policy renewal by just submitting the additional form and paperwork. Once you do this, the premium will be calculated and pro-rated. It will become a family floater insurance policy that covers all the members of the family for a single premium. You will not have to worry about paying separate premiums for each member of the family. It will cover the entire family at the lowest premium based on the age of the members in the family.
Let us take a look at the benefits of a family floater plan.
A major perk of the floater plan is that you can cover yourself and your entire family in one policy. The policy is easier to handle and you do not have to worry about handling separate individual plans
You enjoy additional benefits like a newborn cover, maternity benefits, etc. It will be highly effective for young married couples who are on the road to starting a family. You must ensure that you choose a plan that covers yourself and the spouse and invest in one right after marriage
You must also get maternity cover at the earliest. It has a waiting period between 0 to 4 years and if you buy the cover on time, you will be able to enjoy the maximum benefits
With a family floater plan, you enjoy the same tax benefits under Section 80D as you do on individual health insurance
Many plans come with a reinstatement feature where you enjoy the reinstatement of the entire coverage after it is exhausted in the policy period. This is only applicable to unrelated claims but it is very useful.
If you do not have a policy and are looking to buy one, consider a joint life policy. It will work on the same lines and will provide coverage to your children in future if anything unfortunate happens to the parents. The main reasons couples should think of joint life insurance are premium reduction and waiver benefits. In this case, if one partner dies due to an unfortunate event, the spouse will not only be entitled to enjoy the full sum assured on the cover but will also be absolved of the responsibility of the payment of premium. Alternatively, the spouse may have to pay premiums only applicable for their own cover for the remaining period of the policy.
After your marriage, it is your responsibility to ensure the safety and adequate coverage of your spouse. You must include your spouse in the decision and speak to them about the coverage you wish to buy. Only then proceed with the decision. The right health insurance plan will offer acomplete protection and peace for the future.
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.
Health Insurance
Advantages of Group Health Insurance
As
the name suggests, group health insurance is aimed to offer health
insurance cover to a group of people, usually employees, and if
offered by an employer. It can also be offered to members of a
professional association or a society. As compared to individual
insurance, group insurance has many benefits for the employee as well
as the employer who offers the insurance.
Comprehensive
cover:
Group health insurance plans offer wide coverage and can be
customised by the employer. It comes with many benefits like
cashless healthcare services at network hospitals. There is no
waiting period which means the employee is covered from day one.
Besides personal accident cover, some group health insurance plans
offer cover to family members of the employee.
Guaranteed
cover: All
employees and in some cases their dependants are covered, even if
they have existing medical conditions. A group insurance policy
doesn't require a separate medical check-up. As long as an employee
is working for the organisation offering group health insurance, he
or she shall remain covered under the plan.
Low
premium:
As group health insurance plans are bought for a larger group of
people, they offer comprehensive cover at affordable rates. The
costs are much lower than individual health insurance plans. Group
health insurance plans can be customised as per the employer’s
budget and requirements.
Tax
incentive for the employer:
Besides safeguarding employees from health issues, group health
insurance plans also provide tax benefits to the employer. Under
Section 80D of the Income Tax Act, tax relief is offered to
businesses that give their employees the benefit of group health
insurance.
Happy
employees: When
companies offer health insurance plans to their employees, they help
retain and attract good talent. A Group Health Insurance plan is a
significant part of the employees’ total compensation. A group
health insurance plan provides employees with financial security
against accident and illness.
Rider
options:
With a nominal extra payment, employees can take advantage of other
additional benefits. The employee can also opt for a corporate plan
along with the base plan offered by the employer. The riders may
differ from one organisation to another.
Provide
your employees SBI
General Group Health Insurance
Group
health insurance is a very important benefit that makes employees
feel like a valued part of an organisation. It helps companies retain
as well as attract talent. SBI
General Group Health Insurance
plans offer multiple coverages: Individual, family floater. It offers
wide coverage from Rs 1 lakh to Rs 7.5 lakh. The group health
insurance plans offer pre- and post-hospitalisation expenses. With
SBI
General group health insurance plans keep your employees happy.
Disclaimer: SBI General Insurance
Company Limited I Corporate & Registered Office: 'Natraj', 301,
Junction of Western Express Highway & Andheri - Kurla Road,
Andheri (East), Mumbai - 400 069. | The information in the
advertisement 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. * ‘Tax benefits
are subject to changes in tax laws’ I 'For SBI General Insurance
Company Limited IRDAI Reg. No. 144 dated 15/12/2009 | CIN:
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