Health insurance policy is all about mediclaim and health-related facilities provided at the time of emergency and hospitalization. What if you are not satisfied with the facilities provided by the health insurance company? Here is a similar case to guide you in the right direction.
Nishtha Chauhan, a dweller of New Delhi was not satisfied with the claim settlement approach of her health insurance company. Neither she was comfortable with the different benefits provided by the company.
The 30 years old insured wanted to come over this problem anyhow. There are many such insured tolerating the bad services of their insurance company. IRDAI came to the rescue of such insured with the facility to a port health insurance policy.
What Is Health Insurance Porting?
Porting health insurance permits the policyholder to change between two insurance companies of similar plans without facing any loss in the accumulated credit won. In case the waiting period has been completed for a certain disease then the insured does not need to serve notice period again.
How To Port Health Insurance Policy?
The port procedure is very easy and hassle-free. It can be done by anyone with little effort. Here are the steps that are needed to be followed to port a health insurance policy:
- On-Time Application: The application to a port medical insurance policy should be done within 45 days to 60 days before the expiry of the existing policy with the old insurer.
- Complete The Documentation Stage: On receiving a port application form, the new insurer would ask you to go through proper documentation process which is to be completed successfully. Provide all the details and documents to the new insurer and complete the formalities. The sooner it is done the better it will be for speeding up of the health insurance policy port.
- The 7 Days Limit: The new insurance company has 7 working days time limit to cross-check and obtain the insured’s medical history and claim history details from the older insurer and accelerate the application process.
- Involvement Of IRDA: There is a specific format on the IRDA website specifically for the medical insurance-related porting. All the information about the applicant received from the previous insurer is to be passed on to the IRDA website by the new insurer. After the approval and receiving the information, the process of the health insurance porting is initiated.
- The Flip Side: There is a time duration of 15 days within which the new insurer can either accept or reject the health insurance port application. In case the insurer does not come to any conclusion than in such a scenario then it will surely have to accept the application for health insurance porting.
What Is The Impact Of Health Insurance Policy Port On Add-on Benefit?
The health insurance port procedure can be performed smoothly along with the restoration of the accumulated benefit. When an insured changes his insurer one question comes to everyone’s mind, “Am I going to miss out on the accumulated benefits of the previous policy tenure”. But there is nothing to worry as the accumulated benefits are restored even though you choose for health insurance port.
Important Things About Porting Health Insurance Policy?
Here are a few of the important facts that you should be aware of before you take a step to port health insurance.
- The health insurance port process is comparatively easy for an insured without any pre-existing conditions/diseases and who has not claimed his/her policy.
- You can enjoy your medical insurance plan without any waiting period after the porting is completed. For example, if you have waited for three years for the treatment of a particular disease under the earlier insurer then you do not need to serve any waiting period under the new insurer.
- Accumulated credits (like no claim bonus/NCB) of the previous insurance company are automatically restored.
- There can be a situation that at the time of buying a medical insurance policy from your older insurer you did not have any medical conditions like diabetes or blood pressure. But now when you are opting for porting of medical insurance policy, you have a medical condition say diabetes then these things should be mentioned to the new insurer. Under these circumstances, you might have to serve the waiting period subjected to the terms and conditions of the new health insurance company.
You may also like: How To Appeal Against Rejected Health Insurance Claim?
When Is The Right Time To Port Health Insurance Policy?
Generally, everyone is so busy tackling life situations that you never notice certain things happening or it might be minor problems for you. People do not realize that when it the right time to take action and switch to another option. So, here are some conditions to help you out. If any of the conditions match your case then you require to port your health insurance policy.
- Poor Services Offered By The Health Insurance Company: Health insurance companies promise many facilities at the time of selling the health insurance policy. But frauds are frequent in the insurance sector. It might be possible that they deteriorate on the quality part of the services. In such a case the insured should always take an initiative for the medical insurance porting.
- No Additional Cover Is Provided: If you are prohibited from increasing your sum insured limit then you have the choice to port. Some insurance companies focus on the policy with the insured sum of Rs 10 lakh and don’t prefer to stretch the limits, suppose to Rs 50 Lakh. This is because of the reason that they won’t be able to provide coverage up to that limit. You have the right and full freedom to choose a plan and insured sum according to your choice. So, you can go for health insurance porting at any point time.
- A Better Option From The Competing Insurance Companies: The cutthroat competition in the insurance market brings to you the best of the health insurance plans. In case you are getting a better plan offered by other medical insurance companies then you should make sure to switch to the health insurance port facility.
- No Transparency In Policy Documentation: There might be times when there is a hidden clause of the policy that you were not aware of but at the time of claiming the insurance you come across the clause and you find yourself uncomfortable with it then you always have a second choice.
Health insurance companies have become more customer-oriented and steps have been taken by the IRDA to improve the clauses of policies for the betterment of the policy buyers. It was a time when people used to think that if I have bought a medical insurance policy I am stuck in a bad situation. Now, you can switch to different health insurance plans preferably.