Port Health
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  • What is porting in Health Insurance
  • Explore the pros & cons
  • Steps to port your Health Policy
how to port health insurance plan
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How to port a health insurance plan?

Health insurance portability enables customers to switch to a different health insurance company with their current health insurance policies in place. It makes sure that when policyholders transfer to a new health insurance provider, they do not lose any advantages they have accrued over several successive renewals. When renewing a policy, a person has the option of porting it to another insurance provider.

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What is Health Insurance Portability?

The process of changing your current health insurance policy to a new plan or health insurance provider without losing any collected benefits, such as No Claim Bonus (NCB), waiting period credit, free medical exams, etc., is referred to as portability in the context of health insurance. In the event that clients are dissatisfied with their current policy or insurance company, it gives them the opportunity to transfer to a better health insurance provider. Every policyholder is entitled to portability as long as their prior health insurance was continuously renewed. The policyholder must apply to the insurance firm where he or she intends to transfer their health policy at least 45 days prior to the date on which the present policy's premiums are due in order to take advantage of this service.

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Advantages & Disadvantages of Health Insurance Portability

Take a look at the below mentioned advantages and disadvantages of porting your health insurance policy:

Advantages:
  • There is a customization option that comes with portability through which you can easily modify the policy as per your requirements and lifestyle.
  • The existing amount will be clubbed with no claim bonus in order to calculate a new sum insured.
  • All the benefits of your existing plan will remain in force, even after you opt for portability.
  • Vaccinations for a newborn baby are also covered. Because of the high competition, insurance companies provide existing benefits at lower premiums.
Disadvantages:
  • You can opt for portability only when the renewal date is approaching.
  • You can choose only similar kinds of products.
  • Usually, additional benefits can result in higher premiums.
  • If you want to move from group plans to individual plans, then you might have to lose some advantages that you enjoy with your existing plans.

Common Reasons That Lead To Health Insurance Portability

If a portability application does not adhere to the terms, conditions, and policies of the insurance provider, it may be rejected by IRDAI. Applications for portability may also be denied for the following reasons:

  • Poor service quality
  • Late reimbursements
  • Unreliable claim settlement performance.
  • Hike in premium
  • Lack of transparency
  • Inadequate cover for specific health issues
  • Better deals and more economic offerings from other health insurance providers

Health Insurance Portability Rules

Health insurance portability is governed by a set of guidelines that must be observed by both policyholders and insurance providers, according to the IRDAI. Here are some of the regulations regarding health insurance portability:

  1. Permitted Policy Types

    An insured can port only similar policies. For example, if a policyholder is entitled to a reimbursement policy, then he can only port to another reimbursement policy or from one top-up plan to another. However, a family health plan or an individual health plan can also be ported into a similar policy.

  2. Company Type

    A policyholder can port his/her insurance plan from any general or specialized insurance company to the other.

  3. Renewal

    Health Insurance Portability is allowed only at the time of renewal. Also, it is important to renew your health plan on time without any breaks to take advantage of the same.

  4. Intimation

    Those who wish to port their health insurance first need to inform the existing insurance company in writing, which should be provided 45 days before the renewal date of the current insurance policy.

  5. Acknowledgement

    Within three days of the application, the company will inform you regarding your portability request.

  6. Porting Charges

    There are no charges for Health insurance portability.

  7. Premiums And Bonuses

    As per the insurer's specific underwriting norms, they are free to levy premiums. Therefore, the premiums may vary. However, those who come under the high-risk category may have to pay a higher premium on porting.

  8. Grace Period

    In case the application of porting is under process, then the applicants are eligible for a grace period of 30 days. During this time, the insured has to pay the premium on a pro-rata basis to avail of this feature. As per the IRDA guidelines, the insured cannot be forced to pay the premium for the whole year.

  9. Sum Insured

    Policyholders are allowed to ask for an increase in the minimum sum insured at the time of portability. However, its approval depends upon the insurance company.

  10. The Waiting Period of Pre-existing Diseases

    If the insured is going with the option of increased coverage, then the waiting period associated with pre-existing diseases has to be served as per the new policy.

How To Port Your Health Insurance?

Read the following steps and port your policy hassle-free.

  1. Fill all the required forms that are associated with insurance portability.
  2. Your newly chosen insurer will check all your details within seven days.
  3. The company will pass all the required information via IRDA’s portal (in the appropriate format) for shifting the policy.
  4. The company will process the same further as per the underwriting norms (after they have all the information).
  5. Finally, the company will process your application and will offer a proposal within a span of 15 days.
  6. However, if they take extra time, they will become bound to accept the request.

Documents That Are Required For Porting

You need to present the below-mentioned documents to the insurer for hassle-free processing of your portal application:

  • Policy certificates of the previous years.
  • Revised renewal notice with a clear mention of coverage, continuity, etc.
  • In no-claim cases, self-declaration by the policyholder.
  • Documents of the claims filed (if any) such as investigation report, discharge summary, etc.

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Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.