The requirement and suitability of a product or service for every individual changes as time passes. What a person might desire at age 60 will vary from what he desired at 30. Addressing this fluctuating temperament, the Insurance Regulatory and Development Authority of India came up with a concept similar to Mobile Number Portability. In Mobile Number Portability, an individual has a choice to shift to a better network that matches his needs without changing his number. Similarly, Health Insurance Portability is the shifting of health insurance from one provider to another without any major adjustments. This article will cover aspects like when to port your health insurance, what are the potential perks and disadvantages of porting your insurance, and how you can swing from one insurance provider to another.

What is Health Insurance Portability?

Health Insurance Policy is a novel scheme under which policy holders of one company can effortlessly transfer their existing health policies from current provider to their desirable provider. Insurance portability was introduced to ensure that insurance companies do not take the trust of insurance holders for a toss. Portability will always create insecurity that non-delivery of quality services can cost them their customer. Customers that port their insurance to another provider can do so without worrying about losing any benefits accrued from the previous policy.

Policy holders need to understand that only policies belonging to a particular type can be ported. As a policyholder you can migrate from reimbursement insurance policy of one company to another or top up policy from one company to another. But you cannot rove from reimbursement to top-up policy while you port. But you can port your policies from any generalized/specialized company to any specialized/generalized company. Both Individual and family policies can be ported.

When to go for Health Insurance Portability?

Before you take a hasty decision and port for the sake of it, it is vital to analyze if there is actually a need to port. Below pointers can act as a base to determine if it is the right time to pick another health insurance provider.

• Superior offering:The only rule in the market is survival of the fittest. When you find another health service provider offering better services at best rates, then it is the exact moment for you to shift. When you also find similar plans at a much cheaper rate, you can port to save some money.

• Extra cover: Who does not want to dodge medical traumas with additional cover? If an insurance provider offers sufficient cover against some disorders that concern you, you should switch. For example, if you have a family history of certain ailment and your current health insurance doesn’t cover that particular disease, while the company you plan to switch over covers you against the same, then it will be a wise decision to swap the insurance company.

• Slow Claim settlement: If your current insurance company takes forever to settle a claim or has a history of slow claim settlements, it is better to look for options.

• Moving to a specialized company with transparency:

Health insurance companies have tons of hidden clauses that common man pays no heed to and suffers at the time of settlement. Also, having insurance with a specialized insurance company is always better than having one with a company that has generalized offerings. If you find a specialized company that is transparent and more suited to your needs, you should definitely take a leap and port your insurance.

How to port health insurance?

Portability of a health insurance policy is not a very tedious procedure. Before you apply to a new company to port your policy you need to check if:

• You are applying for port only during renewal period of the current policy. If your policy with the existing policy holder renews every year in April, you can port only in the month of April and not during other month.
• As you are aware and confirmed that you yearn to switch to another policy holder, you have to make an application for policy portability in the new company 30-45 days (different for different companies) prior to the renewal period. Now that your policy is up for renewal in April, you need to apply for portability in February End/March with the new insurance provider.

Process of applying for Health Insurance Portability

• During the renewal period as explained above, submit an application to the company you want to switch your insurance to.
• While application you have to fill the new company’s proposal along with portability form.
• Once application and portability form id submitted, new insurance company will verify policyholder’s details and past medical history with the old insurance company.
• New insurance company has an option to reject your proposal based on innumerable reasons especially after seeing the medical history and claims.
• If the policy is not rejected within 15 days, portability is successful and the insured should renew the policy with the new policy provider without any break.

Documents required for Health Insurance Portability

• Copy of the last year policy schedule issued by original insurer.
• Self-declaration by insured stating no claims made.
• If there is a claim made with the existing policy provider, then discharge summary, investigation, and follow up report copies.
• If there is a past medical history of the insured, then consultation papers, prescription, investigation, treatment and report copies.

With no additional porting charges, health insurance portability is a good choice if the insurance provider is not up to the mark and fails to deliver the promised services. But with multiple pros like better service and claim settlement, along with a new tailored policy, cons should not be ignored. The time period for portability, rejection possibility and higher premiums for additional benefits availed with the new provider might oblige certain set of people to give porting another thought. With an excellent aim to get the best for the money you pay, health insurance portability is a better alternative for the customers.