Introduction To Health Insurance Portability

Are you having second thoughts about your health insurance? Or having issues with your current health insurer? Unfortunately, most people wait to complete the policy tenure before switching to a different health insurer.

With the introduction of health insurance portability, you can now switch your health insurers as per your requirements. It is like taking your old phone number to a new network provider without losing your old number.

Interesting right?

Let us explore how it works, portability mistakes you should avoid, benefits, and more, keep scrolling further.

What Is Health Insurance Portability?

The concept of health insurance portability was introduced in 2011 by IRDAI.

With evolving healthcare needs you might want to switch your health insurance plan for better efficiency and coverage. You are entitled to port your health insurance as per IRDAI terms and conditions without losing any accumulated benefits. However, health insurance portability is applicable only during the renewal period.

Let us understand this with an example:

Shikhar, a 30-year-old working professional suffers from Asthma which was listed as a pre-existing condition in his current health insurance plan at the time of purchase.

After 3 years with the health insurer, the premiums increased and he decided to switch to a new health insurance provider. However, he was worried about having to serve the waiting period from scratch with the new health insurance provider.

Health insurance portability, introduced by IRDAI comes to his rescue in this situation. The portability feature offers Shikhar the benefit of moving to a new insurance provider without losing the waiting period credit for his PED.

Reasons For Health Insurance Portability

Now that we have uncovered what health insurance portability is, let us dive deeper and understand if it is worth it. These are some of the common reasons many people consider porting their health insurance policy:

1. Enhanced coverage

   Health insurance portability offers you the opportunity to invest in health plans with enhanced benefits, additional coverage, an increased number of networking hospitals, and many more such exclusive factors.

2. Affordability

   With evolving life's various financial capacities, you may need a health cover with comprehensive coverage but at affordable premium prices. This is when health insurance portability comes to your rescue as you can switch to a more affordable health insurance plan whenever required.

3. Better Customer Service

   If you have bitter experiences with your existing health insurer, porting your health insurance is the best option to avail of satisfactory assistance anytime, and from anywhere!

4. Better Network Hospitals

   If you live in a city where your health insurer does not have many network hospitals, you might consider porting your health insurance to a provider with a better network of hospitals for cashless hospitalisation facilities & quality healthcare.

5. Policy Customization

   Being able to customize your health insurance is a boon. If you are looking for optional covers, unlimited options, rider benefits, and more consider porting your health plan to a company that provides it all.

How To Port Health Insurance Policy Online?

Health insurance portability is a smooth and hassle-free process that requires you to follow certain steps such as:

List Of Documents Required For Health Insurance Portability

Here is the required document checklist for health insurance portability:

• KYC documents like Aadhar, Driver's License, or Voter ID as your residential and identity proof
• Previous health insurance policy copy
• Renewal certificate
• Claim certificate in case of any claims filed with the previous insurer
• Self-declaration by the insured individual in case no claims were filed during the policy tenure

Terms And Conditions Of Health Insurance Portability

As the concept of portability gains popularity, what are the terms and conditions attached to portability are a mystery to many. Let us understand this concept in detail:

5 Health Insurance Portability Mistakes To Avoid In 2024

Sure, the portability of health insurance has come in as a boon for customers, but you must beware of making the following mistakes:

Health Insurance Portability: Yay Or Nay?

Once you have understood the concept of health insurance portability, the final question emerges.

Should You Do It?

There is no one answer to the question as each individual comes with unique healthcare needs. We have equipped you with all the knowledge regarding how to port health insurance, reasons to port, benefits, and terms and conditions applied.

Consider all the factors of your current health insurance plan before porting your health insurance to another insurance provider.

For further clarification, contact PolicyX today.

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