Step-by-Step Guide for Porting Health Insurance

Porting Health Insurance: A Detailed Guide

Porting health insurance is an effective way of getting out of a plan that is not serving its purpose the way you hoped. Here’s how you can port a health insurance plan:

New Insurers and Plans

The first step is to research new insurance companies to find a reliable one. Finding a reliable insurance company can be overwhelming, given the numerous options available. Here are a few things you should bear in mind to make an informed choice:

• Coverage offered by the insurer.
• Premium costs and hidden fees (if any).
• Optional riders and additional benefits.
• Types of policy options.
• The claim settlement ratio of the insurer.

Fill a Portability Form

Request a portability form from your current insurer. This form contains details of your present policy, so make sure to cross-check such information and fill in the form with the necessary details.

Verification and Policy Proposal

Submit the portability form to the insurer with whom you want to port your policy. The new insurer then reviews the form, verifies the details, conducts a new medical examination, and performs a verification process. Once verified, the new insurer then sends you a policy proposal.

Final Confirmation

Ensure that you thoroughly verify the policy proposal to ensure it aligns with your needs. If all your boxes are checked, you can pay the premium and confirm the porting of your plan.

Porting Health Insurance: When to Consider?

Porting health insurance is an easy process, and if you are dabbling with the idea, then here are a few common situations under which you can consider porting your health insurance:

Looking for Improved Coverage

As you age and progress through different stages, your current policy may be unable to keep pace. In such cases, you might want to consider porting your plan. This allows you to explore additional coverage while still enjoying the base coverage under your existing plan.

Dissatisfied with the Present Claim Settlement Ratio

The key reason for purchasing a health insurance plan is to ensure assistance during times of need, and if you are dissatisfied with the present insurer's claim settlement process, maybe it’s time to switch to a new insurer.

Pro Tip: The IRDAI publishes an annual claim settlement ratio for all health insurance companies, which you can use to make an informed decision.

Looking for Affordable Premium Options

If you feel that the premium you are paying for your current plan is not justified and you wish for a more affordable option, porting your policy to a new insurer can be a smart decision. You may be able to enjoy the same coverage at a lower premium with a new insurer.

Looking for Other Benefits

Health insurance companies are offering several impressive benefits, wellness programs, loyalty benefits and whatnot. If you feel that your current insurer fails to offer you these, then you can always port your plan to a new insurer. Some benefits you can explore include:

• Access to a wide range of network hospitals.
• Wellness programs and benefits.
• Loyalty discounts for renewing the policy.
• Impressive No-Claim Bonus (NCB)
• E-consultation with health experts, doctors, and other professionals.

Role of IRDAI in Health Insurance Porting

To ensure a smooth and fair porting of health insurance policies, IRDAI has issued certain guidelines that you must know:

Eligibility Criteria for Porting

According to IRDAI, policyholders and insurance companies must meet certain eligibility criteria for porting. Remember that an indemnity health insurance policy can be ported to an individual or family plan only if the policyholder meets certain eligibility criteria.

Underwriting and Decision

The policy proposal made by the insurance company must be done according to the guidelines issued by IRADI. IRDAI also provides a set time frame for such policy proposals.

Protecting the Needs of Policyholders

Guidelines issued by IRDAI focus on protecting the needs of policyholders to ensure that they enjoy the benefits under the existing plan, whether in the form of coverage for pre-existing conditions or bonuses.

Ensuring Transparency while Porting

The guidelines issued by IRDAI also emphasise the importance of ensuring transparency and fairness in the process. These guidelines prohibit insurance companies from denying porting requests arbitrarily and also impose a penalty on the insurance company for non-compliance with these guidelines.

To Conclude

Porting a policy from one insurer to another has become simpler and quicker. However, you must ensure that you find a reliable new insurer with whom you can continue the policy for the long term to enjoy loyalty and other benefits. Since porting is an option you are already considering, you can visit the Jio Insurance Broking online platform to explore the policies offered by various health insurance companies. You can easily compare plans, calculate premiums, explore impressive discounts, and a lot of lore under the same platform.