Health Insurance Portability

Health Insurance Portability is a customer-friendly feature that allows policyholders to switch from one health insurance provider to another without losing the benefits accrued under the existing policy. This includes the waiting period for pre-existing diseases, no-claim bonus, and continuity benefits.

Why Port Your Health Insurance?

There could be multiple reasons to consider porting your health insurance policy:

• Unsatisfactory service by your current insurer
• Limited coverage or outdated policy features
• Desire for better premiums or additional benefits
• More efficient claim settlement process by another insurer

Key Features of Health Insurance Portability

• Continuity of Benefits: Waiting periods already served are carried forward to the new insurer.
• No Claim Bonus Transfer: You retain your NCB while porting your policy.
• Transparent Process: IRDAI has streamlined portability through a central portal for tracking and compliance.
• Freedom of Choice: You are not tied to one insurer and can switch to a plan that better suits your needs.

Eligibility for Portability

Health insurance portability is available only at the time of policy renewal. You must request portability at least 45 days before your existing policy expires. The new insurer has the right to assess your health and accept or decline your application.

Steps to Port Your Health Insurance Policy

1. Compare plans from different insurers.
2. Apply to the new insurer at least 45 days before renewal.
3. Submit existing policy documents and claim history.
4. Undergo medical tests if required.
5. Receive approval and pay the premium to start the new policy.

Things to Keep in Mind

• Porting is allowed only between similar policy types (individual-to-individual or family-floater-to-family-floater).
• Additional cover in the new policy may have fresh waiting periods.
• The new insurer can modify the premium and features.

Conclusion: Health Insurance Portability gives policyholders the power to choose better plans without worrying about losing accrued benefits. It promotes healthy competition among insurers and ensures that customers are not stuck with unsatisfactory service or coverage.