How to Port Your Medical Insurance Plan

Maybe you are a free spirit that travels the globe. Maybe you save rainforests or are just working on saving yourself. Health insurance is key to your well-being and safety. Before renewing any health insurance plan, it is important for you to have a look at your policy and then analyze that whether its premium is worth the benefits that you received. If you think that your plan is a little expensive then you have the right to switch to a new insurance company. Within a few clicks, you will get free health insurance quotes from top insurance companies of India. The best thing about a health insurance plan is that you can port it any time. For the same, all you have to do is a little research. With this article, you will come to know about different ways through which you can easily port your health insurance plan.

Why port a Health Insurance Plan?

One of the biggest benefits that you will get on porting health insurance is the affordable premium or you can say better benefits. With the same, you can easily enjoy the continuous benefits. Let’s take an example that if one of your medical condition is not included in the coverage for initial two years, but in the new health insurance plan the waiting period is 3 years then 2 years of your previous policy will be deducted and your waiting period will be 1 year only.

However, this feature does not go well with the medical insurance policy in India. The porting of a health insurance plan is easier for young people. Mostly, insurance companies hesitate to offer the port option to senior citizen. The reason behind the same is that under the same, the waiting period is either reduced or entirely waived off and the new insurance company’s liability comes into action earlier. When it comes to portability, those people who have undergone a hospitalization or chronic illness receive limited options.

Required Time to Port Health Insurance Plan

A health plan can easily be get ported within the 45 to 60 days of the policy expiry date, the procedure associated to same vary from insurer to insurer. The process of porting is quite simple. You don’t have to go through a lot for porting your existing health plan.

Check Features and Benefits of you new Health Insurance Plan

If you are planning to port your medical insurance policy in India, then it is advisable for you to pay attention to all the features and benefits of new plan. Analyze the new insurance plan thoroughly and compare its features such as waiting periods, exclusions or co-payments etc.

There is no doubt in saying that the premium is also an import factor when it comes to porting, but don’t take it as a sole feature to consider. Do not forget to look at the Incurred Claims Ratio (ICR) of your preferred insurance company. According to the experts of the insurance industry, it should be around 70 percent to 90 percent.

Some insurance company might think of porting a plan after adding a few conditions. You must also check that doess the preferred insurer has imposed any waiting period, or introduced a permanent exclusion so that there is no hassle at the time of filing the claim.

When it comes to port, you should not miss the No Claim Bonus (NCB). It is a reward that you may get for every claimless year.

Time Taken

According to the Insurance Regulatory and Development Authority of India, the portability applications have to be acknowledged by the insurer within 3 working days.

It is mandatory for the new insurance company to provide coverage at least up to the amount of the old insurance policy. All the policies effective from July 1, 2011, are liable to avail the portability option.

If you own a health insurance plan, but now you are thinking of porting the same then you must explore all the available options and can take help of an online insurance web aggregator- PolicyX to choose the best one according to your needs.

Wrapping it Up

If you have the option to port then there is no insurance company which can reject your application only if your details are going well with the insurer’s terms and conditions. As we all are aware of the fact that porting is a little difficult thing. It is not a beneficial thing for the insurance company so they basically avoid such applications.

Start looking out for new plans at least 3 months before the due date so that you can research well and find the best plan. Always crosscheck all inclusions of your chosen policy so that your claim process become smooth.

 

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