Top Benefits of Health Insurance Portability

Health insurance providers have always been working to enhance the service quality of the policyholders. A health insurance plan comes with a lot of benefits and features like no claim bonus, ambulance charges, room rents, lifetime renewability of services, portability of plans, etc. These are some of the common features that are available for all the policyholders. The features can be availed by the policyholders at the time of the claim settlement process. While others can be availed at the time of the renewal of the purchased health insurance policy.

Sometimes, the health insurance plan bought by the policyholders is not as sufficient as it should be and therefore, policyholders can find it difficult to hold up to it. In such cases, the health insurance providers have made it possible for the policyholders to port their health insurance plans. There are different reasons to port a health insurance plan, but the policyholders can do it without any hassles.

Reasons For Health Insurance Portability

Policyholders decide to port their existing health insurance plan usually due to the decrease in the delivery of the services. However, different policyholders can have their own reasons to port the plans and choose another insurer or cover over the existing one. Let us look at some of the possible reasons that can lead to the porting of health insurance plans by the policyholders:

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• Lack of transparency
• Increase in premium amounts
• late reimbursement claim settlement procedures
• Inconvenience during the claim settlement process
• Insufficient coverage of the plan bought

Top Benefits of Health Insurance Portability

Health insurance plans can be ported by the policyholders without any hassles. Let us look at some of the benefits of porting a health insurance plan:

1. For the new policy to meet your requirements, you can customize the plan according to your needs and then make sure that the insurer meets the demands.
2. No-Claim-Bonus and other accumulated benefits are added along with the existing sum assured to get the resultant sum insured under the new policy.
3. The porting of health insurance policies does not affect the existing benefits of your policy and hence, it remains the same even after the change in the cover.
4. Existing benefits are offered at much lower premiums due to the growing competition in the health insurance market among the different insurance providers.

Things To Consider While Porting A Health Insurance Policy

To port your health insurance policy without any confusion or inconvenience you must consider the below mentioned points:

• Always consider the network of linked hospitals of the health insurance provider that you are switching to, to avail of maximum benefits like cashless claims.
• You must compare the premium rate and coverage of the new health insurance policy as sometimes the insurer increases the rate of premium or decreases the coverage under the policy, thereby affecting the originality of your existing plan.
• To avoid any inconvenience and delays in the porting process, make sure that you apply for the porting of a health insurance policy 45 days before the date of renewal of the existing health insurance policy.
• You can port only the waiting period of your existing policy and not the additional features like pre-existing diseases and bonus credit points.
• You must be aware of the sub-limits, co-payments, and other clauses of your new policy to make sure that it is convenient for you. You must also go through its fine print to make sure that your demands have been met by the insurer.

Conclusion

Being a policyholder, you have the liberty to choose a health insurance plan that is sufficient for you as well as your loved ones. Therefore, if a certain plan is not up to your expectations, you can port the existing health insurance plan by making sure that you avail the same set of benefits. You must be aware of the terms and conditions of the insurer related to the porting process to avoid any confusion.

Also Read: Pros And Cons of Health Insurance Portability

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.