Health Insurance Portability: If you fall in the high risk category during port, then you may have to pay higher premium for the health policy of the new company as compared to the old company.
Health Insurance (Photo Credit: NewsNation)
- IRDAI allows customers to port insurance company and policy
- Plans of three insurance companies must also be checked before portability
Health Insurance Portability: If you have health insurance from any company and you are not happy with the services of that company, then you can take recourse to portability. Actually, if you feel that the premium you pay for your health insurance policy and the facilities are not being provided by the company accordingly. Also, if you are completely dissatisfied about the facilities of that company, then you do not have to worry at all. Let us tell you that Insurance Regulatory and Development Authority of India i.e. IRDAI allows customers to port insurance company and policy.
It is necessary to check the plans of at least 3 insurance companies
If you port your health insurance policy, the new company is free to decide the rate of premium. On the other hand, if you fall in the high risk category during port, then you may have to pay a higher premium for the health policy of the new company as compared to the old company. In such a situation, before porting the policy, you should definitely get information about all these things. Also, the plans of at least 3 insurance companies must also be checked.
Experts say that if a customer is forced to port a health insurance policy, then there can be many important reasons behind it. Experts say that not giving service properly by the existing company can be one of the main reasons for the port. In such a situation, if you are not happy with your existing health insurance plan, then you can opt for the port option. Premium, poor experience and service can be the main reasons for shifting to another company. Apart from this, if the cover provided by the company in the existing policy is not able to meet your needs, you can still choose the port option.
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The process of portability has to be started at least 45 days before the renewal
Experts say that in the existing policy, the hospital room rental limit is reduced and if the claim settlement process of the existing health insurance company is complicated, then that policy can be ported. Also, if the existing company is not digital friendly i.e. follows lengthy and cumbersome procedures then you can opt for porting your policy. Apart from this, it is better to port the policy even if the company takes more than a limit to pay the claim amount. Also transparency is also an important reason for porting. Experts say that if you want to port your health policy, then you will have to start the process at least 45 days before the renewal of that policy and inform the existing company for the same. Customers should get all the information about the new health insurance company so that they do not face any kind of problem in future. More