Health Insurance Portability: A Simplified Guide

Health insurance portability is the freedom to switch providers without losing your existing health coverage. Porting can be done for various reasons, including subpar service, the desire for more coverage, and so on. Portability encourages competition and provides better options for existing customers by ensuring that firms do not take them for granted. Customers who opt for portability need to be more convinced in their pursuit of a better service without risking the loss of any previously earned benefits should they switch to a different provider.

The Portability of the Health Insurance Application Process:

The following processes are necessary to transfer any health insurance for individuals:

Step 1: The first thing to do is to contact your new insurance company and ask about portability at least 45 days before your existing policy expires.

Step 2: The second step is for the new insurer to provide a proposal, a portability form, and details about available health insurance plans after receiving the request for portability.

Step 3: After settling on a suitable health plan, you’ll need to forward your proposal and portability paperwork to the new insurance company.

Step 4: Once the new insurance company receives the completed forms with the appropriate information, they can contact the previous insurance company to verify the applicant’s claim history, medical documents, etc., or they can visit the IRDAI website. #

Step 5: The existing insurer must submit all required data through the IRDAI’s shared data platform within seven business days. If the new insurer receives this information after the porting request has been submitted, it may postpone its decision to approve the request. #

Step 6: The new insurer will decide whether to take the policy within 15 days of receiving all the necessary paperwork. If a decision is not made within that time frame, they will be compelled to approve the portability request. *

Health Insurance Required Proof Documents

Medical insurance portability requires the following documentation:

  • Coverage continuation, if any claims have been filed, papers like a discharge summary and investigation report, certificates of former policies, and Policyholders’ self-declaration in no-claim conditions are all mentioned in the most recent renewal letter from the previous insurer.
  • Completed forms for the portability of your current coverage and your new insurance company proposal.

Gains from Mobility in Health Insurance

Below, we’ll go through some of the benefits of having portable health insurance:

  • Portability is the flexibility to change health insurance plans as needed. One might modify their nominations and coverage to reflect their current situation. *
  • A policy’s new Sum Insured is determined by adding the Accrued Bonus to the old Sum Insured. In addition to the new Sum Insured, the Cumulative Bonus (CB) is transferred when you make a transfer. *
  • People can opt for portability without worrying about being limited in any way by time.
  • Thanks to Insurance Portability, policyholders can shop for a new insurance company that is more transparent in its dealings with policyholders and has less legalese in its contracts.
  • Medical insurance policyholders can shop around for a provider with a solid track record of satisfying policyholders.

Please note:

  • Timeliness is not one of medical insurance portability’s strong points; policyholders can only decide to switch when their current policy is up for renewal. At other times, portability is not permitted. Use the health insurance premium calculator at such a time to make an informed choice.
  • There will be no significant policy shifts, and customers will not be able to switch to radically different plans. They can only migrate to other policies of a similar sort.
  • Additional benefits may result in higher rates, which may cancel any savings. ##
  • Policyholders who switch from group to individual insurance may find they no longer have access to certain benefits.

* Standard T&C Apply

# Visit the official website of IRDAI for further details.

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.‘