You may have come across the concept of health insurance portability. It refers to the process of switching insurance providers as per your needs. Policyholders have the right to switch from one insurance provider to another based on what is beneficial to them. However, some may hesitate to take this step as they may not be completely aware of how the process takes place. We are here to help in this regard.
Process of Health Insurance Portability
Only when your current plan is up for renewal can you submit an online application for health insurance portability. At least a few days before the policy renewal date, the transfer must begin. After a few days, your request will either be granted or denied. Your request must be mandatorily approved if the insurer doesn’t accept or reject it within that time frame.
How to transfer your current health insurance plan to a new one is as follows:
Step 1: Complete the health portability form with the specifics of the current policy.
Step 2: Complete the proposal form with information about the new health insurance plan.
Step 3: Submit the supplemental paperwork and pay the premium.
Concept Of Health Insurance Portability With An Illustration
The insurance coverage provided under Mr. Sharma’s current health insurance plan did not satisfy him. As a result, he decided to switch his insurance provider for his policy. The insured amount is 2.5 lakh; he has been with his current insurer for four years. He has also received a total bonus of 50,000.
His current provider told him that health insurance portability was possible with the same amount insured without giving up any accrued benefits. He also contacted the new insurer to learn more about health insurance portability.
With his curiosity satisfied, he chose to port his health plan from Insurer A to Insurer B. He filled out the form and provided the needed documents. Within a few days of submission, he received approval for the portability, and so his new health insurance journey began.
What Advantages Does Health Insurance Portability Offer?
Here are some benefits you can enjoy when you port your plan:
-
Protects Benefits Of Continuity
We all desire to switch from our current insurance plan to one with better coverage without giving up our accrued benefits. You can take advantage of the continuity benefits of the current policy thanks to health insurance portability.
-
Using The Waiting Period Credit In The Future
The current health insurance plan completed or paid waiting period is carried over to the new one. Let’s say your current policy has a two-year pre-existing disease waiting period. And by the end of the policy tenure, you will have finished the waiting period. So, you can start the new plan without any waiting period.
-
Reduced Premium
You may potentially obtain the same services at a more affordable cost by switching the plan or the insurer. If your health insurance rates have increased because you filed a claim during the policy term, this can be especially advantageous for you. Always buy health insurance from a reputed provider. ##
Subscribe to Bajaj Allianz General Insurance Youtube Channel here!
## 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.
