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Benefits of Porting Health Insurance Policy

by Sonal Shukla

You must probably be aware of the portability feature that allows you to change your telecom service provider for a variety of reasons. But did you know the same can be done with your health insurance provider? To safeguard policyholders’ interests, IRDAI rolled out the health insurance portability option that enables the insured to switch their current insurer if they’re not happy with the service.

Health insurance portability refers to the process of changing your current insurance company for a better one. If you’re not happy with the customer service or getting a better policy elsewhere at affordable premiums, you can use the insurance portability feature to make a switch. 

Also read: Here’s Your Ultimate Guide on Understanding Why You Need a Health Insurance Plan

However, be informed that you can only port to a similar type of policy and the same type of insurance company. It means, if your current insurer is a general insurance company, you can only port to a similar kind of policy being offered by a general insurance company. 

Here are the top benefits of getting your health insurance policy ported to a better insurer shared below.

  • Enjoy Continuity on Accrued Benefits

One of the best and most significant benefits of health insurance porting is getting to enjoy your continuity benefits. For example, if you had a long association with your current insurer and are eligible for a no claim bonus, changing the insurer won’t deprive you of your No Claim bonus benefits. The same goes for continuity benefits associated with the waiting period and other aspects.  

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  • Avail Options to Customize Policy

While porting doesn’t allow you to change the coverage entirely, you can still customize it a little to cover your current medical requirements. You can make customizations with regards to the sum insured, additional coverage, new members, etc. 

To ensure you get the maximum benefit, note down what is missing in your current health insurance policy and see if it can be added while switching to a better insurer.

You can reach out to any insurance agent associated with the insurer you wish to port to or contact their customer support to ask if your planned customizations can be incorporated in the policy while porting or not. Else join some online communities or forums around insurance to seek their expertise for making better decisions.  

  • No Effect on Waiting Period

Another excellent benefit of health insurance portability is getting to enjoy the accrued benefits of the waiting period. For example, if a specific illness had a waiting period of 3 years and you have already completed this waiting period with your current insurer, you won’t have to complete this waiting period from scratch while porting to a new insurer. If your waiting period was completed, you can start taking the benefits even after a few days of successful portability.

  • Better Coverage at Affordable Premium

People usually port their health insurance policy to a new insurer when they see benefits in doing so. And many insurance companies do offer better coverage at reasonable premiums to make more people choose them over other insurers. One example of better coverage can be including maternity benefits in the policy, which were not there in the existing policy.

If you want to get an estimate of the possible premium amount that you’ll have to pay after customizing the policy, you can take the help of an online health insurance premium calculator. Most calculators let people get premium estimates for customized insurance plans, enabling them to make better and more informed decisions.   

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  • Enjoy Better Customer Support

Every policyholder wants good customer support so they can get quick and satisfactory assistance as and when needed. If your current insurance company is failing to provide good customer support, it can be a good reason to port your health insurance policy to a better and more responsive insurance company.

While choosing a new insurance company to port to, take help of online forums and communities on Indian insurance, inviting genuine feedbacks from real policyholders. Unbiased reviews on customer support and other areas is what you need to port to an insurer offering the best customer support.  

  • Enjoy Fast Reimbursements

Many policyholders have shown signs of dissatisfaction while going through the tedious and time-consuming claim filing processes in the past. And the same goes for the reimbursement stage. Switching to a better insurance company can ensure you don’t have to go through complicated claim processes and delayed reimbursements. 

To be on the fairly safer side while choosing a new insurance company, take the help of online resources and communities to get as many unbiased reviews and feedback as you can for verification purposes. Doing so will bring you pretty close to the insurance company that has better and faster claim settlement processes in place.   

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  • Better Sum Insured

When you port your policy to a similar type with a new insurance company, the accrued bonuses get added to the sum insured, increasing the policy’s value with added benefits. The value increases more when the benefits of no claim bonus are combined with the policy while porting. So as a result, policyholders get a better version of their health insurance policy with extra benefits at an affordable premium.

Besides the benefits discussed above, it is the peace of mind a policyholder gets when porting to an insurance company that is more responsive and responsible towards its policyholders. So if you’re facing trouble with your current insurer, you should consider porting your health insurance policy.

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It can only be ported during the policy renewal period, and you have to inform your current and prospective insurer about your wish to port your health insurance policy at least 45 days in advance of the scheduled policy renewal date. Now that you have the essential information, taking a decision around health insurance portability won’t be a challenge.

 

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