When choosing health insurance, most prioritize plans with extensive coverage and reasonable premiums. Additional factors include the range of services, flexibility in guidelines, and claims settlement ratios. It’s important to know that dissatisfaction doesn’t indefinitely bind you to your current insurer. Health insurance portability allows you to seamlessly transfer your policy to another provider without losing accrued benefits. This provides the flexibility to align your insurance with your evolving needs and preferences.
What Is The Portability Of Health Insurance?
Health insurance portability allows individuals to switch insurers without losing benefits earned with a previous provider. This includes retaining advantages like cumulative bonuses and avoiding additional waiting periods. *
How Is A Health Insurance Policy Portable?
Transfer your health insurance seamlessly by conducting a Google search for insurers offering better benefits and reasonable premiums. Your insurance agent can also guide you through the process. Follow the provided instructions, including actions from the insurance company and the policyholder.
Step 1: Select A New Insurance Provider
You can go online, look up the different health insurance plans other lenders offer, and select the one that best meets your needs. You can also ask your insurance agent for advice if you still need clarification. You can make the choice based on the cost of the premium determined using a health insurance calculator.
Step 2: Submit An Application To The New Insurer
Applying to the new insurer will start porting the insurance policy. You can do this through an insurance agent or online. But remember that you must use the policy’s portability 45 days before your health insurance policy expires. Additionally, remember that not all insurance companies can guarantee portability, and if the insurer determines that the risk is unacceptable by their policies, your proposal might be rejected.
Step 3: Complete The Form For Portability
After receiving your application to transfer family health insurance, the new insurer sends you the proposal and portability forms, which you must adequately complete with all the information requested by the insurance provider. These forms must be turned in to your new insurance company.
Step 4: Confirming The Information
The new insurer verifies the information you supply through a background check. This includes an examination of your past claims and medical history. Your current insurance provider is contacted to obtain data for the verification process. The verification period varies from insurance company to insurance company and usually takes 7 to 14 days to complete.
Step 5: Information Exchange
By the format required by the regulating body to port health insurance policies, your current insurer now transmits the information sought by the new insurer via the Insurance Regulatory and Development Authority (IRDAI) portal.
Read more about – Can We Claim Health Insurance From Two Companies?
Step 6: Proposal Framing
After obtaining the relevant data from your former insurer, the new insurance company structures the proposal by their corporate policies.
Step 7: Sending Out The Proposal
In about 15 days, your new insurer processes the insurance policy and sends you their proposal. You can be sure that the new insurer will accept the porting of your insurance policy if they have received all the required information but have yet to send out the proposal.
Standard T&C Apply
Visit the official website of IRDAI for further details.
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.