Portable Health Insurance
With a fierce competition in the Insurance Market, various MNC’s are busy playing their cards. Insurance Portability is the new feature that the companies are eying upon. They are trying to lure the policy holders of other companies towards them, by offering various eye grabbing inclusions and claim facilities, and by hiding their stringent norms and procedures to be followed, when an individual tries to file a claim.
Along with various benefits due from the Insurance Portability, one also has to asses risk factors before they chose the above said. The new insurer would definitely list the benefits, but we list you the risk factors:
- Insurance Portability is only possible at time of renewal of your existing policy.
- Request for “Shift of Policy” must be applied with the ongoing insurer before 45 days of the renewal period. If not the portability request can be rejected. A new policy should be taken if you chose a new insurer.
- Careful monitoring of inclusions and exclusions from the previous policy is required. The new insurer may be covering few of the “pre – existing” diseases.
- During portability, the new insurer might ask you to pay “high premium” for some diseases that are not included in their policy, which might have been included in the previous insurer policy.
- The sales representative are only meant for sale of the policy, not to completely point out various other influencing factors at the time of claims. So do go through the policy papers from the new insurer before your sign.
- The new insurer can reject the claim on the grounds of “non – availability” of previous policy documents or break in cover. So a break in cover must be avoided and all the previous insurer’s policy documents must be filed and submitted.
- One should be aware about the different norms in assessing your health and fitness by your new insures, which can be different from your previous insurer.
- The new insurer might take your age into consideration. Especially, if the age group is from 60 to 69, you might need to follow some strict guidelines before porting your insurance policy. People aged 70 and above are usually not considered for portability.
- One has to lose “No – Claim Bonus” during portability. The sum insured and the bonus will be taken as base for the policy with new insurer, raising the monthly premium which needs to be paid.
- Looking out for waiting periods is very important. You might end up receiving the sum insured with the previous insurer in case of a claim, even after you increase the sum insured, and paying the extra premium, due to terms and conditions in the waiting periods.
It is highly recommended that, one should go through all the policy documents from the new insurer thoroughly and seek an advice from the appropriate professionals in the industry before choosing a new insurer.
Recommended Read : Portable Health Insurance - Avoid Claim Rejection
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It’s great that you can switch to a new health insurance provider if you are not getting what you want where you are currently insured. But there are so many risks involved, one would really have to want a change to go through all this trouble. Read the article on having portable health insurance claims rejected before you go ahead with these steps.
Portable health insurance was introduced to break the monopoly of the insurance bigwigs. It helps the insurer to choose the best policy available in the market. But the risk factors cannot be overlooked. While switching over one has to be extra alert of the various pros and cons. Just following the trend blindly or listening to a salesman is not advisable.
Portable insurance is the normal consequence of stronger competition in the insurance area. Newcomers will definitely point out the bad things about your old insurer and state only the shiny ones of a new insurer, who is just entering the market. A lot of times the new ones massively pressure the old ones, but at the end of the day, they all the creatures of the same sort.