While you are on the lookout to buy a health insurance, there will be umpteen agents behind you luring you to buy one. Once you have signed the agreement your agents might not be on their best behaviour and not offer you everything they promised. Under these circumstances, if you feel that you should change your insurance provider, you easily can. How? with the help of portable health insurance.
What is portable health insurance?
Portable health insurance is the ability to shift from one insurance provider to the next without losing any benefits or credits from the current insurance provider. The Insurance Regulatory and Development Authority (IRDA) made it possible to ensure that everyone gets better and improved service and delivery while obtaining a health insurance. You will also not lose any of your credits while shifting, this is most beneficial for those who are not happy with their health insurance policy of health insurance provider.
For whom is portable health insurance useful?
- Those with pre-existing diseases
- Those who are qualified for bonus but are forced to be with the existing provider for the fear of losing credits.
- Those moving to another city or state where the existing provider is unavailable
- Those experiencing bad customer service and ignorance from existing service provider.
- Some providers might give coverage only till a desired age, shifting to a new provider can give coverage till a higher age.
The procedure involved in portable health insurance
- The procedure is very simple, the application form to shift your policy must reach the new insurance provider 45 days before the renewal of current policy
- You will receive the proposal from the new insurance provider and you need to select the cover that best suits your needs and submit the same to existing provider.
- Within seven working days the existing insurance provider needs to submit all your documents and details to the new insurance provider.
- After retrieval of all information from existing provider, the new provider will take the necessary steps and action in a matter of 15 days.
Risks involved inportable health insurance
- The new insurance company decides the premium based on its norms which could be higher for the same cover.
- You must shift your insurance policy before the existing policy expires, else your portability can be denied.
- Terms and conditions vary from one provider to another, make sure you read all the inclusions and exclusions in the policy and then confirm your decision to shift.
Benefits ofportable health insurance
- You can carry forward the waiting period or credit of your pre-existing diseases into new plan
- The 30 day window period (disease arising in 30 days while a new policy is opted is usually not covered) is waived upon portability