10 Things to Check While Porting a Health Insurance Policy
Gone are those days when you were made to wait while continuing with your current health insurance for the sake of accumulated benefits and time-bound coverage. As per the guidelines of IRDA, now there is a new concept of health insurance portability in place.
If any time you feel dissatisfied with your current health insurance policy because it rejected your claim or failed to deliver what it promised, you may opt to move out and go for a similar plan with a new insurer of your choice. Portability lets you enjoy the accumulated benefits of the existing policy too.
Once you have decided to switch from one insurer to another, you must consider certain factors while choosing another health insurance policy for you and your dear ones. These are explained below:
1. Regular features
Choose a health insurance policy that offers both hospitalization and daycare procedures without any sub-limits. Remember that all the policies are different from each other and are governed by their underwriting principles.
Hence, choose the best one suitable for you with the maximum benefits. You may write to us at email@example.com to seek help in choosing the right plan for yourself and your near and dear ones.
2. Age limit for policy renewal
Always find a health insurance company that offers renewal throughout life. This is important because you need health insurance the most in old age as your health deteriorates the most then. So, you must ensure that you have it for them too.
3. Claims-led rise in premium
You must search for health insurance plans that do not place additional loading on premiums for claimed years.
4. Cashless or reimbursement
An important thing to consider during the process of health insurance portability is your mode of payment and collection of medical expenses. You must go for a policy that will free your mind regarding payments. Choose the one where you don’t have to pay first and then submit bills. This will keep you at ease at the time of medical emergency.
5. Network of hospitals, doctors
Review your current health insurance policy and always choose the one which has a broader range of network hospitals near your residence. It is important at the time of emergency, it would be the need for the hour to rush to your nearest hospitals that offer good treatment. Look for these hospitals should be covered in your new policy.
6. Increasing coverage without restriction
With skyrocketing health care expenses these days, it becomes necessary for you to opt for a plan that does not put any restriction on you for coverage. This is because it may be insufficient in the future when you are likely to need it.
7. Waiting period
In health insurance plans, waiting periods can be of 3 types. In the first one, the waiting period is of 30 days for fresh policies. In the second one, the diseases are covered after a period of 1 or 2 years. These diseases can be kidney stones or appendicitis. In the third one, the waiting period is of 4 years for pre-existing diseases. These diseases include type 2 diabetes, cancer, and heart disease.
8. Medical history
You may not be permitted to port your health insurance if you have a pre-existing disease or a health problem that requires frequent visits to the hospital. To examine health condition, the applicant has to undergo a medical test if he/she is above 45 years of age. Your request for portability can be rejected by the new insurer if medical conditions state the symptoms of illnesses such as diabetes, high blood pressure. Apart from this, your application can also be rejected in case of a history of heart problems or renal failure where recurrent costs are high.
9. Increase in sum insured
If you apply for an increased sum insured at the time of portability, your health insurance company will believe that you have plans to file bigger claims in the coming years. Also, for an increase in the sum insured, there has to be a waiting period served.
10. Technical snags
The new insurance company can reject your request for portability if you have filled in wrong or incorrect information or if you do not possess the necessary documents of your previous policy. Also, IRDAI states that the request for portability must be filed at least 45 days in advance before the date of renewal of the current policy.
So, initiate the process in advance always to get the desired benefits.
So, when you are sure about porting your health insurance policy, then the first step should be to fill and submit the proposal form of the insurer you desire to port to. Along with it, you also have to fill a standardized portability form.
Once the company receives your request for portability, it will underwrite as per its guidelines and will inform you about the final decision. You must start the process at least 45 days before your premium is due. This will hedge the risk of a break-in coverage anytime.