10 Things to Check before Porting Health Insurance Policy
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10 Things to Check before Porting Health Insurance Policy
Posted On : 28 January 2021, 6 Months Ago. Health insurance
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Health insurance portability helps you to automatically port or switch allowances you have accrued for time-bound exclusions and pre-existing conditions. If you choose to port health insurance from one plan to another with the same insurer or transfer to another insurance company, you can opt for this service. There are some terms and conditions attached to this facility, however.

 

Here are some factors you can take into consideration when deciding to port health insurance policy:

 

  1. 1. Basic Features - Go for a health insurance package that, without any sub-limits, offers both hospitalisation and daycare procedures. Note that all policies are distinct from each other and are regulated by their underwriting.
  2. 2. Waiting Period - There are waiting periods for health insurance plans that typically consist of three timelines: 30 days for new policies, up to two years for most illnesses, and up to four years for pre-existing diseases. Often, you will need to complete the entire waiting period for pre-existing illnesses if you are searching for a higher cover.
  3. 3. New Insurer's Coverage Provided - Let us assume you have agreed to port health insurance policy, after giving it some thought, to enjoy lower premiums. While providing lower premiums compared to your current policy, some insurance providers can, however, resort to reducing coverage. So, before switching to a new insurance policy supplier, check the insurance cover.
  4. 4. Higher Sum Assured - When applying to port health insurance policy, you can always demand an improvement in the amount guaranteed. This is, however, strictly at the discretion of the underwriter. Also, if you attempt to port a single member out of a floater cover with a substantial increase in the amount promised, you can come directly under the new service provider's scrutiny. This generally occurs when you are looking for an undesirable health condition to improve your coverage.
  5. 5. Application Timeline - The earliest you can apply for porting of health insurance is 60 days before the expiry of your existing health insurance policy, and the latest is 45 days. Bear in mind this timeline to prevent rejection of your submission. The insurance regulator also needs to have insurance claims and other information within 7-15 days of your portability form being submitted.
  6. 6. Submitting the Correct Application - Make sure you have filled out the necessary information in the form and have all the documentation in order relevant to your current policy. Also, do not neglect the timeline of the application. If you are below 50 years and have a clean claim record, you have the best chance of acceptance for the porting of health insurance policy. Be sure to carefully compare all your options, and before signing up, do not forget to go over the new insurance company's fine print.
  7. 7. Age - Some insurance providers are hesitant to accept health insurance portability requests for senior citizens, since the older one gets, the more is the vulnerability to health conditions. Some insurers also charge high loading costs if they see that the applicant is over 55 years old.
  8. 8. Medical History - If you have a pre-existing condition or a health concern that needs regular hospital visits, you will not be able to port your health insurance. The applicant must undergo a medical examination to examine his or her health condition if he or she is over 45 years of age. If medical conditions show the signs of illnesses such as diabetes, high blood pressure, your offer for health insurance portability may be denied by the new insurer. In addition, in the event of a history of heart attacks or renal failure, where recurring costs are high, your application may also be denied.
  9. 9. The Network of Medical Facilities - Ensure that whichever policy you choose to go ahead with has a reliable network of doctors and hospitals in locations that are convenient to you. It is necessary to hurry to your nearest hospitals that provide good care at the time of emergency. Your new policy should cover hospitals. It is important to keep this in mind while porting health insurance.
  10. 10. Reimbursement - Your means of payment and collection of medical costs is an important thing to remember during the health insurance portability process. You must go for a policy on payments that will free your mind. Choose the one you don't have to pay first and send the bills afterwards. At the time of a medical emergency, this will keep you at ease.

 

Conclusion:

 

For any insurance client, porting is a useful option, as it provides the ability to move to a better policy. Better quality requirements from the new insurance provider are among the advantages of health insurance portability. You will get a competitive price and better features on the plans, as a policyholder. Besides, depending on your potential needs, you will be able to configure a policy. Portability, therefore, tends to close the difference between the existing plan's coverage and those offered on the market.

Max Bupa health insurance is one of the best options on the market today. The benefits of porting health insurance policy to Max Bupa include customer-centered, digitally enabled, products and services for clients, such as pre-authorization of cashless claims within 30 minutes, direct claim settlement, help desks (Point of Care) at leading hospitals, pan India.

 

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