Getting health insurance coverage is one of the sound steps towards your healthcare. Moreover, in case of dissatisfaction, you can change to a different health insurance provider at the time of renewal. Although porting your health insurance from your current insurer to a new one seems enticing, the process has some benefits and drawbacks. Here is all the information you need to know about health insurance portability.
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Previously, when you would decide to go ahead with the process of health insurance portability, there would be a loss of benefits like a waiting period for pre-existing diseases.
However, the IRDAI protects the policyholders by allowing them to port their current health insurance to another insurer. Apart from this, the new insurer should allow credit gained by the insured for pre-existing conditions mentioned in the waiting period clause. Such a condition is applicable when porting the medical plan from one provider to the other and when changing the type of medical insurance with the same insurer.
Being aware of the rules of health insurance portability plans is just one part of the process. However, understanding the benefits and drawbacks that you may face when porting your medical plan from the old insurer to the new will make it easier for you to complete the process efficiently.
Here are some of the most important things to remember while porting your health insurance:
Irrespective of which new insurer you are porting to, it is important to understand that a lower premium amount will reduce the scope of cover. Therefore, it is essential to ensure that the cover amount provided for the reduced premium amount is adequate for your healthcare needs. Failing to do so means you would have to pay directly to the hospital without the involvement of your new insurer.
Some of the features available in your previous medical plan may be different from the health policy to which you are porting. Therefore, it is understandable that some features might be strictly limited to the old health policy that are not available in the new health policy.
For example, if you have purchased a policy that provides pre-hospitalisation coverage for 60 days and the new insurer provides the cover for 30 days, then this feature cannot be changed. You must take up a new medical plan that includes such a feature.
It is important to note that each cover within the health insurance you have purchased comes with a sub-limit on the amount that can be claimed. It is, therefore, necessary to check the sub-limit when porting to a new health insurer. Doing so will ensure that the sub-limits do not come as a surprise at the time of claim.
The points mentioned above will help you choose the most suitable medical plan quickly. For assistance, you can speak to our health insurance experts or write to us at email@example.com. Our experts will help you through your health insurance portability procedure.
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