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Advantages of Health Insurance Portability

Recently there was a boon for customers of telecom industry, when the new policy permitted the mobile number portability from one service provider to another. It was no less than a revolution that had a double sided benefit. One, a customer no more needed to change their cell number while quitting their current service provider.

Two, the service provider became more stringent towards quality services for the customers. Predominantly, the bonuses were all for the customers. That’s what the facility of portability comes with. If you are aware, the good news is that you have a similar luxury with your health insurance too. That means you can transfer your policy to another insurer keeping about all the benefits of your policy intact.

Some key benefits of health insurance portability are:

  • Mostly, all the clauses for pre-existing diseases will be considered as is with the new insurer – including the time spent before all the diseases are covered
  • The new insurer may waive off the minimum initial waiting period until no cover is provided
  • By and large, there will be no change in other bonuses and the minimum sum insured, when you switch to a new insurer. In addition, you can choose to hike up your sum assured
  • The new insurer may provide you with additional benefits for switching
  • Introduction to new products and enhanced coverage that may be better than the existing one
  • While the premium can be high, there is a possibility it can be low too. So it’s a plus

However, there are a few conditions in transferring your health insurance policy from your current insurer to another.

  • You should be regular with paying your premiums – failing which your portability may be rejected
  • The new insurer may charge you a higher premium than your current insurer
  • The portability request must be placed at least 45 days prior to the policy renewal date
  • The policy will be transferred only at the time of policy renewal

An exception you must know of

During the insurance period, the customer gains credit for the waiting period of pre-existing diseases. It has been mandated by Regulatory and Development Authority (IRDA) that the new insurer must consider the credit gain and the waiting period for the policy portability – only if the policy has been in continuation with timely premium payments and no defaults. 

Minor limitations

If you are covered under a high risk category, regardless of your policy duration and regular premium payments, the new insurer has all the authority to charge a higher premium as part of their underwriting rules. Also if you are eligible for a no-claim bonus from your current insurer, the insurer may not consider paying you for that. In addition, the new insurer will have its own terms and conditions which may exclude expected benefits. So don’t forget to do a detailed research before you switch.

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