Considering Port Your Health insurance? Here’s what you should know

Health insurance is no longer a luxury, it’s a necessity these days, thanks to the stress levels, poor eating habits, and spurt in lifestyle diseases. We must exercise regularly and eat healthy to maintain a healthy weight, but seldom this is possible because we all are on the constant run to meet our basic needs.

Research shows that millennials are more prone to heart conditions, owing to unhealthy junk food consumption and sedentary lifestyle. It’s no secret that medical treatment costs are skyrocketing, and without proper health insurance, one is sure to experience financial strain during medical emergencies.

Opting for health insurance is a wise decision, but choosing the right kind of insurance matters.

With time, our family composition, financial status, health conditions change, this also means that with time you should review your current health insurance to analyze if it still ticks all the boxes in line with your current needs.

Changing health insurance policy is often referred to as ‘porting’. The Insurance Regulatory and Development Authority of India (IRDAI) allows a customer to go for health insurance portability provided the customer applies for this switch 45 days before the policy renewal date.

Upon contacting the desired health insurance company, you need to fill a request form for portability and submit your existing insurance policy paperwork. The new insurer will review your case with the current insurer to understand your health history, premium paying trends, etc… Based on this information, the new insurer can either accept or reject your request in the span of 15 days.

There are several reasons why people look for health insurance portability, let’s first explore the reason behind ‘why’ the need arises for a policy change.

Rigid Structure – One of the most common reasons to consider a change is a sheer fact that your current insurer no longer provides an option for additional coverage. For varied reasons like an increase in the number of dependents, that you wish to expand your coverage and that is restricted in your current plan.

Change of job/location – A lot of people move due to their job and business, maybe when you signed up for your current health insurance, you were happy with the network hospitals because they were closer to your home. But, now since you have moved to a new location or city, and you don’t find reputed hospitals in the network list to choose from.

Age – Age plays a vital role in the need for this change. Your insurance needs in your early thirties are way different than when you step into your fifties. Some of the insurance companies exclude dental health coverage, and with age becomes of utmost importance to aid your routine checkups, any denture replacement, and repair due to accident or cavities.

Also, Read – How to improve your dental health!

Though dental insurance in India is not highly prevalent, like in most parts of the world it indeed became a necessity in the recent past because of various reasons such as increased dental health awareness, customer needs, etc. With the advent of new insurance policies in the market, it always seems that one is more beneficial than the others or at a later time we realize so. That is when we ideally consider porting existing health insurance.

Factors to Consider Before You Port Your Health Insurance

Insured Sum and Premium Amount – First and the foremost thing is to compare the total coverage amount and premium that you need to pay. Choose a new health insurance plan that offers wider coverage at reasonable pricing. You would be charged a small sum for health insurance porting, but ensure the new plan is worth the money you are willing to pay for additional coverage.

Microscopic view of What’s Included and What’s Not Included – Check the inclusion and exclusion list thoroughly of the new insurance policy, you would want to be at peace that your new insurance plan provides benefits for most critical illnesses and even offers dental insurance.

Easy Claim Settlement Procedure and High Settlement Ratio- In times of need, the last thing we want to worry about is running around the insurance company to file a settlement. So check if the new insurer has an easy claim procedure, and get reviews on how easy the cashless transactions can be made.

Hospitals Under Coverage – Another important aspect to check is the list of hospitals in the insurer’s network. You would want to ensure that the insurance company is tied up with most reputed hospitals and are in the vicinity of your place.

Top-Up Benefits- Choose a health insurance provider who offers an easy way to top-up your insurance with additional coverage or benefits in the future based on your need.

Additional Benefits – Check out if your health insurance company offers income tax reimbursements, annual complete health checkups, easy payment of premium in terms of installment option, diagnosis cost reimbursement, etc…