Health Insurance Portability

Do you have the same phone (or even the same brand) as you had five years ago? How about your automobile or motorcycle? If you haven't already switched, you're undoubtedly thinking about it. That's how we work: we're always evolving, improving, and updating. So there's no reason to think you'll stay with the same health insurance company or even insurer for the rest of your life.

Because of this, you might want to explore switching insurers.

Your circumstances have altered (your marital status, income or health condition)

You may have discovered hidden provisions in your current plan that you don't like.

You may require specialised coverage not provided by your current insurance.

Other insurers may be able to provide you with better service, lower rates, or faster claims processing.

You've discovered an insurance who gets you and helps you #ThinkAhead (Way to go!)

I've made the decision to switch insurers. Is it, however, even possible?

Yes, to begin with. You have the option to change your health insurance provider at any time, and this applies to both individual and family floater policies. However, it's advisable to do it as near to renewal as possible to avoid wasting the year's premium. Only one criterion is imposed by IRDAI: you must apply for porting 45 days before to your renewal date.

To do so, you must first:

Inform your existing insurer of your want to transfer your policy.

Tell them which firm you'd want to transfer to.

Fill out a proposal form with the new insurer and supply the old policy's data.

Even if you have a 30-day grace period, renew your insurance without delay.

When it comes to porting your insurance, there are a few things to keep in mind.

Your new insurer has 15 days to reply to your request to port. They must contact your former insurer to offer you with short-term insurance if there is a delay and your policy renewal deadline is nearing (for up to 30 days).

Your new insurer must take into account the time you spent in the former insurer's waiting period for any pre-existing conditions. That implies that if you had a four-year waiting time for a pre-existing condition and had the old insurance for three years, the new policy will only have a one-year waiting period. However, keep in mind that if you wish to raise your sum insured, you may have to serve the waiting time again.

Your new insurer must insure you for at least the same amount as your old policy, so you won't have to make any concessions. If you have a 5 lakh insurance, for example, the new insurer must provide you a policy with at least 5 lakh coverage.

Remember that pre-existing sickness coverage varies per plan, so be sure you read the complete list of conditions covered before you port.

What kind of paperwork would I require?

Transferring your health insurance is a straightforward process. You'll need the following items to do so:

Current insurer's policy paper

a copy of the insurance renewal notification or the policy schedule from the prior year

If you haven't made any claims with your previous insurer, you must self-declare.

You'll also need to send the investigation report, discharge summary, and follow-up report if you filed any claims.

Your health insurance is essential for keeping your mind at ease as well as safeguarding your hard-earned money from unanticipated events. So, if you're not happy with your coverage, there's no need to keep it.