Health insurance portability is a process in which you can change one health insurance plan to another, either with the same insurance company or another without losing any benefits like waiting periods credits.
What are the important thing that you need to keep in mind before porting your health insurance policy~
🌟Apply for Portability: Fill the portability application at least 45 days from the current policy renewal date and make sure to provide clear details to new insurer for hassle free process.
🌟Fill out the Portability Form: Always make sure that all relevant documentation is completed and you fill the correct information in the form.
🌟Record Transfer Between Now and New Insurance Company: Your current insurance company will share all relevant policy details to the new insurer through IRDAI Portal.
🌟Medical Test: The new insurance company will likely do your medical test if needed and this based on your age and health status.
🌟Approval: If the new insurance company accepts your portability request than you need to make payment towards premium.
Why You Port Your Policy~
✔️Improved Coverage: You can upgrade your your coverage or add riders to meet your health needs.
✔️Lower Premiums: Porting can also help you find a plan with lower premium cost than your current insurance company.
✔️Better Network: You can switch to the insurer with better hospital networks so that you get the best health care related facilities.
What Are The Disadvantages of Portability~
❌Renewal-Based Only: Portability is only possible during the policy renewal time not in the middle of the policy year.
❌Complex Approval Process: The process can be complex and lengthy, involving risk assessment and verification by the new insurer.
❌Policy Mismatch: You can only port to the similar type of policy.
Example: Like a family plan to completely different type of policy like a critical illness policy.