Health Insurance Portability
Sachin Shedge .
General Insurance Expert l Vice President at AD Naik Insurance Broking Pvt.Ltd. l AIII Certified l Speaker
In the past, the option to port an insurance policy was not available. You had to continue with the same policy once you purchased it. But now with IRDAs new health insurance porting guideline, one can easily port their health insurance policy from one company to other. Basically, people are porting their health Insurance policy for 3 major reasons.
1)????High premium amount in current policy
2)????Poor service like delay in claim, lack of transparency ?or late reimbursement etc.
3)????Economic offerings with comprehensive coverages
In the above situation one can port their policy from one insurer to another, without losing existing benefits. But there are 5 important things you should remember while porting your health Insurance policy.
1)????Disclose current medical history and the medicines you are taking
2)????Thoroughly check all the waiting periods and capping in new policy
3)????Compare all the coverages with existing health insurance policy
4)????Check the network hospitals under new insurance policy
5)????Start portability process well in advance i.e., 45 Days prior to the renewal date
It is prudent to check the above five things before porting your health insurance policy, to avoid any frustration later.
Sachin Shedge
You can watch my latest interview on Porting of Health Insurance policy on APB Mazha (Marathi News)