Imagine a person who has a health insurance plan and does not able to fulfill his or her needs and preferences. Well before renewing your health policy, you should analyze and understand whether the premium you are paying is worthy or not. If it justifies your all offered benefits and insurance coverage then it’s great. But if not, then you can switch to the new insurance policy provider. IRDA has introduced some insurance policies and guidelines for the portability of health insurance. Thereby allow customers to escape from your old health insurance policy and take a new one if you are not happy by following proper steps.
Benefits and Limitations
- They get better premiums and other benefits
- They enjoy continuity benefit
For example, a person under his previous health insurance plan, there is no medical condition included in the coverage for the first year. But in the new policy, the waiting period for this condition is 3 years, then 1 year from your previous policy is deducted and the waiting period will be of 2 years.
Besides the benefits, only 50% of porting of insurance is accepted by the insurer.there are some other things that should be taken care of which is as follows:-
- Continuity benefit does not apply to the senior citizen medical-claim policy.porting of a health plan is easier for the young peoples.
- If the person is more than 70 years of age then the porting of health insurance is not acceptable.
- If a person is suffering from any chronic disease such as hypertension, cancer, etc then the porting of health insurance is not acceptable.
- Technical issues such as lack of proper documents, inadequate information, delay in filling of the application form, break-in cover, etc.
6 Step Process for Porting the Health Insurance Plan
Step 1: Apply to the new insurer
The first step involves the filing of an application to the new insurer. your application should be made within 45-60 days of expiring of the claiming period for existing policy.you should know that portability is not guaranteed. the convenience depends upon which insurer you have taken
Step 2: Filling up forms
As soon as you receive the application from the new insurer, fill-ups the forms for porting and submit them
Step 3: Checking of details by the insurer
After the forms, the insurer will check your details regarding a person’s medical history and claims by him with the existing policy’s insurer. it will take a maximum of 7 days.
Step 4: The passing of proposal to IRDA
Now the insurance company will send these details through the portal to create by the IRDA. these documents are sent in a prescribed format by the regulated body. it is a mandatory step otherwise porting will not proceed further.
Step 5: New insurer frames the proposal as per the underwriting norms
When the proposal has been accepted under norms and guidelines established by the IRDA, the insurer frames a proposal according to the underwriting norms that are prevalent in the company
Step 6: Processing of proposal and release of the final decision
This step is time-bound in the processing of the data and subsequent release of the final decision .the new insurer will process and give them in 15 days. bur if it is not done within this 15 days period, despite receiving all the required information, they will be bound to accept the policy-porting.
You are free to port your health insurance plan to any insurer and they can’t reject you if you fulfilling all the terms and conditions prescribed by them. taking or porting health insurance is difficult as many insurers reject. senior citizens are more prone to health so companies do not want to occur losses.
You should start looking out for new plans at least 2-3 months so that you can research well and compare various policies offered by insurers.
You may refer to the Family Health Insurance Plan