There is a common misconception doing the rounds about health insurance – many people falsely assume that once you buy a plan, you have to stick to it for your entire life. However, this is not all true! You can switch health insurance plans whenever you want. The process is known as health insurance portability and this article will tell you all about it!
So, what exactly is health insurance portability?
Many of us have ported our mobile phones. It is the process where you switch to a new service provider whilst retaining the same phone number. Well, health insurance portability is quite similar. It is the process where you switch health insurance providers. However, unlike porting your mobile phone, you can retain multiple components when you port health insurance providers.
For instance, any credit gained for pre-existing illnesses & time-bound exclusions earned with your old plan are transferred to the new plan. You also retain any NCB benefits earned with your health insurance plan.
Why should I opt for health insurance portability?
When you are not satisfied with the services provided: This is one of the most common reasons why people opt for health insurance portability. If you had to make a claim and were unhappy with the customer care support or found the claim process to be troublesome, then you can opt to switch insurance providers. You can look for insurers with good ratings and modern claim settlement processes that will make your life easier.
Insufficient coverage: Your healthcare needs are bound to grow over time. However, not all plans can match your increasing coverage requirements. For instance, you might want to increase your sum insured to Rs. 30 lakhs but your current insurance provider only offers a sum insured of up to Rs. 20 lakhs. Well, in this case, all you have to do is find a health insurance provider that offers the coverage you need and make the switch!
Choice of add-ons: Not all health insurance providers offer the same choice of add-ons. It can so happen that your insurance provider does not provide the extra layers of protection you want. In this case, you can find an insurance provider that does and just port your policy!
Better coverage, lower prices: If you decide to start comparing plans and stumble across an insurance provider that offers the same coverage at lower prices, you could opt to port your plan. In fact, this is one of the most common reasons why policyholders switch insurance plans and providers.
What to keep in mind when switching insurance providers.
Porting your health insurance plan is a great way to get better covers, lower premiums, and improved customer care. However, you must keep in mind a few things to ensure the process is smooth and does not lead to any future hiccups. So, to start with, ensure that new plan providers the coverage you need and is not missing out on any key protection elements. Some plans can be more affordable but they could be omitting some form of protection to keep the cost down.
Timing is also very important when porting a health insurance plan. Make sure you switch plans towards the end of your current policy tenure to ensure you do not waste the premium you have paid. At the same time, do not wait until just before your current policy expires. This is because it could take time for the new plan to kick in causing gaps in your coverage.
Hope this has been helpful, good luck and all the best!