Finding the best health insurance for you and your loved ones has become easier than ever, thanks to health insurance portability. This scheme allows consumers to transfer their existing health insurance plan from their current insurance provider to another provider. Portability furthers competition and ensures customers have access to better health insurance plans.
If you are interested in opting for health insurance portability, you can do so. However, it is also important that you understand the nuances of portability so that you can get the best health insurance for your needs.
When Should You Opt for Health Insurance Portability?
There are certain circumstances and situations when you should port your existing plan to another service provider. These include the following:
Poor Quality Service: If you don’t get the kind of service you anticipated from your insurance provider, it is time to port to a new provider. A provider that does not offer quality service may also end up denying your claim when you need financial assistance the most. Hence, there is no point in continuing with such a provider.
Insufficient Cover: Most people don’t revisit their health insurance in different periods of their lives. While this is your mistake, your insurance provider should also be advising you. So, if you have inadequate health cover and your insurance company is unable to offer more cover for your health needs, it is time to find a new provider who can fulfill your requirements.
Hidden Clauses: In an emergency, you may find that hidden clauses that you were unaware of course a problem in you getting the required cover. Under such circumstances, it is prudent to shift to a new insurance company that is transparent about its dealings when it comes to health insurance plans.
Slow Settlement of Claims: If your insurance provider takes too long to settle claims or ends up rejecting your claims without a coherent reason, it is time to look for a better company, with a high claim settlement ratio.
Shifting from a General Insurance Company to a Specialized Insurance Company: While general insurance companies do offer health insurance, it may not be able to fulfill your requirements. Also, such a company will give more importance to its other general insurance products. So, it makes sense to shift your plan to a company that specializes in health insurance.
More Affordable Plans: When you compare your health insurance policy with other policies, you may realize that you are paying too much for your policy. The world of health insurance is extremely competitive and you can easily get affordable insurance plans for affordable rates.
Benefits of Health Insurance Portability
Now that you know the circumstances in which porting is a good option, it is time to understand the benefits as well.
- You can customize your health insurance based your existing healthcare needs. You can even get an additional cover if you like.
- There is no need to worry about time-bound exclusions when you opt for portability.
- The benefits from your previous policy continue as is even after you port to a new provider.
- The existing sum insured is usually added to the accrued bonus to boost your sum insured amount. Also, you don’t lose your no claim bonus, which is also added to the sum insured.
- You will end up paying lower premiums, thanks to the health competition between insurance providers. However, do compare health insurance policy online to make the right choice so that you save money in the short- and long-term.
Read Also: how to compare effectiveness of health insurance policy
The Bottom Line
Portability allows you to enjoy better services at a more affordable cost. However, consumer can port their health insurance plans only at the time of renewal. So, this is something you should keep a note of.