7 Benefits of Health Insurance Portability

Health insurance is becoming more and more essential nowadays, with many people understanding the importance of investing in good medicine. While most of the plans are good and well-designed, you may be dissatisfied with the specific health insurance plan that you may have. This may be due to the high premium, the slow reimbursement time, the low claim settlement ratio, etc. If you are unhappy with your coverage for any reason, you are allowed to port your coverage and get the insurance plan from a different health insurance provider. This is known as health insurance portability is a beneficial thing to do. Read on to know more.

Understanding Health Insurance Portability

Before we speak of the benefits, let us understand what exactly the concept is all about. When you port your health insurance policy, all you do is move to a different insurance company but continue to stay under a similar medical insurance plan. In other words, the nature and scope of your coverage don’t change significantly, but the insurance company does. You may choose to port your plan due to the following reasons:

The Premium is Too High

The main reason for buying health insurance is to secure your finances. If you have a health emergency, your insurance cover takes care of the expenses, and your own money is protected. However, if you end up paying too high a premium for the policy, you will not make too many savings in the long run. Therefore, you need a plan that is comprehensive yet affordable. Consider health insurance portability if you feel your current health plan has a very high premium.

The Reimbursement Process is Slow

There are two types of health insurance coverage available in India – cashless covers and reimbursement plans. When you have a reimbursement plan, you must pay the bills upfront, and the insurance provider reimburses you later. Some insurance providers take a very long time to reimburse the amount. If your insurance provider does this and you feel they have a long and tedious reimbursement process, consider switching to a provider with a better and faster reimbursement process. 

The Claims are Often Rejected

The entire purpose of buying health insurance is to get financial aid when a medical emergency strikes. This is exactly what a claim does. When you buy the health insurance plan and pay your premiums on time, you expect your insurer to honor the claim when you need it. However, if you feel your existing insurance provider rejects too many claims and you never get financial help from them, do not think twice before porting your plan to an insurer who has a high and healthy claim settlement ratio. 

Better Offers are Available

Many times, insurance companies have some great deals and offer that assure you of getting excellent medical insurance coverage. If you come across any such deal from a different health insurance provider, evaluate it. Compare the new plan’s features with your existing plan, and if you find a better match, port your plan. But while doing so, remember to be logical and not to believe every word of a fancily scripted advertisement film. Ads are often misleading, so you need to do your own research and determine that the policy you wish to port to is indeed better.

Complicated Terms and Conditions

If you feel that the clauses, terms, and conditions of the existing health insurance provider are too complicated and there is very little transparency, consider health insurance portability. You need to work with an insurer who is transparent and offers easy terms and conditions. Find an insurer that does so and get a good health plan from them. 

If you feel your existing health policy has some of the above-mentioned flaws and you have a better offer from a different insurance provider, go ahead and consider porting your medical insurance coverage.

Advantages of Porting Health Insurance 

Here are some of the best benefits you get when you port your health insurance:

More Economical

As stated, the prime objective of buying health insurance has a good financial backup. So, you need a plan that offers economic benefits in the long run. However, if your existing plan is taking away all your money in the form of a high premium, you need to port. Find a better policy with a low premium rate, and you will make a very wise decision by porting. It will help you with your budget and also keep you adequately protected, which is the main aim and purpose of health insurance.

Better Coverage with Faster Claims

You get better coverage with faster claims when you find an insurer that has a high claim settlement ratio. This is a great benefit of porting health insurance, as getting the claim in a quick and hassle-free manner is one of the main requirements you may have when choosing a suitable policy. When you find an insurance provider who offers this and ports it to them, you end up getting several benefits.

No Waiting Period

Another benefit of health insurance porting is that you don’t have to worry about any fresh waiting period. Since you continue with health insurance coverage, your rewards get carried forward. This includes the lapsed waiting period too. In other words, your coverage under the new insurer begins from day one, which is highly beneficial. However, if you make any changes to your coverage or add some extra covers for pre-existing diseases, etc., you may have to undergo a new waiting period, as per the terms and conditions of the plan.

Bonuses Carried Forward

All the bonuses, such as the no-claim bonus, are carried forward when you port health insurance. This is another big advantage of insurance portability as you get to keep the bonuses you earned over the years and not worry about losing them when you switch insurers. 

Better Service

Finally, and most importantly, you get better service when you port. Many people port their plans because they are dissatisfied with the insurance provider’s service. If you choose a new insurer that has a good customer support team, a modern digital presence for health insurance, and offers better service in general, you will unlock a whole lot of benefits for yourself.

As you can see, there are some wonderful benefits that you get when you port your health insurance plan, so go ahead and give it a try if you are unhappy with your current coverage.

In Conclusion 

While it is vital to have medical insurance, choosing the right health insurance plan is of equal importance. If you feel you are stuck with an unsatisfactory policy, do not continue with it. Make use of the health insurance portability function and get better and more comprehensive health coverage for yourself and your family. Do your research and find a better policy from a reputed insurance provider. When you make a switch, you should find better coverage, better pricing, and better service.

Disclaimer: This article is for illustrative purposes only. For further details, please refer to the policy wordings and prospectus before concluding the sales.

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