All You Need To Know About Portability between Health Insurers
Health insurance benefits are highly debated among policyholders. Every policyholder wants to yield the most benefits in the premiums that they pay. Insurers have been trying to do this for the policyholders. However, to provide the policyholders with the best, health insurance portability comes in the picture.
What is health insurance portability?
Health insurance portability is the process where a policyholder can port their insurance from their current insurer to an insurer who provides them with better or different services. Policyholders port their insurance policies to avail of these services.
What are the benefits of health insurance portability?
Health insurance portability is a necessity and is so popular because of the various benefits attached to it. Here are some of the benefits of health insurance portability
Policyholders can opt to port their health insurance plans to an insurer, which has a higher claim settlement ratio than their current insurer. Health insurance portability will provide the policyholder with a better and smoother claim settlement process
If the current insurer does not provide the policyholders with the updated and latest services, they can opt for health insurance portability. In this case, the policyholder gets better services and more opportunities to make the most of their health insurance benefits
Need for Special Services
In some cases, the policyholders need some special services which are not available with their current insurer. Health insurance portability helps the policyholders to avail these services from a different insurer.
Several insurers provide lower premiums than the policyholder’s current insurers. Lower premiums make health insurance plans affordable for the policyholders. So, lower premiums are significant benefits that the policyholder can avail from health insurance portability.
Better add-ons with coverage
Policyholders need add-ons to their health insurance plans, and different insurers offer different benefits. They also opt to port their health insurance plans to another insurance company to get better options for additional covers to their health insurance.
How to opt for health insurance portability?
Follow the simple steps given below to port your health insurance:
- Apply to the new insurer. Make sure you apply to the new insurer within 45 days of the current policy expiration date.
- Fill in and submit the paperwork for the current insurer and make sure you keep the documents of the existing policy for reference
- After the approval of the paperwork, it takes about seven working days to port your health insurance to the new insurance company
- All your information will be fed into the system according to IRDA guidelines
- A new proposal is prepared under the information received. All the underwriting norms are kept in mind while making this proposal
- Once the new proposal is approved, the policy is ported to the new insurer successfully!
Following these steps will help you port your health insurance plan to your new insurer in a secure way. These are all the details you need to know about health insurance plans and their portability.