What Is Portability Under Health Insurance Policy?

Thanks to health insurance portability, most policies are transferable from one health insurance provider to another. This blog post will discuss what health insurance portability is and how it can benefit you.

Let’s get started.

An Overview of Health Insurance Portability

When you purchase a health insurance policy, you are entering into a contract with the insurer. This contract stipulates that as long as you continue to pay your premiums on time, the insurer will provide coverage for you and your family in case of an unforeseen medical event.

One of the key features of most health insurance policies is portability. This means you can switch your health insurance coverage provider at the time of renewal. In other words, your health insurance is portable from one insurance company to another.

How to Port a Health Insurance Policy?

Here are the steps to port a health insurance policy:

1. You’ll get a health insurance portability form from the new insurer. Fill in the form with your details of the existing health insurance policy.

1. Next, you must fill up the proposal form for the new health insurance company. In this form, you must mention your previous health insurance policy details.

1. Submit all the documents to the new insurer. Once the documents are received, the new insurer will start porting your health insurance policy.

Documents Required for Health Insurance Portability

There are several documents that you will need for health insurance portability.

• Identity proof
• Address proof
• Insurance policy
• Proposal form
• Claim history
• IRDA portability form
• Declaration of no claims
• Documents about medical history

Benefits of Health Insurance Portability

Some of the major health insurance portability benefits include:

a)      Customise your Policy

One of the best things about health insurance portability is that it allows policyholders to change their existing health insurance plans. This means that you can include or exclude certain benefits, riders, and features as per your requirement and budget.

b)     No Claim Bonus

No Claim Bonus is a benefit offered by health insurance companies to policyholders who have not made any claims during the policy period. This benefit can be in the form of a discount on premiums or an additional cover.

c)      Premium

The premium is the amount you pay for your health insurance coverage. It can be paid monthly, quarterly, or yearly. Your premium will likely increase as you get older and if you have any health conditions that require treatment.

d)     Coverage Benefits

When you enroll in a health insurance policy, you are typically locked into that plan for a set period. This is called the “coverage period.” Once the coverage period expires, you may renew medical insurance to enroll in a new one.

Can Health Insurance Portability Be Denied?

There are some cases when the portability can be denied:

• In case incomplete information is provided
• If the insured’s claim history is not proper
• When documents are not submitted timely

The Bottom Line

Portability is a health insurance benefit allowing policyholders to switch their policy to another insurance provider. However, it’s important to note that not all health insurers offer this benefit, so it’s something to keep in mind when shopping for a new plan.