Health Insurance Portability Step by Step Guide

When it comes to buying a new health insurance policy , most people prefer purchasing a policy that has an affordable premium and offers maximum coverage. Besides, people also look at the kind of services provided by the insurance company, in terms of flexibility in the premium payment, claim settlement ratio, waiting period, etc.However, if you are not happy with the services of your current insurer, you need not be stuck with them, even if you held the policy for a long period. Today, for the health insurance policyholders' convenience, the IRDA (Insurance Regulatory and Development Authority) allows porting the policy to a different insurer to get the benefits of lower premium and better services.

Health insurance portability is a facility offered by the IRDA that allows the health insurance policyholders to switch their policy from the current insurer to a new one without losing the accrued benefits. This means if you want to port your health insurance policy, you can retain the benefits such as no claim bonus and need not undergo a waiting period to use the policy.

Porting the health insurance policy is simple. It works like porting your sim card. Here is a step-by-step guide for porting health insurance.

• Choose the new insurer You can do an online search about the various health insurance policies offered by different lenders and choose the one that best suits your requirements. If you have any confusion about choosing the right plan, you can seek advice from your insurance agent.
• Apply with a new insurance company You can start the health insurance portability process by applying with the new insurer. You can do this online through the insurer's official website or an insurance agent. However, you must do this at least 45 days before the expiry of the policy. You must know that there is no guarantee that the new insurer will accept your porting request. The insurer may decline your application if they find that you need not meet their eligibility requirements.
• Fill the portability form After the new insurance company receives your request to port the policy, they will send you the proposal form and portability form. You must fill the form and provide exact details as required and submit the same along with necessary supporting documents.
• Verification of details After you submit the portability form, the new insurance company will do a background check of the details you provide. This includes verification of your medical history, past claim records, NCB details, etc. The verification period varies from insurer to insurer, and it usually takes about 7-14 days for the process to be completed.
• Information exchange Your existing insurance company will provide the details to the new insurer through the IRDA portal in the prescribed format to complete the health insurance portability.
• Completing the port Once the new insurer receives the information from the old company, they will frame the proposal as per the company's norms and send you the new policy documents within 15 days.

Now that you are aware of the steps to port your health insurance policy make sure that you opt for porting to get the most out of your plan. When you renew your policy annually, make sure that you review your policy carefully. If you find a better policy with more comprehensive benefits, don't hesitate to apply for health insurance portability . After all, the primary purpose of the policy is to provide maximum coverage to your family.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.