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Health insurance portability is an option to switch one’s policy from the existing insurance company to another. When you change your health insurance policy from one insurance company to another, you don’t lose the benefits you have earned. The new insurer has to insure you at least up to the sum under the old policy. Policyholders will also get the benefits from the new insurer pertaining to the waiting period for pre-existing conditions gained with the old insurer.

The insurance regulatory body of the country, IRDAI launched health insurance portability in 2011. Customers can port their policy via online as well as offline modes. They can even port their policy from a group plan to an individual plan provided it is by the same insurer.

Conditions

There are some conditions for health insurance portability.

– Anyone can apply to port the policy only at the juncture of renewal.

– Apart from the waiting period credit, all other terms of the new policy including the premium are at the discretion of the new insurance company.

– The policyholder must submit a written application to the existing insurer 45 days prior to the date of policy renewal and also mention the new insurer to which one would like to port the policy.

Benefits

There are some important advantages of health insurance portability. Take a look.

– Almost all pre-existing condition clauses will be taken into account by the new insurer.

– The new insurer can waive the minimum initial waiting period.

– When you switch health insurance policies from one company to another, your bonuses and minimum insured amount will remain unchanged.

– Another benefit is that the new insurer may offer you additional benefits for switching your policy.

– Your policy premium might change and it is also possible that it may be lower.