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With the increase in the number of claims during the second wave of Covid-19, the resentment among policyholders has also risen due to rejection and partial payment of claims. The confusion resulted in grievances and dissatisfaction among aggrieved policyholders. However, proper escalation can lead to good compensation. But if you are dissatisfied with your insurer in case of an unsatisfactory response, then you can consider porting your health insurance policy

Insurance portability is a process when a policyholder switches its insurance policy from one insurer to another without losing out on continuity benefits. “Insurance is an evolving commodity where new innovative products are being launched at intervals. In case you find a new better deal with extra and desirable coverage and more relaxations in terms of additional consultations, room rent capping, increased network hospitals, and lesser waiting periods. It is a wise decision to think about porting to a new insurance service provider,” said earlier Naval Goel, CEO and founder PolicyX.

Here are a few things you should know about health insurance portability.

– The application for portability should be filed at least 45 days before the policy expires.

– The acceptance generally takes 15 days, post which it becomes mandatory for a new insurer to accept the application.

– The acceptance of the proposal depends on the underwriting norms of the new insurer.

– A policyholder can port his policy either through online or offline mode.

– One can also port a group policy to an individual plan of the same insurer.

– The existing benefits such as No Claim Bonus and time-bound benefits get transferred to the new policy on the porting of the policy.

– The waiting period completed under the old policy also gets transferred. If you have a longer waiting period in the new policy then you would be required to wait for the remaining period for coverage of pre-existing illnesses.

– The new insurance company might not port a high sum insured policy if it does not fit in its bracket

– Porting of health insurance has become easier with the creation of a common portal to facilitate the process.

“In some scenarios, changing an insurance service provider may hold some disadvantages as well, in terms of the additional waiting period, extra premium due to increasing age or affected by new diseases, some sort of capping on different aspects of insurance and many more. In short, you might end up losing the existing benefits which you are getting or entitled to get in the near future,” said Goel.