Switching your health insurance policy to a new insurer can help you get better benefits, save money, or improve overall coverage. This process, known as health insurance portability, allows you to move your policy from one insurance company to another without losing your accrued benefits.

This guide explains health insurance portability, why you might want to port your policy, the rules set by the Insurance Regulatory and Development Authority of India (IRDAI), and more.

What is Health Insurance Portability?

Health insurance portability is switching from your current health insurance provider to a new one while retaining the benefits and credit for the waiting periods you have already served.

Introduced by the IRDAI, this feature allows policyholders to transfer their health insurance policy from one insurer to another without losing coverage continuity. This means you won't have to start over with waiting periods for pre-existing conditions or other benefits you've already earned.

Why Should You Port Your Health Insurance Policy?

There are several reasons why you might consider porting your health insurance policy:

• Better Service: If you are unhappy with the current insurer's service, porting can allow you to find a company that offers better customer support and faster claim settlements.

• More Benefits: New insurers may offer policies with more comprehensive coverage, additional benefits, or optional add-ons that better suit your healthcare needs.

• Lower Costs: By shopping around, you may find a similar policy at a lower premium, helping you save money.

• Network Hospitals: Switching to an insurer with a larger or more conveniently located network of hospitals can provide better access to cashless treatment facilities.

• Improved Customer Support: If your current insurer has poor customer service, porting to a more reliable insurer can ensure you get the assistance required when filing claims or handling policy issues.

• Claim Settlement Ratio: Moving to an insurer with a higher claim settlement ratio can give you peace of mind that your claims will be honoured promptly and fairly.

IRDAI Rules for Health Insurance Portability

The IRDAI has established rules to ensure a smooth and fair porting process for policyholders:

• Notice Period: You must inform your current insurer about your intention to port your policy at least 45 days before the renewal date of your existing policy.

• Continuous Coverage: Ensure that your policy remains active without any breaks in coverage during the porting process. This means you should continue paying your premiums on time.

• Waiting Periods: The new insurer is required to credit the waiting period in health insurance you have already served with your current insurer. This means you won't have to restart waiting periods for pre-existing conditions or other benefits.

• Application Form: You must complete a portability form and submit it along with your new policy proposal form to the new insurer.

• Documentation: The new insurer will request details of your previous policy, claim history, and medical records from your current insurer through IRDAI's online portal.

Important Things to Know Before Porting Your Health Insurance Policy

Before you decide to port your health insurance policy, consider the following factors:

• Assess Your Needs: Evaluate your healthcare needs and ensure the new policy provides adequate coverage for you and your family.

• Compare Policies: Use online comparison tools to compare different policies based on their benefits, coverage limits, exclusions, and premiums. Look for plans that offer the best value for your specific needs.

• Check Insurer's Reputation: Research the new insurer's reputation, including its claim settlement ratio, customer reviews, and overall reliability.

• Understand Pre-existing Conditions: Ensure that the new policy covers your pre-existing conditions without imposing additional waiting periods.

How to Port Your Health Insurance Policy?

Follow these steps to port your health insurance policy:

1. Inform Your Current Insurer: Notify your current insurer about your intention to port your policy at least 45 days before the renewal date. You can do this by sending a written request or through their online portal, if available.

2. Research and Choose a New Policy: Research different health insurance policies various insurers offer. Compare their benefits, coverage, premiums, and network hospitals to find a policy that best suits your needs.

3. Fill Out Forms: Fill out the portability form and the new policy proposal form provided by the new insurer. These forms typically require details about your current policy, medical history, and personal information.

4. Submit Documents: Submit the completed forms and any necessary documents to the new insurer. This may include your policy details, claim history, and medical records.

5. Approval Process: The new insurer will review your application and request your policy details from your current insurer through IRDAI's web portal. This process typically takes around 15 days.

6. New Policy Issuance: Once your application is approved, the new insurer will issue your policy. Make sure to pay the premium for the new policy on time to avoid any break in coverage.

Porting your health insurance policy can offer numerous benefits, such as better coverage, lower costs, and improved service. By understanding the IRDAI rules, considering important factors before porting, and following the correct steps, you can ensure a smooth transition to a new insurer.

This will help you get the best care without worrying about costs, ultimately safeguarding your health and financial well-being. Make informed decisions and use the portability feature to enhance your health insurance coverage in India.