How to port your health insurance policy
Health insurance can be ported from one insurance provider to another. It is better to port your policy rather than buy a new one will not have any general waiting period and waiting period for pre-existing disease if any will be adjusted against waiting period completed till date.
Points to remember while porting your health insurance.
You can port only at time of renewal of your health insurance policy and you should apply atleast 45 days prior to renewal date.
Insurance provider is not liable to offer you health insurance portability if you do not apply 45 days prior to renewal date.
You can port any policy whether individual or family floater from non life insurance company. You can even port from group insurance to family floater or individual policy of the same health insurance provider.
You will get benefit of waiting period for pre-existing disease completed with your existing insurance provider. Let us say you new insurance provider has waiting period of three years and you have already completed waiting period of 2 years with existing insurance provider, then you will have to wait only for one more year to get your pre-existing diseases to be covered.
Your new insurance provider has to provide you with insurance cover atleast equal to your existing insurance cover.Any no claim bonus accumulated with existing health insurance provider will added to the cover with new health insurance provider. Example: If your existing cover is of 5 lac and you have accumulated no claim bonus of 1 Lac, then new insurance provider will provide you with cover of 6 lac. Premium will be charged for entire 6 lac.
If you choose to go for higher cover then waiting period will be applicable for the extra cover. Example: You have existing cover of 6 lac including your no claim bonus and you choose to go for cover of 8 lac. Even though you have completed waiting period with your existing insurance provider, general waiting period and waiting for pre-existing disease will be applicable for extra 2 lac. This extra cover is as good as buying new health insurance policy worth 2 lac.
Premium on your policy and other terms will be at discretion of your new insurance provider. Thus your premium might change with new insurance provider.
New Insurance provider can reject your health port request.
When can your health insurance portability request be rejected ?
Some common reason for rejection are listed below
If new insurance provider finds that you have given false information like claim information, pre-existing disease, hidden that you are smoker etc in your portability request.
If you any pre-existing disease and insurance provider finds during underwriting that risk is higher.
If you are a senior citizen, then insurance provider might avoid providing cover as probability of claim is higher.
You have a bad claim history and made multiple claims.
Steps involved in porting your health insurance.
First select the health insurance provider to whom you wish to port your policy.
New health insurance provider will require you to fill in portability form and attach copy of existing policy.
You may be required to undergo medical test depending on your age.
As per rules your existing insurance provider has to acknowledge your request within 3 working days.
Your existing insurance provider has to share all your policy details like claims, cover, pre-existing diseases etc with your new insurance provider within 7 working days as per IRDA rules.
If everything is found in order , your new insurance provider will approve your portability request. Your health insurance will now provided by new insurance provider .
How long will it take for your health insurance port request to be processed ?
New insurance provider has to provider has to given its decision on portability request within 15 days, failing to communicate within this period the new insurance provider will not retain right to reject your request and shall have to accept the same.
What to do if you do not get communication on port request before renewal date ? In case you do receive approval till your renewal date, you may request your existing insurance provider to extend your policy for short period (atleast one month). You will be required to pay premium on pro- rate basis for this short period. In case you make any claim in this period and if it is approved by your old insurance provider then you will have to pay premium for entire year and continue your policy for that year with old insurance provider.
Always remember to check hospital network list, sub limits, co-payment clause etc before porting your policy.