If you want to port your health insurance policy, then you have to fill the new policy proposal form and portability form
Just like you can switch from one mobile operator to another operator without losing your number, similarly if you are not happy with your mediclaim company, you can switch your policy to another insurance company, that without taking any damage. This process of changing the insurance company is called porting. The concept of health insurance portability was first introduced by the insurance regulator in 2011. The customer also gets credit for the waiting period completed during the previous policy term, irrespective of the change of company.
What is a port and what is the benefit?
The time-limit provisions in the old insurance policy like waiting period of 30 days after purchase of the policy, waiting period for chronic diseases and waiting time for a specific disease etc. get ported to the new policy. The No Claim Bonus (NCB) of the old health insurance policy will also be transferred to your new insurance policy. The big advantage of portability is that you are able to keep a check on your medical expenses. By doing this you do not lose any benefit of the old plan. You can get good service and benefits for less or the same premium. However, no two insurance plans are exactly the same. In such a situation, you should consider all the important aspects.
Port in these ways
1. Notify your old and new insurance companies about porting 45 days before the date of renewal.
2. If you want to port your health insurance policy, then you have to fill the new policy proposal form and portability form. In this form, you have to write the name and other details of the person who bought the policy, the name of the policy to be purchased, the name of the old insurance company and in whose name the policy is to be purchased.
3. After receiving the application from the customer, the new health insurance company can approach the existing insurance company to know the medical and claims history of the customer. Understanding this situation, the new health insurance company may accept or reject the proposal based on the information received and the underwriting guidelines.
Take care of these things
1. This option should be opted only if the variety of benefits offered by the company are attractive
2. Whether the new policy can meet the long term healthcare needs of the family should also be taken into account.
3. You can benefit from porting to an insurance company with a larger network of hospitals.
4. If your old policy has expired then you cannot port it to any other company.
5. Don’t get ported if you are already carrying many diseases as the new company will reject the proposal or will ask for higher premium.
