Port Your Health Insurance Policy Easily

This guide includes the benefits of porting to a new insurer and the steps involved in porting your policy online. Health insurance port allows insured individuals to switch to a different insurance company or policy without losing accumulated benefits. The process of health insurance porting can vary slightly depending on the policies offered by the insurer. Therefore, it is essential to consider all factors before deciding to port a health insurance policy.

What is health insurance portability?

Health insurance portability offers a convenient option for insured individuals to switch to a different insurer or policy while retaining accumulated benefits. By renewing your existing policy without a break, you can transfer your coverage to a new provider during the renewal period. Introduced in 2011, portability rules protect policyholders’ interests by allowing them to switch insurance providers without losing any benefits. This includes waiting periods and No-Claim Bonuses. While purchasing a suitable health insurance policy involves careful planning, various factors like increased premiums, location changes, or dissatisfaction with services may prompt a policyholder to switch to a new insurance provider.

Health policy portability rules - Rights & conditions set by IRDAI

The IRDAI has established the following rules for medical insurance portability:

• The IRDA portability rules ensure fair and transparent health insurance policies for both insurers and insured parties.
• One such rule is that if a policyholder renews their health insurance policy without any lapses or gaps, the policy may not have an exit age.
• In addition, insurance companies must inform policyholders about the terms and conditions of their policies regarding healthcare facilities across the country.
• As per health insurance portability rules IRDA, insurance companies need to provide clear reasons in writing if an application for a health insurance policy gets denied.
• The 2020 IRDA guidelines focus on aspects such as claim settlement and the inclusion of telemedicine in coverage.
• The new rules prohibit claim rejection based on misrepresentation or non-disclosure and require payment of interest by insurance companies in case of a delay in claim settlement.

How to apply for health insurance portability?

For porting of health insurance policy, here are the steps to follow:

• To initiate the process to port health insurance policy online, find an insurance company that offers better benefits and suits your needs. You can research online or seek advice from a professional for better results.
• Fill out the request or application form for the new insurance policy online.
• The new insurance company will send you the portability and proposal forms, which you must fill out with your personal details and the particulars of your previous policy.
• Your details get verified, and your medical history gets reviewed to ensure you qualify for the new policy. Any false information can lead to the refusal of your portability request.
• The two insurance companies exchange the necessary details.
• The final step is when the new insurance company sends you the proposal. It may take some time to reach you, but you can rest assured that you will soon receive your new health insurance plan.

List of documents required for porting a health insurance policy

The process of medical insurance porting can vary slightly depending on the policies of the insurance company.

• To begin to port medical insurance, it’s important to contact your current and previous insurers to understand the specific documents required for porting.
• You may need to submit various documents, including identity proof, address proof, proposal form, IRDAI portability form, medical history documents, and insurance policy.
• If applicable, claim history and a declaration of no claims may also be required. Understanding the specific requirements and providing accurate information can simplify the process and ensure you have a successful porting experience.

What is the benefit of porting a health insurance policy?

Porting your health insurance policy can bring several benefits if you’re dissatisfied with your current plan:

• You won’t lose any of the benefits from your existing policy as they will remain in force with the new insurer.
• The accrued bonus from your previous policy is added to the new sum insured value, resulting in better benefits and increased policy value.
• Switching to a new insurer can lower policy premiums since many discounts and benefits are available.
• You can customise your new policy as per your needs, such as focusing on health issues or changing nominees.
• Porting to a new insurer can provide a more transparent system without hidden clauses or conditions and a better claim settlement ratio.
• Porting your policy can help you choose an overall better service provider, especially if you’re unhappy with the services of your existing insurer.

Consider these benefits when deciding whether to port your health insurance policy.

Health insurance portability rules

Apart from IRDAI guidelines, here are additional portability rules:

• The portability process must be completed within 15 days of application.
• If the new insurer does not accept the request within this timeframe, the policyholder can renew with the existing insurer.
• Policyholders must disclose all medical conditions accurately, as non-disclosure may lead to rejection.

Rejection of health insurance portability requests

Though portability is a right, insurers have the discretion to accept or reject applications based on certain factors. Let us understand some of the most prominent reasons why applications get rejected.

Top reasons for rejection of health insurance portability requests

• Pre-existing Medical Conditions: High-risk health conditions like cancer or chronic illnesses.
• Frequent Claims: Multiple claims in the past may indicate a high-risk profile.
• Lapsed Policy: If the current policy has expired, portability may be denied.
• Incorrect Information: False or misleading information in the application form.

Common reasons to opt for health insurance portability

Policyholders consider portability for various reasons, such as:

• Dissatisfaction with Current Insurer: Poor claim settlement experience.
• Higher Premiums: Finding a more affordable critical illness insurance
• Limited Coverage: Upgrading to a plan with additional benefits.
• Better Hospital Network: Access to a wider network of cashless hospitals.

Things to consider before porting health insurance provider

When considering porting your medical insurance policy, there are several important factors to keep in mind:

• Look for a policy offering hospitalisation and daycare procedures without sub-limits.
• Remember that insurance policies can vary widely and get regulated by their respective underwriters.
• Be aware of waiting periods for new policies, which can range from 30 days to four years for pre-existing conditions.
• If you are porting to a new insurer to save on premiums, carefully review the new policy’s coverage to avoid later surprises.
• You can also request a higher sum insured, although this is at the discretion of the underwriter and may not always be approved.
• Consider the network of medical facilities covered by the policy and the reimbursement process for medical costs. Look for a policy that offers a hassle-free payment and billing process to ease your mind during a medical emergency.
• Carefully analysing these factors can help you make an informed choice when porting health insurance policy.

Why should you opt for health insurance portability with ICICI Lombard?

ICICI Lombard offers the following advantages:

• Comprehensive coverage with a wide hospital network.
• Fast claim settlements with minimal paperwork.
• Customizable health plans to suit individual needs.
• No-claim bonus retention and seamless portability process.

FAQs

1. What is the waiting period before we can port health insurance?

When your current health insurance policy is up for renewal, you have the option to switch to a different insurer while retaining your accumulated benefits. To do so, you can apply for portability of your health insurance policy at least 45 days before the renewal date. This means you can start the process of transferring your policy to a different insurance provider approximately two months prior to the expiration of your current policy. It is vital to keep this timeframe in mind to avoid delays or complications in the porting process. By applying for portability promptly, you can ensure a smooth transition to your new health insurance provider while continuing to enjoy the benefits of your existing policy.

2. How many times is porting health insurance allowed?

Health insurance portability allows policyholders to switch their insurance provider without losing the benefits of their existing plan. However, it is essential to note that you can port your medical insurance plan only at the time of policy renewal and not during the policy period. To be eligible for portability, policyholders must renew their policies without any breaks. Any gaps or lapses in policy renewal can make a policyholder ineligible for portability. Therefore, it is always essential to renew the policy on time to ensure continuity of coverage and the ability to switch to a new insurance provider at the time of renewal.

3. When should porting health insurance be considered?

When you plan to port your health insurance policy, it is essential to keep track of timelines. To ensure a seamless transition to a new insurer, make sure to submit your portability request at least 45 days prior to your current policy's renewal date. This will give the new insurer ample time to process your request and ensure a seamless transfer of your policy. Additionally, you must inform your current insurer in writing about your intention to port your policy by mentioning the name of the new insurer. This ensures that your existing insurer is aware of your plan and can provide you with all the necessary documents required for the portability process.

4. What is the difference between health insurance migration and porting?

Migration and portability are two different processes for changing your health insurance policy. Migration refers to moving your current policy to a similar plan with the same insurance company. On the other hand, portability essentially allows you to transfer your existing medical insurance policy to a plan with another insurer. While migration involves sticking to the same insurance company, portability gives you the flexibility to choose the best insurance plan that perfectly suits your needs. Whether you opt for migration or portability, making an informed decision that considers your current and future health needs is essential.

Conclusion

Health insurance portability ensures policyholders can switch insurers without losing accumulated benefits. Whether you seek critical illness insurance, better service, or lower premiums, choosing the right insurer is key. It is crucial to carefully compare policies, evaluate the terms and conditions, and select an insurer that best aligns with your needs. This process ensures seamless, uninterrupted medical coverage and helps you maintain a high standard of healthcare, even when transitioning to a new provider.

Disclaimer: The information provided in this blog is for educational and informational purposes only. It is not intended as a substitute for professional advice, diagnosis, or treatment. Please consult your general physician or another certified medical professional for any questions regarding a medical condition. Relying on any information provided in this blog is solely at your own risk, and ICICI Lombard is not responsible for any effects or consequences resulting from the use of the information shared.