How to Switch Your Health Insurer Without Losing Key Benefits?

Your health insurance policy should continue to meet your needs as they change. However, you can always consider health insurance portability if that doesn’t happen. If your current insurer no longer offers the coverage, service or premium you need, you can consider switching to another insurer. 

At the same time, it is perfectly valid to worry about losing the benefits you have built over the years. But porting your plan allows you to retain certain benefits from your existing policy if you follow the right process. 

Here is a detailed breakdown of the same. 

What Is Health Insurance Portability?

Insurance portability allows you to move your health insurance plan from one insurer to another or from one plan to another under the same insurer. While porting, you can transfer your earned credits such as waiting periods for pre-existing diseases and no-claim bonus. 

However, portability does not mean that every feature of your old policy will remain unchanged. The new insurer may have different coverage, exclusions, limits and terms. So, compare the new policy carefully before making the switch. 

Eligibility Requirements For Health Insurance Portability

– The policy should be active when you apply for portability. 

– Portability is generally available for individual and family floater policies only. 

– You must have held your existing plan for at least 1 year. 

– The existing policy must have been renewed continuously without breaks. 

– You can only port the policy at the time of renewal. 

– You can only port to a similar plan. 

When To Consider Porting Your Health Insurance Plan?

– Your current coverage no longer meets your healthcare needs. 

– You want wider coverage or access to more network hospitals. 

– You are unhappy with the insurer’s service or claim experience. 

– You find another policy with features that better suit your needs. 

– Your current premium has increased, and you want to compare other options. 

How to Switch Your Health Insurer?

1) Start Before Your Renewal Date

Do not wait until your existing policy is about to expire. IRDAI states that the health insurance portability window is 30-60 days from the renewal date. Starting early gives you time to compare plans, make your decision and complete the process without rushing. 

2) Compare the New Policy

The cheaper health insurance plans may not always provide the right protection. Before choosing a new insurer, compare the features that matter to you. Check the sum insured, room rent limits, network hospitals, exclusions, co-payment and waiting periods. Also look at the claim process and the benefits offered under the new policy. 

3) Submit the Portability Form

Once you have finalised your new insurer, it is time to submit the portability form. Make sure all the information you provide is accurate and complete to avoid delays. The new insurer must make a decision within 15 days to accept or reject your request. Once approved, carefully review all the policy papers. 

Make the Switch Carefully

Switching insurers can be useful when your current policy no longer suits your needs. Compare the coverage, benefits, exclusions and service before choosing from different health insurance plans. If you are looking for a new health insurer, IndusInd General Insurance provides different health insurance plans for every medical need. With benefits like 10000+ network hospitals and cashless claim settlement, it covers you in every situation.