10 Pointers to keep in mind before porting a health insurance policy
People resort to health insurance plans to cover unforeseen medical emergencies. Porting can be done from one policy to another, and you may have a number of reasons for it, including-
• Better health insurance coverage for comparable pricing,
• adding or removing family members from the policy, or
• if you want to avail a policy that has a cashless network of hospitals.
Before you switch to another alternative for better health insurance coverage, you should consider these ten things.
1. Product features
When porting, opt for a policy that provides similar or added benefits to your existing policy. Coverage for room rent, waiting periods, pre-existing diseases, medicines, outpatient charges, etc., are the product features to consider.
2. Policy type
Check the policy types available in the health insurance coverage. For example, if you want to add family members, opt for ones that have the option for the same.
3. Pricing
Sometimes people opt for switching their policy due to high premiums. You must remember that opting for a lower premium policy may not provide the same or even good enough benefits for you as the ones higher than that. Choose the policy that suits your needs; otherwise, you might end up paying more than what you need.
4. Sum insured
When selecting the sum insured, you should opt for the desired sum insured plus the previous cumulative bonus; otherwise, it will be ineffective.
5. Waiting period
Remember that when porting, the waiting period of the existing policy will be waived in the new one.
6. Medical history
If you require frequent visits to the hospital, your new insurer may label you as a "high-risk" individual. If your portability request is rejected, you should stay back with your previous insurer.
7. Unutilized cumulative bonus
Many people don't know that unutilized cumulative bonuses can be carried over to the new policy. People oblivious to this feature often don't do the necessary to carry over and rather opt for simply a new one.
8. Additional features
When opting for a new policy, look for additional features to make your policy more comprehensive and useful to you. However, only opt for those which you may actually need, as these incur additional costs as well.
9. Documents required for porting
If you are porting your health insurance, notify both parties to keep the renewal documents handy for presenting to the new insurer. You may also be required to submit the previous two years' policies, NCB, Sum-insured, claim details with the existing policies, members covered, policy type to be ported in, etc.
10. No break-in
When requesting porting, do not wait for the previous one to end or even don't wait till the grace period. Your porting request may not be accepted, and you will be left uninsured, and no one wants to have that kind of break-in.
Conclusion
Health insurance acts as a safeguard during unexpected medical emergencies. It reduces the burden on your pocket and relieves your financial stress during medical needs. If you wish to port your health insurance policy, make sure to check the above-mentioned points to enjoy greater benefits.
Disclaimer: The content provided is for education and informational purpose only, none of the information contained in our blog amounts to any form of opinion or advice. Please go through policy related documents carefully or consult an expert before making any insurance-related decisions.