Advantages of Health Insurance Portability

You don’t have to stick with your current insurance provider forever. If you are not satisfied with their services when you can exercise the option of Health Insurance Portability and switch to another company without losing the benefits you are currently enjoying.

Health Insurance Portability

Every individual is entitled to transfer the credit gained with a particular insurer to another. Here, the term “credit” encompasses the time spent during the waiting period, i.e. the period you are required to wait before your pre-existing health conditions are covered, etc.

Image Source

You can opt for Health Insurance Portability if:

• You are not satisfied with the quality of the services provided by your current insurer.
• If your insurer is not providing coverage for certain diseases and illnesses.
• If you are being offered a better insurance plan with a lower premium and other benefits, etc.

The following are some of the key things to remember when considering Health Insurance Portability:

Limitation of Group Health Insurance Covers

If you want to port an insurance scheme that’s meant for an individual (you or your family member) then you can easily switch to another insurer. However, if you want to opt for Health Insurance Portability for a group insurance product or family floater plan then you can only switch to another plan offered by the same insurer. In other words, you can’t switch to another insurance company in that case.

Policy Breaks

If there are any breaks in the payment of premiums of the policy you want to port, then your application can be rejected.

A “break” is when you haven’t paid a premium on a particular policy on or before the premium renewal or within 30 days.

Procedure and Risks

Your new insurer may not necessarily accept your portability application. There is a high possibility of this if yours is a “high-risk” profile. Otherwise, they may ask you to do a fresh medical examination, etc. too.

Many people are not aware of the Health Insurance Portability option even though it has its benefits. However, if you are going to apply for it then be sure to do that 45 days in advance. That’s because a 45-days prior notice is a mandatory requirement.