Key things to know about health insurance portability

Ever heard of porting the current phone number to a new connection? The answer must be yes! Many of us do that, especially when we are not very happy or satisfied with the services we are getting from our existing telecom company. Well, this dissatisfaction can be felt in the case of your health insurance policy as well. It is not necessary for you to like everything about your current health insurance policy. Likewise, you don't need to stick to it. You can very easily port your health insurance policy, without any effort. 

What is health insurance?

A health insurance policy is one of the most important things these days which you must buy. The majority of us in urban places have a sedentary lifestyle. As a result, we all get sick and develop several diseases and conditions. This even sometimes leads to hospitalization. And as we talk about hospitalization, we surely get the best treatment and may even recover fast but it certainly makes a hole in our pockets, right? To avoid one such situation, we must consider a health insurance policy.

When we have a health insurance policy, the payment of the hospital bills is taken care of by the insurance company. Either you pay the bills from your pockets and later the money will be reimbursed to you, or if the treatment is planned, you can simply inform the insurance company and the bill will be settled between the insurer and the hospital. You will very effortlessly get the best treatment and come back home. However, if the sum insured exceeds, you might have to pay the extra amount from your pockets. 

As you purchase a health insurance policy, the payment process of hospital bills not only gets easier but you can also get tax benefits. However, to get all the benefits, the only thing that you have to do is to consistently pay the premiums. If you miss out on paying the premiums regularly, you might also not get all the health insurance benefits. 

If you buy a health insurance policy and do not like it after some days or find a better one, you can consider porting it. However, here are some of the things that you should know about health insurance portability.

  • Medical history: If you have pre-existing health issues which require you to get hospitalized often, your porting request can get rejected.  If you are age is above 45, you might get asked by the insurer to undergo medical tests. If they find out you have conditions like High Blood Pressure, Diabetes, heart problems, your application might get rejected.

  • Waiting period: Health insurance policy comes with 3 types of the waiting period; 30 days, 1 or 2 years, and 4 years. If you are porting a policy with 4 years waiting period, you have to wait only 1 year to claim the benefits. This happens because you have already completed 3 years with the policy. There won’t be any extra waiting period.

  • Age: Age is a big factor that is considered while porting the current health insurance policy. If you are a senior citizen and have several health conditions, the insurer may or may not approve the application. If the insurer approves the application, along with a co-payment clause, the overall charges will be high.

  • Premium: If you think you will have to pay a lesser premium by porting your current health insurance policy, make sure you check with the new insurer the coverage. The insurance companies sometimes reduce the coverage while they charge a lesser premium. 

These are some of the points that you must consider while deciding to port your health insurance policy. For more information on health insurance policy portability and comparing the policies in the market, you can visit the website of IIFL.

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