How to Port Health Insurance?

Guide to Health Insurance Portability

Health insurance portability is a process through which an individual can change their insurance policy from one provider to another. This can be done only at the time of renewal. 

The distinguishing benefit of portability is that you can continue the benefits of the existing health insurance policy while carrying forward the waiting period.

Porting your health insurance plans from one provider to another involves some basic steps:

●Explore Options Early

Before initiating the porting process, communicate with your current provider at least 45 to 65 days before the process expires. This time will help with the seamless transition with no breaks in coverage. Also, use this time for checking eligibility, researching the new insurance provider, filling up the form, and providing the essential documents. 

●Fill Up the Portability Form  

Once you have chosen the new provider, you will get a portability form to fill out. Select the plan that you want to port. The form requires information regarding the current policy and claim history, identity, and address verification. Check the information twice so that you can avoid further delays and rejections.

●Submit the Portability Form to Your New Provider

Submit the completed portability form, your KYC documents, and a copy of your current policy to the new insurance provider. Make sure to double-check the details to avoid unwanted rejections. 

●Wait for the Approval 

The new insurance provider has every right to decide whether they want to approve or deny the porting request. This requires a maximum of 15 days to complete the porting process. If the porting process gets delayed even after this time frame, the provider must give you the benefits. The insurer will also check the medical records from the existing insurance provider.

●Review the New Policy’s Terms and Conditions

Once the form is approved, you will receive the new set of terms and conditions from your new provider. Read them carefully, and if everything looks fine, you can inform your previous insurance company to cancel the old policy. 

So, what is the right time to switch insurance providers?

Opting for the right health insurance policy ensures you are financially covered during a medical emergency. At such a juncture, if the terms of your current insurance provider do not cover your medical needs, you can consider portability as an option.

The following are the reasons that may lead you to consider portability as a sustainable alternative:

●Easing Complications in Process

If you find that the policy you have currently is a bit complicated, you can go for the ones providing superior service. You can check for the insurance providers that will align with your medical needs. 

●Better Facilities 

If the customer service, availability of network hospitals, etc., is not satisfactory with our present health insurance provider, then porting can be an advantageous option.  

●Lower Premiums 

Owing to the close competition in the insurance market, other providers offer premiums with lower premiums. Hence, buying premiums from an insurance provider with lower premiums always gives you the benefit.