How to Transfer Health Insurance from One Company to Another?

Steps to Transfer Health Insurance Coverage to Another Provider

A full-proof health insurance policy becomes a lifesaver, especially when the medical expenses rise abruptly. Therefore, if you are considering switching your insurer, quick action must be taken to make better features and offers available. This procedure of transferring a medical insurance policy from one provider to another is termed porting. 

Here, we will discuss how a person can transfer their medical insurance coverage in India without losing their accrued benefits. 

Steps to Switch Health Insurance Companies Online

To port your health insurance plan, please follow the steps provided below:

Step 1: Start the Porting Process
Insurance experts advise policyholders to start looking for alternative options at least 45-60 days before their current coverage expires. It is an optimal time frame for transitioning to a new insurance partner without breaking the continuity of coverage. 

Step 2: Finish Up the Documentation Process
After you finalise your new health insurance provider, proceed to fill out their portability proposal form. Through this form, the new insurance company enquires about your claim history and current policy details. 
To support your entries, you must also upload specific supporting documents like your Aadhaar card and a valid address proof document (electricity bill, house rent agreement, etc.). While doing so, be sure to follow all guidelines to avoid unnecessary approval delays.

Step 3: Wait for the New Insurer’s Decision
The new insurance company will decide whether to approve or decline your porting request within 15 days of receiving your application. If you do not receive any notification regarding application rejection within this period, chances are high that your porting request will be approved. Subsequently, your new insurer may request the current insurance provider to forward your relevant medical records. 

Step 4: Review the Fresh Policy Terms
If you get a new insurance policy, make sure to go through the terms and conditions. As per the list of new benefits, your new insurer may decrease or increase your premium amount. Thus, before completing the shift, carefully ensure that you have an idea about all the changes. 

Note: During porting, many health insurance companies make it compulsory for policy seekers above 45 to undergo a pre-policy health checkup. You can find more about such information while analysing the websites of different health insurance companies. 

When to Change Your Health Insurance Company?

Changing a health insurance provider is not something that one should decide randomly. Here are some serious issues that can expedite your porting decision:

●You are Unhappy With the Service
If you notice that the customer support of your current insurer is gradually deteriorating then it is a good time to select a superior insurance company. In this regard, you may rely on Star Health Insurance, as we settle policy claims to the tune of approximately Rs. 25 Crores on a daily basis.

●You Need More Coverage
As circumstances change, your coverage may fluctuate year on year. If that is the case, then moving to a new insurance provider will be more beneficial. 

●You are Looking for More Affordable Premiums
Finally, if you get better benefits from a life insurance company at a similar or lesser premium, then changing your insurance company can be a really smart move.