Porting your health insurance policy can be a smart move to secure better coverage, lower premiums, or improved benefits. However, the process isn’t always seamless. Even small mistakes or oversights can lead to unexpected coverage delays, gaps in protection, or even claim rejections. Understanding the common pitfalls can help you navigate the transition smoothly and ensure uninterrupted health coverage.
According to insurance experts, the health insurance portability benefit was introduced for policyholders’ benefit. This feature allows them to transfer their health insurance policy to another insurer in case they are unsatisfied with their current coverage or insurer. This process enables policyholders to retain benefits such as cumulative bonuses and completed waiting periods.
“Transferring your policy is an easy task. You only need to submit a porting request to the new insurer at least 45 days prior to the current policy’s renewal date, but not earlier than 60 days. It is essential to provide necessary documents, such as medical records and details of your current policy. The insurer will review the request and notify the policyholder of their decision,” informs Bhaskar Nerurkar, Head- Health Administration Team, Bajaj Allianz General Insurance.
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Policyholders should, however, consider some factors to avoid unexpected coverage delays:
Check Available Features: Review the new policy’s features to ensure they match or exceed your current coverage, including room rent limits and waiting periods for pre-existing conditions.
Transfer Bonus: “Transfer any accumulated cumulative bonus from your current policy to the new one to increase your sum insured without losing benefits. Confirm that the sum insured in the new policy meets your current coverage needs, and evaluate any additional features like NCB shields or coverage for consumables that may be useful despite potential extra costs,” says Nerurkar.
Documentation: Provide required documents for a smooth porting process and to refrain from any delays. Insurers may also review your medical history and require tests, particularly for high-risk conditions, which could affect your portability request.
Obtain Portability Form: Your current insurer will provide a portability form. It will contain all the relevant details of your policy and help facilitate the seamless transfer of your policy.
Wait for Approval: The new insurer will review your application.
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