Health Insurance Portability

Step 1: Request portability from the new insurance provider at least 45 days before the current policy is set to expire. 

Step 2: When the request for portability is received, the new insurer will offer a proposal, a portability form, and information on the various health insurance options. 

Step 3: Choose a health plan that meets your needs, then send the new insurer the completed proposal and portability documents. 

Step 4: In order to verify certain information, such as the applicant's claim history, medical records, etc., the new insurance firm will contact the prior insurer after receiving the forms with the relevant information or visit the IRDAI website. 

Step 5: Within seven working days, the current insurer must provide all necessary information via the IRDAI's common data-sharing system. The decision to approve the porting request may be delayed by the new insurer in the event that this information is shared later than expected. 

Step 6: Within 15 days of receiving all the information, the new insurer will determine whether to accept or reject the insurance. They will be forced to accept the portability application if a decision is not made within this time frame. 

What Documents are Required to Port Health Insurance?

The following documents are required to port health insurance - 

1. From previous insurer - The most recent renewal notice specifically mentions coverage continuity, if any claims have been made, documents such as a discharge summary and an investigation report, among others, Certificates of prior policies, and Policyholders' self-declaration in no-claim situations. 
2. From new insurer – duly filled portability form and duly filled proposal form. 

What are the Rules of Health Insurance Portability?

Health insurance portability is governed by a set of guidelines that must be observed by both policyholders and insurance providers, according to the IRDAI. Here are some of the regulations regarding health insurance portability: 

Advantages of Health Insurance Portability:

The various advantages of health insurance portability are mentioned below - 

1. The capacity to adjust coverage to fit current health needs is known as portability. Depending on how one's lifestyle has changed, they can add new nominees or choose an additional cover. 
2. When a policy is transferred, the new Sum Insured is calculated by adding the Accrued Bonus to the previous Sum Insured. During portability, the No Claim Bonus is also added to the new Sum Insured. 

1. Without having to worry about any time-bound exclusions, people can choose portability. 
2. Health Insurance Portability gives policyholders the opportunity to switch to a service provider that uses open communication and avoids obfuscated terms and conditions. 
3. Policyholders have the option of choosing a health insurance company that has a reputation for providing excellent customer service. 

Disadvantages of Medical Insurance Portability:

1. Timely - Policyholders can opt for portability only when their policy is due for renewal. Portability is not allowed at other times. 

1. No significant policy change - Policyholders cannot move to policies which are totally different. They can port to only similar types of policies. 
2. Higher premiums - Additional benefits could mean higher premiums, which can erase any monetary benefit. 
3. Loss of Benefits - Policyholders who move from group insurance policies to individual policies might not get all the benefits included in their previous policy. 

Reasons Why Health Insurance Portability Gets Rejected?

If a portability application does not adhere to the terms, conditions, and policies of the insurance provider, it may be rejected by IRDAI. Applications for portability may also be denied for the following reasons: 

1. Poor claim history, for example, if several recent health claims have been made 
2. Insufficient information 
3. There are significant differences between the new policy's inclusions, exclusions, and other aspects and the current policy. 
4. delayed submission of documents 

Other reasons for health insurance portability rejection may include - 

1. The insurance provider might become suspicious if a policyholder wants to cancel their floater health coverage. This is due to the fact that people who make such requests typically have poor health and want to increase their coverage. Therefore, it is likely that such portability requests will be denied. 
2. While some insurance providers accept individuals between the ages of 60 and 69, the majority of providers do not take requests for portability from customers who are 70 or older. In any instance, insurance firms may be picky, apply strict underwriting guidelines, demand high rates, ensure high premium loading, and possibly implement a co-payment provision in the event of a senior citizen portability request.