Health insurance portability is a facility where you can transfer your current health insurance from your current insurer to another insurer. Portability can be done when service is poor, needs additional coverage, or for some other reason.
“Change is the only constant in this world”: This iconic statement may reflect our society where change is natural and perhaps the only aspect of life that is predictable. Evolution is a natural event and it is the human instinct to evolve over time. Anyone or anything that is not developed will eventually become redundant. Evolution has led to the concept of “survival of the fittest”, a theory that has opened our lives to better products and dramatically improved the quality of service. Competition in all areas is ultimately good for the general health of the population and provides access to quality services at affordable prices.
Most of the things we do in our lives revolve around our general health and well-being, which has led to an increase in health insurance companies cater to our needs. India has recently seen a kind of healthcare revolution that wakes people up and has access to health insurance benefits.
Dissatisfaction is common among people and it would not be surprising if policyholders were not satisfied with their policies or the services available to them. The Insurance Regulatory Authority of India has come up with a new way to ensure that health insurers do not take ordinary people for a walk by introducing the concept of health insurance portability.
Health insurance portability is a system that allows policyholders to transfer their existing health insurance policies from their current provider to another provider. India has more than 50 insurers covering the health insurance needs of millions of people. Portability ensures that companies don’t take their customers for granted, increase competition, and provide better options for existing customers. Customers who choose portability can do so without fear of losing more benefits and have complete freedom to upgrade to a better service provider.
Personalized Policy – Portability allows policyholders to tailor their policy to their current health needs. Depending on your lifestyle change, you can add new candidates or opt for additional coverage.
New Insurance Amount – If the policy is sustainable, the existing insurance amount is added to the accumulated bonus to get the new insurance amount. The no-claim bonus is also added to the new sum insured during portability.
No temporary exclusions: People can opt for portability without having to worry about temporary exclusions.
Continuation of Inherited Benefits – All benefits of an older policy persist after portability.
Lower premiums: Increased competition ensures that companies are willing to offer existing services at lower premiums and offer policyholders the opportunity to save money.
Better Service – Policyholders can choose a health insurance company known for its impeccable customer service and care.
Enhanced Claims Settlement – Policyholders may find the claims settlement process from their current provider slow and tedious. Portability allows them to move to a company with better claims settlement.
Transparency – Health insurance portability policyholders have the option to switch to a service provider that follows transparent practices and avoids hidden terms and conditions.