As people have started to realise the importance of health insurance plans, they have started to give enough time to look for the best insurer and health policy. Unfortunately, not all health insurance providers fulfil the claims they make while promoting their plans, leading to policyholders resorting to insurance porting. It can be done if they’re not satisfied or happy with the services of existing insurers. To safeguard policyholders’ interests, IRDAI allowed policyholders to port their health insurance plans.

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If you have invested in a health insurance plan but are unhappy with your existing insurer, you can opt to port health insurance policy to a better insurer. For the uninitiated, porting a policy is similar to porting telephone numbers. The service continues while the network or service provider changes. The process is straightforward but requires policyholders to follow specific guidelines. So before you initiate the policy porting process, ensure you’re aware of the following information.

• Check the Policy Type

A crucial point to remember is you cannot entirely change the type of coverage or plan of your health insurance policy. It implies you can only port to a similar type of health insurance plan. For example, if you currently have an individual health insurance plan, you cannot port to a family floater plan offered by another insurer. If you want to avoid unpleasant shockers, always double-check the type of coverage, restrictions, add-ons, exclusions, etc., of the policy you’re porting to.

Because even if the coverage and type of policy cannot be entirely changed while porting, the new insurer can have different rules related to exclusions, room rent restrictions, etc., that you should be aware of.

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• Don’t Forget to Inform Your Present Insurer

You cannot port your health insurance policy if you fail to inform your current insurer about the same in writing. The intimation should be made at least 45 days before your policy is due for renewal. While telling them about your porting plan, always mention the insurer you plan to port to, along with other relevant details. Upon receiving the port request, your existing insurer will acknowledge your request within three working days.

• Ensure There are No Policy Renewal Gaps

Health insurance policies can only be ported during the renewal period. Since you will have to inform your insurer about the porting decision at least 45 days before the policy renewal date, make sure you have finalised your policy by that time. If you fail to make timely decisions, your current policy can lapse, leading to the rejection of your porting request. As a result, you may have to buy a new policy from scratch.

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• Check for Available Grace Period

Once you’ve placed your port request, the new insurer will take 15 working days to inform you of the application status. To ensure you have ongoing coverage even during the porting process, the existing insurer will give you a grace period of 30 days. If your port request gets rejected by the select insurer, you can return to your current insurer within this grace period.

• Look for Increased Sum Insured

When policyholders port their health insurance policy, they can easily get new policies offering you a similar sum insured. But if you want an additional or raised-up sum insured, you will have to wait for the new insurer to honour your request. If the insurer agrees to offer you an additional sum insured, you may have to complete the additional waiting period imposed by the health insurance provider.

While you’re free to avail of an amount equivalent to the current sum insured during the waiting period, policyholders can only avail of the increased sum insured amount after completing the new waiting period.

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• Check the New Health Insurance Premium

Many policyholders decide to port because they find a policy with lower premiums. When you make a porting decision, ensure you don’t compromise with the coverage for lower premiums. If you’re serious about your current and future health conditions, you should not pick the lowest premium policy because it generally has restricted coverage. You can use any reliable health insurance premium calculator to find policies that match your coverage expectations and align with your premium budget.

• Learn About the Add-ons & Coverage

The best part of porting is that policyholders can shift to a new policy offering better add-on options or coverage. For example, if your current insurer doesn’t provide maternity benefits as an add-on option, look for an insurer that does. You should search and shortlist any least three insurers for comparison before finalising any one option.

• Read the Waiting Period Clause

Policyholders can carry their accrued waiting period benefits while porting to a new insurer. It implies policyholders that have already completed their waiting period cycle with the existing insurer won’t have to go through it again when porting with a new insurer. But if you choose to make any changes related to the policy coverage, the waiting period clause might get altered. In that case, you may have to complete the additional waiting period to avail the policy benefits.

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• Consider Your Age

People become more vulnerable to illnesses, diseases, or other health risks as they age. It is one reason why the health insurance premiums of older people are always higher. People who have invested in health insurance plans during their younger years tend to get a benefit in this case.

You may be easily subjected to higher premiums if you’re planning to port your health insurance plan during your older years. Hence, it is advised to initiate the porting process only if it is the only option left. Else get ready to pay an increased premium.

• Re-evaluate Your Medical History

Your medical requirements will not remain the same throughout your life. As you age gradually, you might feel the need to get better coverage. To ensure your health requirements are met at a future date, you should always re-evaluate your medical history and needs. And nothing can be the best time for it than porting to a new policy.

You can choose to upgrade your coverage while porting to ensure your requirements are met, but it will come with an additional cost and clause. So always read the terms and conditions before porting to any new policy or insurer.

Make the Most from Your Porting Decision

Health insurance is a serious investment tool that deserves your attention. You would not want to stick to a policy that undervalues your coverage needs and doesn’t meet your expectations. Health insurance porting can save policyholders who made the wrong policy buying decisions, but this option should be used wisely. We’ve covered every vital detail you should be aware of while porting to a new health insurance policy to ensure you take advantage of this feature. Paying attention to these points can also increase your application chances by new insurers.