When your health insurance policy is ending, you can reassess your requirement and opt for health insurance porting. You should consider porting your health insurance to another health insurance provider if you are not happy with the current one.
The new health insurance provider may seem to be better, but what are the things you should consider while opting for health insurance portability. Find the things to consider listed below and make an informed decision based on these.
Things to consider when porting your health insurance
1. The specifics of the new policy – Apart from the difference in service of the insurance company, you should consider other specifics of the company and the policy. Look at the differences in coverages offered, customer service, ease of filing claims, and other parameters that show how much the company supports its customers. Apart from this, consider the policy and the copayment clause, inclusions, exclusions, special inclusions for particular diseases, modern procedures supported. Apart from this, understand the terms and conditions of the policy. See the ease of filing claims and how effortless contact with the insurance company is in the time of need. Take a look at the availability of agents and customer service through contact centers.
2. Medical history of applicant – Medical history is one of the most important things when you are looking to change insurance providers. If you have a pre-existing disease or have filed many claims over the last year, your next insurance provider can reject your application. Many insurance companies also demand medical tests if the applicant is above 45 years. The insurance company may also reject any applicant with ongoing treatment for a severe condition. This is why it is recommended to start the process of porting 90 days from the date of expiry of the policy. You can apply from 60 to 45 days before the policy expires. However, consider all your options beforehand to not miss the deadline.
3. Waiting period for pre-existing diseases – There are generally 3 kinds of waiting periods depending on the pre-existing disease. The first one is for roughly 30 days, after which your policy is applicable. The second pone can be from 1 to 2 years, and the third kind can be for up to 4 years. The second and third kinds are applicable to those with grave health issues. Your waiting period does not reset when you shift insurance companies.
4. Premium to be paid – Most people look to port their health insurance policies because of unaffordable premiums. However, at the same time, there are other exclusions or a higher copayment in case of claims. Whenever you feel that the premium is lower, it is advisable to check the other parameters to ensure you are not compromising on the factors that may be important to you.
5. Age of the applicant – People with advanced age generally require more medical attention, or that is the perception. It is why the premium increases with age. The applicant’s age matters a lot, especially if the applicant is a senior citizen. It can be a premise for the rejection of the application. At the same time, you end up paying a higher premium as well.
6. Coverage for dental treatments – Many insurance providers do not include coverage for dental care in their policies. However, dental insurance can be beneficial as dental procedures can be costly and depending on the treatment, the cost increases. Dental procedures include everything from a cavity filling to implants. The bills can go up to high five figures. It is generally a part of the OPD cover of the health insurance. If your current insurance provider does not offer this feature then you can think of porting your policy.
7. Increase in sum assured – When porting a health insurance policy, it may raise some flags if you are looking for a considerable jump in the sum assured. People generally look to raise their sum assured if they have filed several claims in the past or expect any medical situations to come up. The increase in sum assured is also after a certain waiting period. For example, you have a policy of 6 lakhs, and when porting, you ask for 8 lakhs. The additional 2 lakhs will be available to you after a waiting period. If you are hospitalized during the waiting period, the sum assured will be 6 lakhs.
While porting your health insurance policy, ensure that there are no distinctions in the policy apart from the parameters you are looking at. Start your process well in advance to ensure you are looking at ample time to get your documents in order as asked by the insurer. Apart from this, it bodes well to read the reviews of past users and get in touch with agents to understand the insurance company’s working better.