Porting a mediclaim policy is a very easy process in India. It is a common procedure as well, with many people getting the health insurance portability done. It is mainly done when a policyholder is dissatisfied with his existing health plan and looks for a similar cover from a different insurance company. Take a look at this article to know more about how to port a mediclaim policy and the important details related to it.
Procedure to Port Health Insurance
If you are wondering exactly how to port a mediclaim policy, we have the answer for you. In order to do so, you need to complete the following steps:
- Compare: Before you think of porting your health plan, you need to compare the options available to you. Unless you compare, you will not know which plan is better and more economic that your existing health plan. Never be in a hurry to port, as then, you will end up getting a cover that will leave you even more dissatisfied than the cover you had! Understand the new plan properly, scrutinise the cost structure and then if it feels suitable, make a switch. Also, keep an eye out for the new clauses to ensure the new plan is not too rigid for you.
- Inform Your Insurer: Once you are convinced you found the ideal plan to port to, inform your existing insurance provider that you wish to discontinue them and you want to port to another insurer.
- Inform the New Insurer: You need to inform the new insurance company at least 45 days prior to the event of the porting. The insurer will evaluate your application. They will then speak to your existing health insurer to understand your health and claim records. They will also apply their own underwriting guidelines that are appropriate to your application. You may also be asked to undergo a fresh round of health tests. Once the new insurer is happy with all the results, your porting request will be approved. The new insurer needs to complete these formalities within 15 days of receiving your application. They need to inform you whether you are accepted or not. If they fail to do so in 15 days, your porting request will automatically get accepted, as per the IRDA rules.
- Complete the Formalities: After you receive the approval, complete the formalities related to documentation, payment of premium, etc and the new health cover will be issued in your name.
Once this is done, the portability process will be successfully completed.
Important Details to Consider When Porting Health Insurance
Here are some very important points to remember when you port a mediclaim policy:
- Your Application is Scrutinized: As mentioned above, the new insurer will scrutinise your application. No insurance company will welcome you with open hands without understanding your health history first. So the company will consult the old insurer to see how frequently you make claims. It will also see your premium payment history, renewal patterns, etc. If you are found to be a prospectively difficult customer, your porting request may be rejected.
- The Waiting Period May Differ: Usually, a health insurance portability comes with benefits such as carried forward waiting periods and no-claim bonuses. However, the waiting period may be different for different insurers. If your new insurer has a waiting period of 4 years for maternity benefits and you completed just one year on the old plan, you have to wait out the remaining period. Also, after evaluation and underwriting, the new insurer has the right to reset your waiting period completely.
- The Premium Will be Higher: Do keep in mind that you will have to undergo a fresh health check and your premium will most likely be higher, as, with time, your health will have deteriorated. You must, therefore, analyse the cost factor very carefully before you port the mediclaim policy. If your existing plan is available at a lower cost, it may be a good idea to stick to it. Paying a high premium may not prove to be affordable in the long run.
- Clauses Will Change: All other clauses related to the policy exclusions, claim procedures, etc will be different in the new plan as every insurance company has its own set of rules and guidelines. Be mindful of this and ensure the new clauses suit you.
Keep these important points in mind before you look for answers on how to port a mediclaim policy.
In a nutshell
Now that you know how to port a mediclaim policy, go ahead and do it smoothly. Be sure to get a better deal and only then port your plan. Go over the options and compare the covers as well as the health insurance providers. Once you successfully port your plan, you will have a good cover in a cost-effective manner.