Craig Bowen 
Customers in the telecom industry got a big boost when a new regulation made it possible to move a mobile number from one service provider to another easily. It was nothing less than a revolution with two sides of good.
First, customers no longer had to change their cell phone numbers when they switched from one service provider to another. Two, the service provider became stricter about ensuring customers got good services.
In both cases, customers won.
If you know this, the good news is that your health insurance plan gives you a similar option. That means you can move your policy to another insurance company and keep almost all of its benefits. This is what it means to be easy to move around with portability.
Health insurance portability:
Switching health insurance providers and keeping the essential benefits intact is a new feature most plans offer.
Some of the most important benefits of health insurance portability are:
- Generally, the new insurance provider shall treat all the clauses for pre-existing diseases as is with the new insurer, including the time spent before all illnesses could be covered.
- The new insurer may waive the minimum initial waiting period until no coverage is provided.
- Most bonuses and the minimum amount of health insurance sum insured would stay the same when you switch to a new insurer.
- You can also choose to increase your sum assured.
- The new insurance company may give you extra benefits for switching. This could include better coverage than the old ones.
- The premium could be high, but in some cases, it could also be low.
* Standard T&C Apply
Here are a few things you have to know before you can switch from your current health insurance plan provider to another:
- You should pay your premiums on time; the new insurer might deny your portability request if you don’t.
- Your new insurer may charge you a higher premium than your current one.
- You should make your portability request at least 45 days before your health insurance renewal date.
- The policy can only be transferred when it needs to be renewed.
* Standard T&C Apply
Exception: The customer receives credit for pre-existing disease waiting periods during the insurance period. The Regulatory and Development Authority (IRDA) has mandated that the new insurer consider the credit gain and the waiting period for policy portability – but only if the policy has been in continuous operation with timely premium payments and no defaults.
Minor constraints: If you might be in a high-risk category, the new insurer can charge you a higher premium as part of their underwriting rules, even if you have had the same policy for a long time and paid your dividends on time. The new insurer would have its own rules, which may not include some expected benefits. Also, the company may not pay you if you might be eligible for a cumulative bonus from your current insurer.
So, to conclude, we would say that before you decide to switch, remember to research. Ultimately, you are the one who has to make an informed decision.
‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.’
