Choice is always good. In a globalized world, consumers have a wealth of choices in everything from airlines to automobiles. So even airlines these days make announcements after passengers have landed.
"We know you have options. Thank you for flying with us!"
It's very easy. The choice is yours – if you don't like a product or service, switch! The same applies to health insurance. In India, people are awakening to the potential of health insurance, and health insurers are proliferating across the board. With this diversity, policyholders do not have to join an insurer if they are dissatisfied with the service.
The Insurance Regulatory and Development Authority of India (IRDA) has prepared a new scheme for disgruntled policyholders to switch providers.
Health insurance portability. So what does that mean? Let's elaborate on that. What is Health Insurance Portability?
Health plan portability is how health policyholders transfer their existing policy from their current insurer to a new insurer. Portability gives customers the opportunity to choose better services and products. That way insurance companies can't take them for granted.
Reason for transplant
When and why should you transfer your health insurance to another provider? Here are some tips to help you decide.
o Quality of Service
If you feel that the standard of service provided by your policyholder is not what was promised when you signed the contract, it may be time to move on. Often, insurers promise to get a contract in place during customer onboarding, but gradually reality hits and customers realize it's all bullshit. There's no point in continuing a painful relationship, is there?
o Increased benefits
You may find that the coverage your current health insurance company offers you is not sufficient. Under certain circumstances, it may make sense to switch to a provider that can offer additional coverage/services.
oh expensive
It makes no sense to pay more for services/perks that are offered at much lower prices from competing providers. If you think your competitors are offering a better product at a lower cost, it's time to make that change.
o specialization
Health insurance is offered by both general and specialized health insurance companies. If your current provider seems focused on non-health insurance, switching to a specialized health insurance plan may better suit your needs. oh move
When you move to a new city, you want the same service and coverage as before. However, your existing insurer may not have access to hospitals in the city or the number of network hospitals. After that, it might make sense to port to a provider that offers these services in your city.
o Claim settlement
This is important. Some companies take forever to resolve a claim. Before you find yourself in such a situation, it is important to know if the insurance company has such a reputation. In that case, please port out.
o Transparency
Contracts often contain hidden terms and conditions that are unknown to policyholders. Hidden clauses like this raise an ugly head in an emergency and you don't know where to go. It's time to switch to a provider with greater transaction transparency. Article Source:
Now that you have a rough idea of when to achieve portability, it's also important to know the benefits. What are the benefits for the insured? Well here goes:
Portability advantage
adjustment
When porting to a new provider, it will be easier to adapt functionality to your unique needs and requirements. You can also add candidates and select additional insurance and benefits.
Benefits of Continuity
If you change health insurance, there is no reason to lose the benefits you received from your previous insurance company. IRDA requires the new insurer to reimburse any benefits accrued by the previous insurer.
New insurance amount
According to IRDA, new insurers will have to cover at least as much as the old policy's policy amount. In most cases, the previous sum insured is added to the unpaid bonus to form the new sum insured. The uninsured bonus is also offset against the new insurance amount.
With better service, lower premiums and transparency portability, the inconveniences of previous health insurers that allowed you to switch no longer apply. Yes, portability is a huge benefit for health planners who are dissatisfied with their current insurer. But it is also important to know the terms and criteria of transferability.
Transfer conditions
- Migration is possible only at the time of contract renewal. New insurance period with new company
- Apart from waiting period credit, all the other terms of the new policy will be at the discretion of the new insurance company
- The process has to be initiated by the policyholder at least 45 days before renewal:
- Write to your existing provider requesting a shift
- Specify the new insurer you want to shift your policy to
- Ensure that the policy is renewed without a break (there is a 30-day grace period if porting is under process)
In short, if you are disappointed with your health insurance policy, portability is a good option that offers a recourse - if the above conditions are met. Now, let's get into the most important part.
How to port?
Porting Process:
o Application for portability should be made at least 45 days before the renewal date of the existing policy, on the portability form
o The company will then send your portability form and all the policy related documents
o The new insurer will take a decision on accepting the policy within 15 days
Other documents include all previous policies, claim experience, proof of age and others. Your new insurance company may request additional documentation if required.
Only One !
These are some small pointers that go a long way to making the transition smooth and happy:
- Read all new company terms and conditions, product features and brochures before making a decision.
- Understand that the new entity may decide to increase premiums at its sole discretion
- Check the settlement rate of insurance claims
- It goes without saying that you want great customer care and service
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