Insurance portability – Switching to a policy that works!

If you’re unhappy with the service or terms of your existing health insurance policy, the best way to remedy the issue is by moving on to another plan, or better yet, another provider.

 

Breaking up is hard to do!

 

Neil Sedaka rocked the pop charts with this hit way back in 1975. Strangely enough, it could easily be the anthem of many a health insurance policyholder today, stuck in a bad relationship with their provider.

 

Many people get health insurance for all the right reasons but failing to review insurance portfolios leaves most policyholders with covers that are either redundant or insufficient to meet their latest needs. They may also realize, post-purchase, that for all the great trimmings their charming agent sold them, insurance providers are not always what they’re made out to be.

 

When things go south…

 

Customer-service is an oft-overlooked aspect when buying health insurance; the pinch of which is felt at a much later date. Lack of transparency, ambiguous terms and tedious processes can cause policyholders frustration. The last thing an afflicted person wants to deal with at a hospital, is being given the run-around by non-responsive TPAs who refuse to authorize cashless claims. Certainly, no one wants to spend time recovering from an ailment wondering when their reimbursements are going to come through, if at all. Similarly, finances and policyholder-nerves are fraught if renewals are subject to lengthy reviews and medical checks that result in higher premiums payable in subsequent years. Inflexible policies may not allow for additional members to be covered under existing plans, which can prove expensive for those requiring coverage for an expanding family.

 

 

Moving on!

 

If you find yourself locked in a dead-end relationship with your general insurance company, the healthiest thing to do, financially and medically, is to find a plan that will give you the coverage you require. This is where the Indian insurance industry’s cupid a.k.a. the IRDAI (Insurance Regulatory and Development Authority) plays its part by helping disgruntled policyholders move on to better-suited insurance providers, who can provide the kind of service they deserve as valued customers.

 

Health insurance portability enables policyholders to switch plans or health insurance companies

 

Porting or switching is a way to start afresh without having to lose out on time or money already invested. When you port your health insurance plan, you essentially transfer your existing cover to another one. You may opt for a new policy provided by your current insurance company or by another insurance company.

 

As opposed to cancellation, the upside to porting, besides the obvious advantages offered by the new policy, is that you don’t lose out on certain benefits already earned under your existing policy; specifically, credit for waiting periods and enhanced amounts of sum insured.

 

Time your move!

 

People port for various reasons but just because you can, doesn’t always mean you should. Port your policy only if you really benefit by doing so!

 

Some key situations under which you should consider porting your health insurance policy:

 

- When your current health insurance company provides really bad service; especially if claims aren’t settled in an easy and timely manner.

 

- When your coverage requirements have increased or changed and your current plan no longer suits your needs e.g. your family is expanding and your current plan cannot be extended to cover your spouse/kids.

 

[Source: https://blog.bankbazaar.com/insurance-portability-switching-to-a-policy-that-works/]