It is very commonly seen that we end up taking health insurance and later we realize that we are not satisfied with the health insurance we have. Though insurers do give 15 days' lookup period sometimes the need for switching the insurer comes in the middle of the policy. Following this IRDA issued a guideline line in which it was clearly stated that a policy could be transferred from an exiting health insurer to a new insurer. This includes family and individual plans both by the non-life insurance provider. Also, one could switch from group plans to include a plan under this mandating. Also, the new policy can be customized to get some more benefits. Getting health insurance online is now easy and most of the process we have discussed can happen online.
Most of us are familiar with the term portability but only a few of us know that health insurance also offers the benefits of portability.
What is Health Insurance Portability?
Health insurance Portability is an option through which the insured person can change their insurer for getting better services and possibly better insurance cover. This allows the flexibility to be not associated with the previous insurer you were bound to. You may find better service, pricing, and if you find these things you are allowed to switch your policy.
How to Apply for Health Insurance Portability
First of all, you'll need to fill the IRDA portability form to initiate the process. It is important that a policyholder can initiate the portability when the previous policy is due for renewal. You will also need to reach out to the new insurance company where you wish to start and explore their plans or look out the plans you have in your mind. The insurer will send you some documents with product details, portability form, and proposal form.
Once all these documents are filled the new insurer will reach out to the previous one to get your medical records and other information. The also ask you for claim records. Your old insurance company is bound to share these details through IRDA.
When the new insurance company has got all the details it is their decision whether they want to provide you insurance or not. This is what Is covered in the underwriting of the policy. This is the analysis of your risk profile to see if they can provide you with health insurance. The new insurer has to go for underwriting within 15 days in case of any delay in this time it is considered that you are being insured by the new insurance company.
The process can slightly differ based on the terms and condition but the basic document needed is -Identity ProofAddress proofIRDA portability formProposal FormInsurance PolicyClaim HistoryDocument related to Medical History
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now if you don't have one and get yourself and your family covered in the time of medical emergencies especially in a hard time like this one.