pays for your hospital bills for diagnostics, surgery etc.
Health insurance just saw a major change happening when Health Insurance portability was introduced. Portability of health insurance allows a person to migrate to a different health insurance provider without losing on the benefits. But why is it considered such an important thing and why is it being seen as a major facility? Why you may need portability.
Reasons for dissatisfaction can be many; you had trouble in claims, you don’t get renewal notices you don’t get Policy documents after renewal or you don’t get required assistance at the time of need. You would want to change the health insurance provider for better services
If you have to shift to an area where your current insurance provider does not have a network or the services are not within easy reach, you may want to change your insurance provider.You may want cover for illnesses that are excluded in your current policy –
Every insurance company has an Exclusions list. You may want cover for illnesses that are not covered in your existing health insurance but other insurance companies may be covering them.
If you are changing your job and have only the employee offered health insurance, you were left with no health cover. Portability allows shifting to individual cover from a group health insurance and also keep the continuity benefits In this case the rules applicable will be of the individual policy without any extra benefits that you may have enjoyed in the group policy.
You may want to switch to another insurance company that offers higher renewal age or offers lifelong health insurance renewal.
You may want to change the health insurance provider to get better options of specific features like room rent capping, ambulance charges or daily cash availability etc.
While earlier if you had to change the health insurance provider the only option was to buy a new policy and go through all the window periods and waiting periods. Now, with portability a lot of the benefits, gained in existing health policy, are carried on to the new policy. The duration that you have been Insured is taken into consideration by the Insurer you are migrating to.Benefits of portability:
You may have reasons that you wish to change your medical insurance provider and portability has allowed most of the important benefits to be transferred. Yet you need to take care of certain things as this time you may not get the free look period. Compare your existing policy with the others available in the market and weigh them before you take the decision.