Categorized | Health Insurance

what is health insurance portability?

Are you not satisfied with what your present Mediclaim insurance company is giving you? You may now move to another insurance company without worrying about the loss of existing accumulated benefits or having to pay hefty fines. Known as Health Insurance portability or mediclaim portability, this kind of regulation will allow you to switch to other insurers who will provide you improved services and greater benefits.

You can also change easily from a group mediclaim Policy to an individual or family floater policy, and still retain the Waiting Period credit.

Benefits of Mediclaim Portability

Medical insurance portability gives you a number of benefits, which will allow you to get the best deal possible with your hard earned money. Here are some of the key benefits:

•You can switch insurance companies without worrying about losing existing benefits such as Pre-existing diseases cover or no Claim bonus.
•You can even go for a new policy to match your changed lifestyle and new requirements.
•The sum Insured of the new policy would be the previous sum insured plus the accrued benefits.

Things You Must Take Care

However, there are also a few things you must take care of before you make a mediclaim portability switch. You must know well in advance all the finer details of the new policy and the added benefits you are going to get, to avoid any problems in future. The new Insurer can accept or reject your policy, as their undertaking guidelines may be different from that of your current insurer.

Here is a list of things you must know and need to take care of:

•You must approach the new insurer in advance at least 45 days before the renewal or expiry date of the policy.
 
•The old policy should have been continued without any breaks i.e. all premiums should have been paid.
 
•You must know in advance how much amount of sum insured, the new insurer is going to provide you.

•You must be well aware of all the terms and conditions of the new insurer as many of them may be different from that of your old insurer.

•You will have to undertake all the Underwriting procedures as in case of a new policyholder.

•A complete medical Risk assessment will be done again as in case of a new policyholder.

•You must be sure of the waiting period for illnesses with your new insurer. Waiting period for various illnesses differs from insurer to insurer.

•The Premium will change; when you go in for a new insurer.

•Be aware of other details like how people in the higher age group are treated and so on.

•As per the new portability guidelines, the earned bonuses may change when you go for a new insurer. You must ensure that you get the existing as well as the new benefits.

•Check in detail for the service records of new insurer before making the shift. Insurers must have very good service reports, especially in claims settlement.

Product enhancement and delivery mechanisms in the insurance industry are expected to reach new heights after health insurance portability implementation. Customer is always the king, and with Health Insurance Portability in place, insurers will have to take their services to a whole new level to maintain customer loyalty. Also, they will have to come up with new innovations and capabilities to enlarge their customer base.