Health insurance portability is a policy where one can port a current health insurance policy to a different insurance company. Porting can be done when one faces poor services, needs an extra cover, or any other reason. The concept of health insurance portability was introduced by Insurance Regulatory and Development Authority in 2011. Here, an individual policyholder can switch health insurance from one company to another or from one plan to another within the same insurance company.
When should you port?
Poor service from your current health insurance provider. It is time to port if your health insurance provider does not give you the promised service quality. Hidden clauses – It might turn out to be the primary concern during emergencies, and it would be better to shift to a provider who is transparent which has no hidden clauses. Additional Cover – If your health insurance provider does not cover your sufficient needs, which are of concern to you, you should switch over to the service provider which covers all your needs.
Health insurance portability guidelines
Individual or family policies can be ported. You cannot port your policies at any time. Health insurance portability is permitted only at the renewal time of the current insurance policy. Insurers should have acknowledged applications for portability within three days.
Policyholders can renew their policies without any break. If a discontinuity in the policy occurs due to an insurer’s delays, it will not be treated as discontinuity, and portability can be continued. Policyholders can port their policies from any general or specialized insurance company to any general or specialized insurance company.