Ayushi took a health insurance in Bangalore in 2019 and luckily didn’t have to encash it that year. Next year she moved to Mumbai and fell ill during the first wave of Covid 19. Unfortunately, she couldn’t locate a network hospital in her new city and desperately wanted to apply for Insurance Portability. With the help of Insurance Portability, Ayushi was able to port her health insurance policy with a local network of hospitals at her disposal.
Buying good health insurance involves thoughtful planning and careful comparison of various plans available. But often policyholders are compelled to move from one insurer to another. The most common ground for policyholders to change their insurer is to move towards a higher sum insured or better features. To ensure a hasslefree portability procedure for policyholders and safeguarding their interest, the Insurance Regulatory and Development Authority of India, or IRDAI has laid down certain guidelines. The purpose of these rules is the betterment of policyholders and protection of their interests.
In October 2011, the IRDAI introduced the Health Insurance Portability and Accountability Act. Health Insurance Portability is one of the many provisions by the IRDAI that allows policyholders to switch their policy from one insurer to another while retaining all its benefits.
Earlier, policyholders had to face several difficulties like waiting periods for pre-existing diseases or no claim bonus, if they wished to switch their insurer. Sometimes pre-existing policyholders were even regarded as new policyholders by the new insurer. But the portability rules laid down by IRDAI has changed this to a great extent. These new rules have enabled policyholders to opt for an insurer of their preference without worrying about losing their benefits. Some of the most basic rights of policyholders are as below:
To experience hassle-free portability of your policy, keep these points in mind during the process:
By opting for the portability of health insurance policy, policyholders can expect to gain numerous benefits apart from their accrued benefits and bonuses getting transferred. These benefits come in the form of upgraded policies, attractive premiums and enhanced services. With a good track record of processing claims in a hassle-free manner, Insurance companies enable policyholders to port their health plans based on their age segment and health status as per the underwritten rules.
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