Health Insurance Portability – The Right to Change

The comparison of Health insurance is not just those who are looking for new policy but also for the existing policyholders. If you are not satisfied with the services provided by your existing health insurance company or you think there are insurance plans better than your existing one, you do not need to worry. Your Health Insurance Policy is portable. It means transfer of the credit gained by the insured for pre existing conditions and time bound exclusion if the policyholder wishes to switch.

Benefits of Health Insurance Portability:

·          Switch to one insurer to another if you are not happy with the services.

·          Choose the new insurance plan with the new health insurance provider.

·          Your new insurer has to give you the credit relating to waiting period for pre-existing conditions that you have gained with the old insurer

Following are the few conditions that you kept in your mind while looking for the health insurance portability:

·          Policyholder can switch in between the insurance provider or from one plan to another plan of the same health insurance provider.

·          For health insurance portability, previous policy must be in force without any break.

·          Policyholder should apply for portability at least 45 days before the premium renewal date of the existing health insurance policy.

§  Write to your old insurance company requesting a shift

§  Specify company to which you want to shift the policy

§  Renew your policy without a break (there is a 30 day grace period if porting is under process)

·          Portability allowed to all individual health insurance policies including family floater policies issued by non life insurance companies.

·          The new insurer has the authority to fix a higher premium.