MoneyTree

Q: What is porting a Health Insurance Policy?

Ans: If you are having your health Insurance policy with Insurer “A” and want to shift it to Insurer “B”, that is called porting your Health Insurance.

(Similar to porting your mobile number from one telecom provider to another)

Q: Why should I shift from my current Health Insurance policy?

Ans: Some New Health Insurance policies provide some benefits that old health insurance policies don’t have

a) No Room rent cap

b) More day care procedures covered

c) Any type of room can be taken (eg: Suite)

d) No sub-limit on specific procedures

e) Global coverage etc

f) Better Cash less claims - if u want any of the newer benefits, u could port your health insurance

Q: When can I port? Anytime or is there a special window to Port?

Ans: As per IRDA guidelines, you can port at the time of renewal only. You can apply for porting up to a maximum of 60 days prior to your date of renewal.

Q: Only at time of renewal? Isn’t it the same as I just buy a new Health Insurance policy and let the old policy expire?

Ans: When you buy new insurance policy --> Waiting Period Exclusions etc

When u Port --> No Waiting period etc

When you Port a health insurance policy – the new Insurer cannot impose additional waiting period for coverage i.e. your get credit for the pre-existing diseases and waiting period already served Hence Porting is better.

Q: Will this be a complicated process? Will I have to submit lot of docs?

Ans: IRDA has made it a very simple process. You don’t have to do much. Just give your old health insurance policy to the New Insurer you want to go to.

IRDA has a specific portal where new Insurer can check all your details and usually within a day will complete the process. The old Insurer has give all the details to the new Insurer on this online portal in a defined period you don’t have to do this. IRDA has done it for you.

Q: This sounds simple? Tell me exact steps

Ans: a) Apply to New Health Insurer with your basic details (age, height, weight, existing conditions etc)

b) Give a copy of old policy

c) Disclose all existing conditions

d) And you get ported to the New Insurer

It’s that simple!

Q: But the new Insurer may not give me same coverage amt I have with old Insurer?

Ans: IRDA mandates that new Insurer has to give at least same coverage amount – without any conditions. If you want more i.e. for higher coverage, it may put a waiting period only for extra amount.

Q: Oh, then that’s a bummer! I want higher coverage!

Ans: Not really – u still get higher coverage but just with a bit of waiting Remember, why u are shifting – for better service, no caps on room rents, more features etc.