Porting your health insurance plan is a big decision! You are officially breaking ties with your current insurance provider and moving to a new one. Therefore, it goes without saying that you need to be100% sure before making the move. In this regard, there are certain instances that completely warrant this bold step, where porting your policy is ‘just what the doctor ordered’. Let’s have a look at some of these circumstances.
Customer service is important! However, once you buy the policy, some insurance providers put this aspect in the backseat. If this is happening with you, it’s time you considered switching insurance providers. There are several health insurance companies that put a lot of thought into post-sale services. They weave technology and innovation to make things easier for customers. Also, before you make the move, remember to read reviews and ratings to see if others are satisfied with the customer service of the new provider and policy.
If the premium of your health insurance policy is putting undue stress on your finances, it’s probably time to consider porting health insurance plans. You can look for plans that offer similar coverage at lower premiums. However, never compromise on protection in order to lower the cost of your plan.
Not all insurance policies have the same levels of protection. If you have a limited choice of add-ons or you are not satisfied with the sum insured of your policy, it makes sense to look elsewhere for better protection. Some policies have numerous add-ons and premium benefits to choose from. Some policies will also have sum insured levels up to Rs 1 crore!
If you are being offered better features such as shorter waiting periods, lower premium loading, more lenient room rent capping, better co-payment clauses then it makes sense to port your health insurance policy.
There’s a lot you need to keep in mind when porting your policy. To begin with, you need to ensure you are not settling for lower coverage. Also, you should make sure there is no gap in getting the new policy. Your new insurance provider might have certain checks that will need to be done before they cover you; this could take time and result in a gap in cover. If any medical emergency occurs during this time, you might not be able to make a claim. Also make sure that any accumulated cumulative bonus you have is transferred to your new policy. This also applies to credits related to pre-existing conditions and any time-bound exclusion you have on your current policy.
Porting is an option you should definitely consider. It can help you get improved cover, lower premiums and better service standards. However, before you make the switch, ensure that you do your research about the new insurance provider.
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