Are you unhappy with your health insurance provider? Did you have a problem in settling claims? Do you want a plan with enhanced coverage?
The good thing is under the portability rules you can shift your insurance policy to a new health insurance provider at the time of annual renewal of the existing health insurance cover, with some of the benefits being carried over to the new policy.
However, if you are looking to port your policy you need to be aware of a few basic things so that the process is carried out in a smooth manner. “Porting is allowed only during renewal. So start the process before 45 days of renewal,” says Yashish Dahiya, Co-founder & CEO, PolicyBazaar.com told FeMoney.
Dahiya says for a smooth transfer to a new provider you should ensure that you disclose every detail about your medical and claim history as the new insurer will verify these details from your current insurer.
Aniket Thakkar, vice-president, marketing, Coverfox.com, says that unless the process is initiated I time (before 45 days) your application might be declined. “You can apply for portability of your before 45 days of your renewal date. If you don’t initiate the process in time, the new insurer may decline your application.”
Thakkar says that if process is initiated on time there are a few things you should do. Here is a small list:
- Keep all the policy documents from your previous insurer
- File a renewal notice to the previous insurer
- Fill a standard portability application form along with the proposal form for the new policy from the new insurer
- Submit both the forms to the new insurer’s branch office
After you submit the required documents, the new insurer will review the form and seek details of claim history and medical records from your existing insurer. Then, your present insurer will provide the requested data to new insurer. After getting all the medical and claim details, your new insurer will review your proposal as per its underwriting terms.
However, that the decision to accept the porting policy request rests with the insurer if it does not comply with their internal norms. “The new insurer may decline your case if it does not fit new insurer’s underwriting guidelines,” Thakkar said.