Know about Health Insurance Portability ?

For getting better policy benefits from existing medical insurance policy, you can avail the option of portability through which you can shift your medical insurance policy from one insurance company to another . Once portability is carried out an individual doesn’t have to avail the fresh waiting periods related to named ailments and pre-existing diseases for the period already spent in your previous health insurance policy.

HOW DO YOU APPLY FOR MEDICAL INSURANCE PORTABILITY?
In case you are not satisfied by the services of your existing medical insurance provider, or the list of network hospitals is limited, or the sub limits are low to compensate your medical expenses, you can apply for portability by submitting a written request to a new insurance company. This must be done at least 45 days before the expiry of the existing medical plan. In case you satisfy all the portability conditions , you get your medical insurance ported within 15 days.

WHAT ARE THE BENEFITS OF MEDICAL INSURANCE PORTABILITY?
The important benefits that you can enjoy by porting from one medical policy to another includes:
• Lower premiums for the same sum assured.
• Better services offered than the previous insurance provider.
• Smoother claim settlement process. Portability helps you settle for insurers with good claim settlement ratios.
• Opportunity to buy an an upgraded health plan which was not available earlier.
• Benefits in the existing medical insurance policy like bonuses, waiting periods for pre-existing diseases etc. are carried forward to the new plan with the new insurer.
• The usual waiting period of 30 days from the start of the policy to enjoy the benefits of health plans are waived off in a ported policy.