A health insurance is a must-have safety net in present times. It is a positive move towards financial planning helping you safeguard your hard-earned money while investing in a health insurance policy to tackle medical contingencies. Moreover, starting early has its benefits that help in the long run. But with the complex jargons involved in selecting health insurance plans, it may result in a policy that is unsatisfactory. It can be either due to inadequate information, haste, or a last-minute decision. This is when you contemplate on buying online health insurance all over again.
Keeping in mind these difficulties and changing needs faced by buyers, the regulator, Insurance Regulatory and Development Authority of India (IRDAI), has allowed for health insurance portability. This facility by the regulator allows to change the insurance company instead of undergoing the buying process afresh. The change in such policy can be done up to 45 prior to the expiry date. The new insurance company then evaluates the application based on the claim history and then either accepts or rejects the proposal. But when you port your health insurance policy, here are some things you need to remember. You can visit the official website of IRDAI for further details.
The sum insured vis-à-vis its premium: A critical decision when porting your health insurance company is deciding the policy’s sum insured. For instance, the porting of your policy should not require you to settle for lower sum insured. At least, the current amount of coverage should be sought. But when making the switch, the premium that is charged should also be a matter of consideration. Sometimes, the cost of porting ends up nullifying the benefits in changing the insurance company. Hence, you need to consider the premium vis-à-vis its coverage at the time of porting your insurance plan.
Coverage of the policy: Before initiating the porting process, you must compare health insurance plans for the coverage offered. Comparing the coverage implies checking for different ailments and treatments that are covered in the policy’s scope. All insurance companies mention a definitive list of treatments under the policy coverage which must be thoroughly examined. Here, you need to keep an eye for a policy that offers fewer restrictions with a broader coverage for ailments.
Claim settlement ratio: There are quite a few indicators that need to be checked when entering an insurance contract. One such indicator is the claim settlement ratio. This number denotes how many claims are settled by the insurer when compared to the total number of claims received by it. The higher this ratio, it increases the probability of your claim being honoured. Other than the claim settlement ratio, you must also verify if the insurer is one of the empanelled insurance company with the regulator, the IRDAI. You can visit the official website of IRDAI for further details.
Network hospital facility:
Another consideration to remember is the network hospital facility before you change the insurance company. A network hospital is an affiliated medical facility with the insurance company wherein cashless treatment can be sought. The broader the network, the beneficial it is. Hence, you must keep this feature in mind when switching your insurer.
With the above considerations at time of porting your coverage, the transition can be smooth, hassle-free and as per requirement. Also remember insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.