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Oct 20 2011 10:21AM
Health insurance portability gives power to policyholders

Health insurance portability means that policyholders can change their insurer without losing any credit or benefit for the period of cover served with the existing insurer. The policyholders will now be able to exercise a greater choice when they opt for their health insurance policies without fear of compromising on the waiting period served with their existing insurer. At the same time, there will be increased efforts from the health insurance companies to offer customised products, coupled with superior customer service. Some key benefits associated with portability include coverage for pre existing diseases and the flexibility to move from group health insurance to individual health insurance. However, it is very essential for the policyholders to be aware of some facts about health insurance portability, in case, they are planning to switch covers n The customer must choose a plan similar to their existing plan. If case such a plan or cover is not available with the new insurer, they will have to opt for a higher cover (closest to their present plan). n They should start the process for swit ching before their present policy term expires. It is recommended that the customer apply for portability at least 45 days before the renewal date of their existing policy. n Group customers first need to switch to an individual policy with the same insurer and then they can switch to a new insurer after a year. n Customers will get credit for benefits like waiting periods on pre existing diseases or time bound exclusions that they have served or accrued with their present policyholder. For example, if a person has served a three of the four years waiting period for a condition with their present insurer, they will have to serve only a one year waiting period with the new insurer for the same condition. n Any disease condition, which was originally not a pre existing disease, but was contracted during the term of the policy will not be added/treated as a pre-existing condition with the new insurer. However, the Insurance Regulatory and Development Authority (Irda) has allowed the insurers to load on premiums, basis underwriting. To avail the portability facility, customers need to perform the following steps n·Brief their existing insurance organisation to upload claim details on the linksite provided by Irda. n Fill up the Irda portability form and attach a copy of the previous health insurance policy. n Complete the proposal form by the new insurer.
 
 
 
 
 
 
 
 
 
     
 
     
 
 
 
 
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