If you are unhappy with your current health insurance policy, whether due to poor service, high premiums, or limited benefits, you might be wondering: Can I transfer my policy to another insurer without losing my benefits?
The answer is yes, thanks to health insurance portability. This process allows you to port health insurance policy to a new provider while retaining certain benefits like waiting periods and continuity of coverage.
In this blog, we will explain everything you need to know about porting health insurance, why people do it, and how to make the switch smoothly.
What is Health Insurance Portability?
Health insurance portability allows a policyholder to transfer their individual or family floater health insurance policy to a new insurer without losing benefits, such as the waiting period for pre-existing conditions.
As an example, suppose you have already completed two years of waiting period on a pre-existing illness under your existing policy, and you transfer to a new provider under portability, then you would not be required to start a new waiting period.
The Insurance Regulatory and Development Authority of India (IRDAI) introduced this facility to increase competition and ensure consumers are not stuck with sub-par service.
Why Do People Consider Porting Their Medical Insurance?
Over time, your healthcare needs evolve. A plan that worked for you a few years ago might no longer meet your requirements today. Here are a few common reasons people choose health insurance portability:
- Poor service experience from the current insurer
- Higher premiums without proportional increase in benefits
- Limited hospital network or lack of cashless options
- Inadequate coverage for new health concerns or family additions
- Desire for more flexible plans or add-on features (like maternity, wellness, OPD, etc.)
Rather than cancelling the existing policy and buying a new one, porting lets you keep some continuity benefits while switching to a better-suited plan.
Steps to Port Your Health Insurance Policy
If you have decided to port your medical insurance, here is how to do it:
Step 1. Apply at Least 45 Days Before Renewal
You must initiate the portability process with the new insurer at least 45 days before the policy renewal date of your current plan. Some insurers may allow more flexibility, but it is safest to apply within this window.
2. Submit the Portability Form and Proposal
You will need to submit:
- Duly filled portability application form
- Completed proposal form for the new online health insurance plan
- Documents of your current policy (policy schedule, ID proof, claim history, etc.)
You can port health insurance policy online on the new insurer’s website or via an agent.
3. Wait for Underwriting Decision
Once you apply, the new insurer will review your past medical records, claim history, and policy details. They may accept or reject the proposal, or ask for additional medical tests.
By IRDAI rules, the new insurer must process the application within 15 working days, otherwise, they must accept it.
4. Policy Issued Upon Acceptance
If approved, your online health insurance policy is issued, and the benefits from your previous policy, such as time served for waiting periods, are carried over.
Health Insurance Portability: What Transfers and What Does not?
When you port your health insurance, here is what you do and do not carry forward:
Transferred:
- Time spent on waiting periods (e.g. for pre-existing diseases, maternity, etc.)
- No-claim bonus (in some cases)
- Continuity benefits for hospitalisation cover
Not Transferred:
- Premium rates (new insurer may charge differently)
- Policy features (you must choose a policy offered by the new insurer)
- Sub-limits or room rent caps depends on the new plan’s terms
While porting is beneficial, it is essential to compare the new policy’s terms and conditions thoroughly.
5 Things to Keep in Mind Before You Port Health Insurance
Though porting is fairly straightforward, there are a few practical things to keep in mind to avoid surprises later:
- Compare Features and Costs Carefully: Do not port your policy just because of one bad experience. Use it as an opportunity to upgrade to a better plan genuinely. Compare:
- Coverage limits and sub-limits
- Room rent cap
- Network hospitals
- Premium amount
- Daycare procedures and add-ons
- Disclose Health History Honestly: Like with any medical insurance, make sure your proposal form is filled truthfully. Non-disclosure of pre-existing conditions can lead to rejection or claim disputes later.
- You Can not Port Mid-Term: Portability is only allowed at the time of policy renewal, not during the policy term. So, plan ahead and start the process early.
- Family Plans Can Also Be Ported: You can port individual or family health insurance plans. However, in family plans, each member’s health history is evaluated individually.
- Choose IRDAI-Approved Insurers: Always port to insurers registered with IRDAI. Their customer service, claim settlement ratio, and product options should all factor into your decision.
Benefits of Porting Your Health Insurance Policy
Choosing to port health insurance gives you access to several advantages:
- Better Coverage: If your existing plan does not cover certain treatments or has low limits, you can move to a more comprehensive plan that suits your needs better.
- Improved Service: Porting allows you to choose insurers known for good customer service and quick claim settlements, essential during medical emergencies.
- Continued Waiting Period Benefits: With portability, you do not lose the benefits of time served on pre-existing conditions. This ensures seamless access to healthcare without having to start over.
- Competitive Premiums: Sometimes, you might get a better plan at the same or lower premium by switching to a different provider, especially if your risk profile is favourable.
If your current medical health insurance plan no longer meets your needs or is falling short in service or flexibility, porting your health insurance is a smart option. It offers a practical way to improve coverage, adjust premiums, and continue your health journey with confidence.
With online health insurance making application and comparisons easier than ever, you can now port health insurance from the comfort of your home, and continue protecting your family’s future without compromise.
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