10 Benefits of Porting a Health Insurance Policy

Better Coverage Options

One of the primary advantages of health insurance portability is the ability to upgrade your coverage without losing existing benefits. Sometimes, your current insurer may offer limited features, outdated inclusions, or insufficient sum insured options that no longer meet your needs.

By porting your health insurance policy, you can:

• Access advanced features like restoration benefits, maternity cover, OPD coverage, and wellness programs.
• Choose a higher sum insured to match rising medical costs.
• Opt for policies with modern treatment coverage, such as robotic surgeries or home healthcare.

This flexibility ensures you have the best health insurance plan tailored to your requirements, without having to start from scratch.

Lower Premiums for Same or Better Features

Over time, premiums under your existing policy may rise significantly, making the plan less affordable. With health insurance portability benefits, you can compare health insurance plans from different insurers and switch to a provider offering similar or improved benefits at a lower cost. For instance:

• Two insurers may offer similar coverage, but one charges a higher premium due to administrative costs or poor risk management.
• By porting, you can reduce your annual premium outgo without sacrificing essential features or coverage.

This gives you cost efficiency while retaining quality coverage, an essential factor when choosing the best health insurance plan.

Continuity of Waiting Periods

Usually, when you buy a new medical insurance policy, there is a waiting period for certain illnesses, pre-existing conditions, and maternity benefits, typically lasting 1 to 3 years.

However, with health insurance portability rules, you don’t have to restart these waiting periods. The new insurer is required to give you credit for the time you have already spent under the previous policy.

This ensures:

• Immediate coverage for pre-existing conditions (if previous waiting period was completed).
• No duplicate waiting time, avoiding unnecessary financial burden during claims.

This is one of the most significant benefits of porting a health insurance policy, making it a seamless transition between insurers.

Access to More Network Hospitals

One primary reason people port health insurance policies is to gain access to a broader network of hospitals for cashless treatments. Sometimes, your current insurer may have a limited hospital tie-up, forcing you to pay upfront during emergencies.

By switching to another insurer:

• You can choose a provider with a broader hospital network, offering cashless hospitalisation across more cities and regions.
• This is especially helpful for people who travel frequently or relocate often for work.
• A wider network ensures you avoid out-of-pocket expenses during medical emergencies.

Improved Customer Service Experience

Poor claim handling, delayed reimbursements, and unresponsive customer support can make a complex health situation even worse.

With medical insurance policy portability, you can switch to an insurer known for excellent customer service and faster claim settlement processes. Benefits include:

• Dedicated claims assistance for policyholders
• 24/7 helpline support for medical emergencies.
• Faster claim approvals for cashless or reimbursement claims.

Improved service quality ensures that your health insurance truly serves its purpose when you need it the most.

Enhanced Claim Settlement Ratio

The claim settlement ratio (CSR) indicates how efficiently and frequently an insurer settles claims. A low CSR can be a red flag for policyholders.

By choosing to port your health insurance policy, you can:

• Switch to a company with a higher CSR, which increases your chances of claim approval.
• Reduce the risk of claim rejections due to insurer inefficiencies.
• Gain peace of mind knowing your medical bills will likely be covered promptly.

Add or Remove Add-ons Easily

Sometimes your existing insurer restricts you from adding or removing riders (add-ons) such as:

• Critical illness cover
• Personal accident cover
• OPD benefits
• Room rent waiver

With health insurance portability, you can customise your policy to match your evolving needs, adding or dropping riders as required. This flexibility ensures you only pay for features you need.

Transparency in Policy Terms

Policy wordings can often be complex, unclear, or misleading, leaving you with unexpected claim rejections later.

By porting your health insurance policy, you can:

• Move to an insurer offering simpler, more transparent policy terms.
• Gain better clarity on inclusions, exclusions, sub-limits, and co-pay clauses.
• Avoid unpleasant surprises during claim settlement.

Transparency in terms and conditions empowers you to make informed decisions, maximising your health insurance portability benefits.

Upgrade from Individual to Family Floater

If you initially bought an individual health insurance policy, you may now want to include your spouse, children, or dependent parents under a single family floater plan.

Instead of buying a separate policy:

• You can port your existing medical insurance policy to a family floater plan with another insurer.
• This can offer better premium value compared to maintaining multiple individual policies.
• It also simplifies policy management, with one plan covering your entire family.

Switch from Offline to Online Support

Digital transformation has made online health insurance services a must-have. If your current insurer lacks:

• Online claim submission
• Digital policy management
• Instant premium payments and renewal options

You can port a health insurance policy online to a digitally advanced insurer offering:

• Seamless app-based policy tracking
• Online doctor consultations
• Paperless claim settlements

This enhances convenience, speed, and accessibility, ensuring you stay protected without manual hassles.

Compare Health Insurance Plans

• Use online tools to compare benefits, premiums, hospital networks, and CSR.
• Identify insurers offering better coverage at competitive prices.

Apply at Least 45 Days Before Renewal

• As per health insurance portability time guidelines set by IRDAI, you must inform your current insurer at least 45 days before your policy expiry date to initiate the porting process.
• Submit a written application or online request.

Fill Portability Forms and Submit Documents

Provide:

• Policy details of your current plan
• Medical history and reports
• KYC documents (ID proof, address proof)

This allows the new insurer to assess your risk profile.

Wait for Underwriting Approval

• The new insurer reviews your application, health history, and claim record before approval.
• They cannot reject portability solely based on your decision to switch.

Receive Policy Port Confirmation

Once approved, you receive a new policy document from the chosen insurer, retaining:

• Waiting period credits
• No-claim bonus
• All previous coverage benefits