The choice is always good. In a globalized world, the consumer has a plethora of alternatives for everything, from trains to cars. This is the reason why nowadays even airlines make an announcement following the passenger’s property:”We all know you have a choice. Thank you for flying with us”
It is fairly straightforward. You’ve got a choice – if you do not like the service or product, switch! The same goes for health insurance policies as well. In India, people have woken up to the promise of health insurance, which has resulted in a proliferation of medical insurance providers across the board. Because of this wide variety available, the policyholder does not need to stick to an insurance provider if they feel dissatisfied with the services.
The Insurance Regulatory and Development Authority of India (IRDA) has a novel scheme for disgruntled policyholders to switch providers: health insurance portability. But what exactly do we mean with this? Let us elaborate.
What’s medical insurance portability?
Medical insurance portability is the way through which a medical insurance policyholder can transfer his/her present policies in the current provider to a brand new one. Portability delivers a way for customers to go for better service and product. This way, an insurer cannot take them for granted. click here to get started!
Reasons for porting
When and why if you vent a health insurance coverage to a different provider? Here are some pointers to help you decide:
o Quality of Service
If you believe the standards of service offered by a policyholder isn’t at par with what they guaranteed while logging in, maybe it is time to proceed. Often, an insurer will promise the moon while obtaining a client on board in the eagerness of cracking a bargain, but slowly, reality strikes and also the customer realizes it was all hogwash. There’s no point continuing a bitter connection, right?
O Improved Benefits
There might be a point when you understand the pay provided to you from the current health insurance provider isn’t adequate, and after speaking to them it appears clear that that’s the best they can do. Under the conditions, it may be sensible to switch to a provider that can give the further cover/ benefits.
There is actually no point in paying more for a service/ benefit that is available for a much lesser cost with a competing supplier. Should you feel the competition offers a better product at a lesser cost, it is time to make that change. See: Health Insurance | Canada Health Insurance Quotes & Plans
Health insurance policies are provided by general insurance firms as well as technical health insurance suppliers. If it is felt that with the current provider, the attention is more on non-health policies, switching into a technical medical insurance company may suit your requirements better.
If you relocate to a new town, you need to possess exactly the very same services and cover as before. But your existing insurance provider may not have as superior access or as numerous community hospitals in town. It might then make sense to vent to a supplier with those services in town. Talk to GMS today!
o Claim Settlement
This is important. Some businesses take ages to clear a claim. Before you land in this kind of situation, it is important to know if your insurer has any such reputation. If that’s the case, vent outside.
Frequently you will find hidden clauses and terms in the contract which the policyholder is unaware of. These hidden exemptions rear their ugly head during emergencies, and you do not know where to go. Time to move to a supplier with more transparency in their dealings.
Now that we have a reasonable idea when to elect for portability, it’s also important that you know the benefits. What does a policyholder gain from it? Well, here it goes:
Benefits of portability
When porting to a new provider, it becomes simpler to customize the features to one’s particular needs and requirements. You can add nominees, go for additional coverage or benefits.
When you change your medical insurance company, there’s no reason to lose the advantages you had accrued with your previous supplier. According to IRDA, your new insurer must supply you with the benefits accumulated with previous insurance.
New Sum Insured
IRDA claims that your brand new insurer has to ensure you at least up to the amount insured under the old policy. Typically, the existing sum insured is added to the accrued bonus to give the new amount assured. The No Claim Bonus can be added to the new amount insured.
Better service, cheap premiums, transparency Portability cares for the inconveniences connected with your earlier health insurance, owing to which you made the change in the first location.
Yes, portability is a significant advantage to those health insurance policyholders who are unhappy with their current insurance provider. However, it’s also important that you know the conditions and criteria for portability to happen.
Requirements for portability
1. The policy can be ported only at the juncture of renewal. The new insurance period will be with the new company
2. Aside from waiting period charge, all the other terms of the new policy will be at the discretion of their new Insurance Provider
3. The process has to be initiated by the policyholder at least 45 days prior to renewal:
O Compose to your existing provider requesting a change
O Specify the new insurance company you need to shift your coverage to
O Ensure that the policy is renewed without a break (There’s a 30-day grace period when porting is under procedure )
In summary, if you are disappointed with your health insurance plan, reliability is a good option that offers a refuge – if the above conditions are met. Now, let us enter the most crucial part.
How to port?
O Application for portability should be made at least 45 days prior to the renewal date of the Present coverage, on the reliability form
O The company will then deliver your reliability kind and all the coverage related documents
O The new insurance company will take a decision on accepting the coverage within 15 days
Other files incorporate all previous policies, claim experience, proof of age and others. If any other files are required, the new insurance company may request it.
One more thing!
These are some small pointers which go a long way in ensuring that the transition is smooth and a happy one:
1. Read all of the terms and conditions, product features, brochures of this new company before deciding
2. Do know that the new company can decide to increase the premium, at its discretion
3. Examine the claim settlement ratio
4. Needless to say, check for great Customer Care and support