What is portability?

The health insurance portability means the freedom to switch to another insurance provider of your existing health insurer, without losing benefits or credits earned in their health insurance policy. The benefits that the policy of all is put into a health insurance policy is an unclaimed bonus for each year of free housing request at pre-existing disease (PED), after some years of continual renewal. insur

All health insurance policies have a specific waiting period on pre-existing diseases and conditions. This waiting period varies between 11 to 48 months. During this time, the insurer is not obligated to pay for treatment for any illness that existed at the time of taking the policy or before it. For example, if a person has suffered a heart attack or stroke before the start of the policy and have a stroke or other heart condition in the first 48 months of the policy, then the insurance company does not cover medical expenses for the same.

The current scene

Without the condition of portability, if an insured wants to change health insurance provider is going to lose out on credits earned in developing countries. This fear has always required the insured to keep the same insurance company. Once the porting is done, the new insurer will have to take into account the existing credit in developing countries.

The purpose of the portability of health insurance is to improve standards of service of health insurance providers. Policyholders who are not happy with the amount of coverage, policy benefits or services provided by your health insurance company that exist today can move freely to another health insurer with the same policy. Common problems faced by clients in a health insurance policy are:

* Restrictions on age till which they can renew their policy

* Strict limits in their policy on hospital room rent, doctor's fees, etc.

* Flexibility to increase coverage amount or family members

Before you switch...

Please remember these key points before switching:

1. Existing policy should be in force.

2. Portability has to be initiated by the policyholder well within the renewal date.

3. Do not change your health insurance provider just for the sake of doing it.

4. Do some basic research before switching to another company.
Source: [Indian Express]