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What is Health Insurance Portability and How Does it Work?

Did you know you can change your health insurance provider but keep the same plan? Let’s learn how.

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Choosing the right health insurance plan is important as you don’t want to burn a hole in your pocket in spite of paying high premiums. Learning from the insurer that a certain expenditure is not covered while facing an emergency is the most unwanted headache during a dire situation.

In this regard, health insurance portability has emerged as a valuable feature that allows policyholders to switch from one insurance provider to another while retaining their existing benefits. Let’s learn in detail what is portability in health insurance, how it works, and explore its significance in the health insurance sector.

What is Portability in Health Insurance?

Health insurance portability refers to the ability to transfer one’s existing health insurance policy from one insurer to another without losing the existing benefits. It provides policyholders with flexibility and choice, allowing them to explore better coverage options or more competitive premiums.

What is the Meaning of Portability in Health Plans?

Normally, portability means the ability to move around with convenience. The meaning of the word portability in health plans refers to switching from one health plan to another. In this process, you get dual benefits from both health plans.

How to Apply for Health Insurance Porting?

The process of applying for health insurance portability is very easy. You can follow the steps mentioned below to get a proper idea of the entire process - from selecting a new insurer to the documentation required and the timelines to follow:

Step 1: As a policyholder, you must apply for porting 45 days before the expiration of your current policy.

Step 2: Your new insurer will send you paperwork to complete and inform you about the various insurance policies available, including the premiums and conditions of coverage.

Step 3: Choose the plan and coverage you want and submit all required documentation.

Step 4: The new insurer will then evaluate your information, such as prior claims history and medical records. They can request information from the previous insurer or get the data through the regulator's data-sharing platform.

Step 5: This data will then be used by the new insurer to determine whether they should accept the portability request or not. They have 15 days to analyse and make a decision based on the material they receive. 


Benefits of Health Insurance Portability

Health insurance portability offers several benefits to policyholders, including cost savings, improved coverage and increased flexibility. Let’s discuss in detail the benefits that come with the successful portability of health insurance.

  • More Features and Extended Coverage: This is the main reason why you should be porting your previous health insurance to a new one. The new insurance will provide additional features and benefits of health insurance plan that were missing in the first one.

  • More Savings: Purchasing or renewing health insurance is more expensive compared to transferring an existing health plan to a new lender. At the time of transfer, the existing sum insured for the bonus will get added to the No Claim Bonus of the new lender.

  • Get Double Benefits: You will also be getting the benefits of the old policy along with the benefits of the policy offered by the new insurer.

  • Better Service and Claim Settlements: By porting to a new insurance plan, you can avail yourself of a seamless claim settlement process and other services which were maybe missing in the first one.

FAQs :-

Q. How many days does it take to receive acknowledgement of portability?

A. The insurer must acknowledge your portability request within 3 working days of receiving your application.

Q. Is there a waiting period for pre-existing illnesses if you port your health insurance?

A. There may be a waiting period for specific coverages or pre-existing medical conditions if you switch to a new insurer through portability.

Q. Can I customise my coverage when I opt for health insurance portability?

A. Yes, changing your health insurance coverage is one of the advantages of health insurance portability. You can select coverage that fulfils all of your healthcare requirements.

Q. What documents are required for health insurance portability?

A. When requesting a health insurance portability, you need to present many documents, including your current policy documentation, a portability form, address and identity credentials. The new insurer's requirements may differ; therefore, it's critical to verify with them for particular documents.

Q. Can I transfer the waiting period benefits when porting my health insurance policy?

A. Yes, you can transfer the waiting period benefits that you have already served with your current insurer to the new policy with the new insurer under health insurance portability. This prevents you from having to resume the waiting period for specific coverages.


ARN No: Feb24/Bg/29A

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