In this present condition, every person must have a health insurance policy which provides some benefits but if he/she wants to switch over, here is the Portability option.
Health Insurance plans are the backup or may call protector of people in some serious problems or illness which are life snatching and also have expensive treatments. Besides this, a right health insurance plan is like an assurance for the insured while he/she faces some kind of difficulties; there are lots of people in every country who dies or suffers with lifelong pains due of lack of support. Now-a-days it’s become difficult to get a health insurance plan as the expenses are raising everyday and it also becomes difficult to get all the benefits in a low budget health plan. But it is also possible to get lower health insurance if premiums can keep lower, so one can adopt many measures, provide optimum coverage e without paying too much.
There are various kinds of health insurance policies such as Individual Health Insurance Plans, Family Floater Plan, Children Insurance Plan, Car Insurance Plan, Mediclaim etc. But it is advisable to buy a policy for the parents or old persons of the house as it gill protect them in the time of critical illness or provide the expenditure while hospitalization. Though there are various terms and policies in every health insurance policy and various companies provide various additional benefits to their customer.
A little knowledge about Portability: But after having a policy, insured can go for another one which they may think is better in their future this is called portability. In simple words, portability is that which allows insured to exchange between insurers without having to worry loosing benefit or miss any waiting period that may have already completed with the previous insurer.
This article will guide you about some important Portability guidelines that must be known by everyone. As health insurance is a long term decision so insured must be enough clever and calculative to select the right policy and then moving to a different insurer that comes with the responsibility of some guidelines.
The 45-day notice period:Portability should be applied 45 days before expire of existing policy as it is not guaranteed.
The new-insurer’s acceptance period:As like insured rule, insurer also have to follow a rule; an insurer is expected to respond a request within 15 days of receipt of the proposal. If the delay happens from their side, then the current insurance company has to provide insurance to the insured for a short period of 30 days from the due date.
Underwriting process: The proposal will be accepted by new insurer only if it is in line with their underwriting norms; if the insured has a clean slate for pre-existing illnesses and have maintained a claim-free policy, the company would grant it.
Waiting period clause: This clause allows insured to switch over to the new insurer without having to wait out the total waiting period from the beginning again.
Policy continuity: Policy will be denied of there is any gap in policy that’s mean it is very important to port any policy before the existing one expires. As it will provide some points with the insurer insured are applying to being a good customer.
The main benefit of porting a health insurance plan is that of continuity which means that a policy holder can move between insurers without having to leave on the financial benefits added on the previous health insurance plan. The waiting periods are reduced or completely waived off for new insurers so their liability also starts earlier than usual. Though insurance companies are offering these benefits to young policyholders than senior citizens as senior citizens have less chance to continue policies for a longer time.