Do you know most health insurance companies offer you the significant benefit of porting your health insurance? Yes, you can port your health insurance whenever you feel like doing so. Are you confused about what porting means in health insurance? It is a method of switching from your existing health insurance plan to another beneficial one.
In this write-up, you will gather brief information about how to port health insurance, when to port, and a lot more. So, stick to the end.
Porting of health insurance
Do you have health insurance? Most of us prefer to have one because health insurance plans can offer you financial support in case of hospitalisation, medication, and other health care services.
Health insurance plans play an essential role in our lives, so it is also important to keep a check on the same. For example, a situation may arise when you would transfer your health insurance plan to another provider. It doesn’t matter what the reason behind it is. If you want to port it, you can easily do so. But all you need to remember is the guidelines of the IRDAI, the Insurance Regulatory and Development Authority of India.
Five reasons to port your health insurance
Are you confused regarding porting your health insurance plan? Don’t worry. Below are a few reasons why you can prefer to port off your health insurance to seek better health care solutions and other benefits.
1. Similar coverage at a lesser price
Who doesn’t want to enjoy several benefits from a health insurance plan? But, of course, everyone wants it. So, when you find similar coverage at a lesser price, what will be the first thing that crosses your mind? Oh, missed it, right? But don’t worry; you didn’t miss the opportunity at all. Because with the facility to port your insurance, you can still enjoy the same.
Numerous insured people come across such a situation, and it is when you should prefer porting because when you can get similar coverage at a lesser price, why not have it?
2. Better coverage at the same price
In today’s competitive era, you can find that every company is trying to be superior to the other one. Because of this, there are situations when a health insurance provider offers better coverage at the same price. In this case, it is natural and acceptable that you would like to transfer your health insurance plan to the other provider.
3. Service issues
Do you face service issues with your existing insurance provider? If yes, stop thinking about how to port health insurance policy and start working on it. For example, you might encounter issues with policy issuance delays, customer service, or anything else.
4. Premium hikes
Every industry faces inflation, and so does the health insurance industry. You may have opted for an affordable health insurance plan, but now the annual premium costs have risen so much that you can’t afford it. In such cases, it’s better to port your policy rather than let it drain.
5. Claim settlement delay
An efficient claim process is all an insured looks for; if you can’t receive it, you can port your plan. Delays in the claim settlement can be a significant reason for dissatisfaction with the existing provider. So, you can ask your health care company to port your plan with another provider.
If you have been confused regarding when and how to port medical insurance policy, this write-up would have offered you a clear perspective. There can be other reasons for porting your plans, such as high co-payments and deductibles, hidden costs, etc.
You can get yourself insured from LivLong as they offer various advantages at an affordable price.