Merits and Demerits of Health Insurance Policy Portability
"Health insurancefails when the issued policy fails to treat an illness that is treatable." It is important for every insured to check whetheror not the medical policy that insures them offers efficient coverage.
Many policy holders still continue with the same insufficient health insurance policy to save the benefits observed by it. Now when IRDA relaxed the health insurance India policy rules, all the unrewarding policy holders are looking for porting their plans with other beneficial insurers.
Before porting your original health insurance policy for best insurance policy, one should have a detailed understanding on the conditions that apply while porting Health insurance policy. With the introduction of health insurance policy portability, health insurance Indiahas observed inflation of Mediclaim health insurance policy sales.
Currently, the pre-existing disease waiting period is the main reason that stops the insured from getting or renewing to a best health policy. As, the waiting period is 3-4 years, where the insured have to wait for another 3 more years to acquire coverage for pre-existing disease. Now, health insurance India approved the portability of Health insurance policy, as well as passing the waiting time for pre-existing illness. For an instance, if an insured is not satisfied with the services of an existing insurance company and is wishing to change the medical insurance policy, he can effectively choose a best health insurance policy and at the same time the waiting period of the existing medical insurance will also be transferred to the new insurer. This health insurance policy portability is stands valid from private health insurance policy to Mediclaim insurance policy and vice versa.
The process of health insurance policy portability is a pack of advantages and disadvantages. Every insured can run into both the expedient and futile services. When advantages come into light
- Health insurance India facilitates to carry the sum assured and cumulative bonus of the insured while shifting medical policies.
- A waiver is issued to the insured, for a waiting period of 30 days where no coverage is provided.
- The waiting period of pre-existing diseases in the Mediclaim policy is also transferred to the new insurer.
- The insured can gets to choose the best insurance policy or best health policy from an equally better health insurance company.
- While switching the plans the insured can get the new and best insurance policy at lower premiums.
- Switching gains the insured with best health insurance policies and better coverages.
- The insured can enjoy his/her chosen best insurance policy at lower premiums without paying any excess amounts.
When the disadvantages of the portability of the plan are considered the insured should check the conditions under which the insurance policy portability is issued.
- In Health Insurance India insurance plans, the insured can only opt for best insurance policy only before the expiry of the existing plan.
- While switching plans, the insured should do a deep research for best health insurance policy or best health policy with various insurers.
- As per the guidelines of IRDA the insured should submit all the relevant documents to the new insurer with in a week's time.
- While switching to the new insurer the insured might lose the maternity benefits gained with the previous policy.
- While porting the health insurance policy the insured is likely to be chosen with in the basic reimbursement plans.
To summarize, health insurance policy portability benefits such insured who opted for a similar coverage plans as existing rather going for high end policies. Health insurance India policy shifting includes many conditions along with benefits. So, to restrict excess money expenses, every individual should do a detailed research on the medical policy before shifting for gaining optimized services from the chosen best insurance policy.