OneInsure Blog

Health Insurance

Post By Varghese

Unhappy with your Insurer? Try Insurance Portability

• Comments
• 16 Jun 2016
• Health Insurance Portability

There is a common saying that Health is Wealth. Those who agree would understand how important Health Insurance is today, as it impacts both, your Health and your Wealth. Purchasing a Health Insurance is an important financial decision and you would want a policy that never lets you down.

Sunny, an accounting professional, had a Health Insurance policy for his entire family. During a medical emergency, he called the Insurer for assistance but was shocked with their poor service and lack of urgency. Sunny’s queries were eventually answered and his claim was also settled, but he was still unhappy with the insurer. The thought of cancelling his existing policy and purchasing a new policy elsewhere crossed his mind. But he then realized that he would have to start from the scratch, give up the benefits that he had earned and once again comply with the restrictions of a new policy. He started feeling trapped in his Health Insurance policy.

This is when a friend informed Sunny about the Portability option. Portability allows you to switch your policy to the new insurer and carry forward the continuity benefits accrued on the previous policy. Portability option is used not just to switch between insurers but also while switching from one plan to another with the same insurer.

What is the Procedure?

1)    You need to submit an application form which should reach the new insurer at least 45 days prior to your renewal date. Portability is allowed only during renewal.

2)    The new insurer will review your policy and decide upon accepting your policy. The new insurer has the right to reject your application if any criterion is not met.

3)    The new insurer will send you a proposal form wherein you need to fill in details of the new policy and submit it. The new insurer may even increase your premium based on your profile.

For a smooth transition you need to ensure the following:

1)    There should be no break in the policy. The premiums were paid without any delay.

2)    Maintain all the documents such as certificates, renewal notices, etc. which will help the insurer to evaluate your profile.

The terms of your new policy could differ. So it is important that you completely understand the exclusions and inclusions of the new policy. Also compare your old and new policies before making the switch. You can even consult an expert, an insurer broker, who can give you an unbiased opinion. For any assistance with insurance portability, feel free to contact us @ 86559 86559 or email your query to support@oneinsure.com.