The concept of portability is quite broad and is simply not limited to your mobile subscriber alteration. You must carefully note that health insurance providers also offer this portability provision. This enables you to switch from one insurer to another depending on the circumstances.
The health insurance portability option enables the insurance holder to switch from one insurance company to a different one for availing of comparatively better services. This option offers you the freedom to change from one insurer to the next, rather than keeping yourself rooted to one company even with dissatisfactory services. Moreover, this portability option also acts as a booster for the insurers too to offer the best services so that they do not lose their customer base.
Health insurance portability is not a very difficult or time-consuming procedure. You need to follow these few simple steps to complete the process:
Depending on the terms and conditions of the concerned insurance provider, the list of documents required for health insurance portability differs from one company to another to some extent. However, certain fixed, mandatory requirements include the following:
Although there is no specific act for health insurance portability, there are certain rules that need to be followed by both the insurer and the insured.
Some of the major advantages of health insurance portability include:
You can customise the existing plan to a certain extent
Your accumulated No Claim Bonus will not be lost and your new insurer will make the necessary adjustments to incorporate it into your new plan
No other benefits received from your previous insurer will get lost because of the switch. Porting is a great way to enjoy the all new benefits along with the old ones.
Porting an existing health plan might even lower your premium
Although health insurance portability is beneficial, everything is not a bed of roses here. It comes with certain disadvantages too:
The above article highlights all the basic and important features associated with health insurance portability. However, before porting you must consider the limits and sub-limits, all the benefits, the premium value, and other important details to enjoy smooth coverage.