Which is Better in 2022 for Health Insurance – Buying or Porting?

Due to health uncertainties, having a health insurance policy is extremely important for everyone. The ongoing pandemic has resulted in an increase in the awareness of health insurance in India. However, there is apossibility that some people might not be satisfied with their current health insurance plan or the insurance company. In such situations, chances are that the policyholder may look for another plan or insurer. For such scenarios, you can port your current health insurance plan from one company to another.

How Suitable is it to Port Health Insurance?

• Instead of buying a new health insurance plan you can port the plan. Health insurance porting is helpful as it provides continuity benefits in aspects like a waiting period, NCB related increase in the sum insured.

• However, porting may not be always certain. If a new insurer is not willing to port any existing health plan, you might have to purchase an additional policy simply to increase the coverage.

• You can also stop the past policy once the waiting period of the new policy is over. The premium may be high for the waiting period for both the new and existing plans.

Points to Keep in Mind before Porting Health Insurance Plan

• Pre-existing Diseases:

A policyholder with any pre-existingillness should check with the new insurer whether porting is possible or not. Also, if there needs to be any pre-medical screening.

• Age:

Most insurance companies are cautious to sanction coverage for people who are on the higher age bracket due to the health conditions and the risks related to them. So, in case a senior citizen wishes to port their health insurance plan, they should consider purchasing an additional new plan. Hence, it is always better to buy or port health insurance plans when you are young.

• Alteration in Sum Insured:

There are chances that a new insurer may not offer the same sum insured as in the existing plan. Under such a situation, the insured should opt for the nearest high sum insured. Usually porting takes around 45-60 business days to come into effect. The time depends on the insurance company. The insured person should ensure that process of porting health insurance is initiated beforehand, at least 45 days before the renewal date.

Conclusion

Porting health insurance helps people to enjoy better features, service, and high coverage. The process of porting health insurance policies is usually hassle-free. Before, porting the health insurance plan always consider the reasons for doing so. It is highly recommended to conduct a research before and check out the options available. Having sufficient health insurance coverage is vital; choose a plan that fulfills all your requirements.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.