Why Porting in Health Insurance is important in today’s changing scenario-a View by Mr Shirin Kumar Jain

Health insurance plans have undergone quite a transformation. Whether it is the plan benefits or the terms and conditions of the coverage, modern-day health insurance plans have changed considerably. Some of the changes have been notified by the Insurance Regulatory and Development Authority of India (IRDAI) while others were done by insurers to offer competitive benefits to policyholders. If you are having  age-old health insurance plans, it’s time for wake up to the new benefits under new plans. Moreover, your existing health plans might not have a comprehensive scope of coverage which is another reason why switching the policy is advised. 

Here are, therefore, some benefits which your clients can get if they port their health insurance policies Explained by Mr Shirin Kumar Jain leading Health Insurance Advisor.

• Coverage without restrictions

If your existing health insurance plans has limits on room rent, domiciliary treatments, AYUSH coverage, etc., you can port to another health insurance policy where such limits are not available. Especially in case of room rent, having sub-limits impacts the claim considerably. So, it is better to invest in a policy where there are no sub-limits so that your clients can enjoy complete claim settlement. In other coverage features, a wider limit would be better for a more inclusive coverage.

• Better coverage features

The IRDAI has dictated health insurance companies to allow newer coverage benefits which were, earlier, excluded. For example, nowadays, health plans allow coverage for –

• Mental illnesses and disorders
• Robotic treatments
• Modern, advanced treatments
• Sum insured restoration
• Telemedicine, etc.

If your existing health plans, chances are that these coverage benefits would be missing from the plan. So, when you port your existing policies to new age plans, you wil get a more comprehensive scope of coverage from the new plan.

• Missing coverage benefits

If your  need coverage that is not available in your  existing policies, you can switch to other policies that offer such coverage. For example, suppose you  does not have maternity coverage in your  existing policy and you are planning a family soon. You can port to another policy that offers maternity coverage. Similarly, if you wants OPD coverage which is not available in the existing policy, you can port to another policy for availing of the coverage. So, if there is a missing coverage, then porting becomes a good solution.

• For investing in new age health plans

New age health insurance plans are very different from old age plans. Benefits like wellness benefits, health assessments, second medical opinion, lifelong renewals, etc. are commonly found in new age plans but not in old ones. So, if you want to enjoy the benefits of new age health insurance plans, switching would be the ideal choice.

Whatever the reason, porting might benefit you with better coverage benefits. Moreover, you can also find better premium rates in other plans if you switch. Porting is free and you can also retain the renewal benefits of no claim bonus and reduction in waiting period when you port. 

Porting can help you in getting better benefits from better health insurance policies, both in terms of coverage and premium. If you have a low sum insured you can opt for a super top-up policy to enhance your coverage at affordable premium rates. While you get the benefit of advanced and comprehensive coverage.

For reviewing your Existing Health Insurance Policy you can contact Mr Shirin Kumar Jain at 9885306009.