Are There Any Advantages of Porting Health Insurance?

After the pandemic, a new perception of how people emphasise adequate health coverage has emerged. As the hard times have resulted in heavy medical bill burdens, many people are now searching for options for enhanced coverage that offer higher sums. 

In this article, we will discuss in detail the primary reasons you should port your health insurance this upcoming renewal season. 

10 Common Benefits of Porting Your Health Insurance Policy

By availing health insurance portability, policyholders can switch from one insurer to another without losing benefits like no-claim bonuses and waiting periods. Here are the most talked-about advantages of porting an existing health insurance plan:

1. Better Coverage and Features

When buying a new health insurance plan, policyholders often desire more comprehensive coverage, protection against specific ailments, and some value-added benefits. You can quickly meet this goal by switching to a new insurance provider ready to meet these terms in exchange for a reasonable premium. 

2. Competitive Monthly or Yearly Premium

After the COVID pandemic, many health insurance companies increased their premium rates. This resulted in a surprising hike in cost even for those who did not claim any amount for treatment. But now, you can finally control this damage effortlessly due to portability. 

As more players gain prominence in health insurance, companies strive to go the extra mile to attain new customers. Thus, you can take advantage of their occasional and multiple other discounts to get a favourable premium. 

3. Wider Network of Hospitals

With a more promising health insurance company, you can improve the availability of network hospitals and enhance their proximity. This is especially beneficial for policyholders residing in areas with limited healthcare services. In such cases, relying on an insurer with a comparatively high rate of cashless claim settlement records in that region is highly advised.

4. Carry Forward Feature of the Accumulated Bonus

While scrutinising your health insurance policy terms, you will encounter the term 'Cumulative Bonus.' This is a reward credited by your insurer as an appreciation for not filing any claims. No stipulation requires you to forfeit these earned reward points when porting your plan.

Since the Cumulative Bonus seamlessly transfers to your new health insurance plan, it is a significant advantage to consider while porting to a better insurance provider.

5. Freedom to Personalise a Plan

As you port a health insurance plan, you can customise some terms to further improve the policy’s relevance. In addition to focusing on specific health conditions, you may even change the nominee(s) and increase coverage. All these changes are possible when you switch to a new health insurance company. 

Nevertheless, some terms may vary across insurers. So, it is essential to consult with a designated agent before finalising the new policy.

6. Continuity Advantage on Waiting Period

Generally, particular illnesses demand a stipulated waiting period before the policyholder can claim their promised coverage. But when you decide to port to another health insurance provider, you need not consider the consequences of a waiting period. 

For instance, let’s say you are currently being diagnosed with a certain condition that, according to your current policy, falls under a 4-year waiting period. Now, if you have already covered 3 years, then if you cover only one more year after switching, you would be eligible to file claims from the new insurance company. 

7. Chance to Go For a More Trustworthy Insurer

One of the most frequently reported reasons that surfaces online on why people wish to switch their health insurer is hidden conditions. While you have decided to port, you get a whole new opportunity to conduct research and eventually choose a company that follows transparent customer relationship clauses. 

A go-to strategy can be to rely more on digitally inclined companies and regularly share their customer feedback and reviews. Better transparency always promises increased chances of a seamless service experience.  

8. Benefit to Port From Individual Schemes to Family Floater Plans

Most people may need clarification on whether they can port their health insurance plans to family floater policies. Well, the answer is yes. When making this decision, you do not need to worry about any waiting period, as the progress made with your current insurer is transferred to the new plan. However, under the new health policy, newly added members must serve their waiting periods afresh.

Suppose your existing insurer needs to allow you to convert your health coverage to a family floater plan. Under such a condition, you can choose to port your policy and avail yourself of a better insurance policy offered by a reputed provider. 

9. Improved Customer Service

Inconsistent customer support can sometimes be the main reason a policyholder wants to change their health insurance provider. Other major turn-offs include a lack of responsiveness during emergencies, significant delays in claim settlement, and other service-related setbacks. 

Therefore, if you are fearing such incidents, you may opt for a new insurance provider with a proven track record for their clients. 

10.  Additional Company-specific Benefits

With so much competition in the health insurance industry, most companies are innovating new ways to obtain a solid customer base. Thus, a new insurer can offer additional benefits for switching, provided that you have maintained a healthy lifestyle and did not make significant or frequent claims. 

Some insurance companies offer specialised policies for individuals over a certain age or with specific healthcare needs. If your requirements align with these offerings, consider switching to one of these service providers.

Considering some critical aspects of health insurance portability, it can benefit many currently dissatisfied people with their health insurer. Switching insurance companies has been made increasingly accessible through online application methods. 

Thus, you can compare the costs and features of the respective company’s website and finally pick a plant that accurately suits your requirements.