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Planning to port your health insurance policy? When and how to do it

With a host of health insurance products available in the market, consumers are now spoilt for choice. Awareness too has increased, thanks to several online platforms that dissect every policy and come out with all the pros and cons. And then there is the option of porting which helps you in case you are not satisfied with the current policy. Porting allows you to switch your health insurance provider at renewal without losing accrued benefits like waiting period credits and no-claim bonuses (NCBs). However, experts caution that while portability is a valuable consumer right, it should be exercised with caution. Why policyholders port their health insurance 'Policyholders usually port because of rising premiums, dissatisfaction with claims handling, or to access newer features like OPD cover and wellness-linked rewards,' says Surinder Bhagat, head of employee benefits at Prudent Insurance Brokers. He adds that poor service experiences or delays in claims settlement often act as triggers for people to switch insurers. Changes in life stages also drive this decision. 'Marriage, having children, or even witnessing a family member's medical crisis often prompt people to reassess their coverage,' notes Siddharth Singhal, head of health insurance at Policybazaar. Post-pandemic, medical inflation has made this even more pressing. But porting isn't always the answer. 'It should be done only for compelling reasons and not just because you can. A hasty decision can backfire,' cautions Hari Radhakrishnan of the Insurance Brokers Association of India (IBAI). How to port your health insurance? Porting is permitted only at the time of renewal. 'You need to notify the new insurer at least 45 days before renewal, though starting 60 days in advance is even better for a smooth transition,' advises Akanksha Jain, head – products, Digit Insurance. Here's how to port -Research and shortlist: Compare policies from various insurers for coverage, premiums, and network hospitals. -Submit documents: File a portability request with the new insurer, providing the proposal form, KYC papers and details of your existing policy and claims history. -Underwriting process: The new insurer retrieves your records via the IRDAI portal and may call for medical tests or telephonic verification. -Approval and payment: Once approved, pay the premium. Your continuity benefits, like served waiting periods, are preserved for the existing sum insured. 'For family floater plans, ensure all family members are ported together. If any member has chronic conditions, a medical evaluation is likely,' explains Jain. Key checks before porting 'Don't get lured by the lowest premium. Focus on continuity of benefits, sub-limits, co-payment clauses, and the insurer's claim settlement record,' says Vaibhav Kathju, founder & chief executive officer of Inka Insurance. Anand Prabhudesai, promoter of Turtlemint, clarifies. 'Continuity benefits like NCB and waiting period credits apply only up to the existing sum insured. If you increase the cover, new waiting periods may apply for the additional amount.'