Switching Health Insurance Policy: How To Maximize The Benefits And Get The Most Value For Your Money

Migrating Or Porting?

You can migrate rather than port if you are happy with the service and overall experience offered by your current insurer but not the product. Migrating refers to switching to a new plan with your current insurer, whereas porting entails choosing a new insurer. Migration is permitted without underwriting to the extent of the existing sum insured and benefits in the old health insurance if an individual has renewed his policy without a break for at least four years. However, you may consider porting if you are still looking for a suitable or comprehensive plan that meets your needs with your current insurer or if you discover a much better product with a higher value for your money with other insurers.

Do You Need To Change?

If customers are unhappy with the health insurance benefits or coverage offered by their current insurer, they should consider switching plans. They should also look for innovative products that are both affordable and comprehensive. The primary justifications for change should be the benefits of the products and the servicing infrastructure. But remember that not every new product on the market is made for you, so don’t switch just because new features are available. 

What To Check

• Claim Settlement And Servicing: First, check the reputation of the new insurer in terms of its practices on claim settlement, claim settlement ratio, and claim-to-pay ability as rated by a credit rating agency. 

• Feature Requirements: Choose the features that will lower your long-term medical costs even though the health insurance premium may be slightly higher if you are in good health and want to improve your coverage with a comprehensive plan. ##

• OPD & Daycare: OPD has become the following significant market requirement, covering dental treatment, vision expenses, teleconsultation, telemedicine services, diagnostics, and physical consultations.

• Cumulative Bonus: Look for policies that offer the bonus you receive for not filing a claim during a policy year as a cumulative bonus, where the cover size is increased over time, or as a reduction in your premium at renewal.*

• Waiting Period: As opposed to the standard four-year waiting period for pre-existing conditions, some insurers offer shorter waiting periods of 12, 24, or 36 months.

Benefits:

• You can purchase a cover with better features and more thorough health insurance coverage.

• The new policy will allow for the transfer of waiting periods.

• Bonuses and accumulated benefits may be carried over.

• You can obtain a plan customised for your unique medical or health issues.

• You might be able to find a plan with comparable benefits at a lower premium. ##

Drawbacks:

• A higher premium may be required for new features.

• The new policy does not retain the characteristics of the old one.

• Your old insurer’s loyalty concessions and benefits could be lost.

• You cannot significantly alter the features; you can only switch between similar policies.

• You can only change at renewal time.

* Standard T&C Apply

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.