Health Insurance Portability

Insurance sector took sweet 20 years to find better acceptance among Indian masses –as a measure of risk coverage for personal self rather than mere investment option. Health Insurance is a financial tool that protects you and your family from the burden of unexpected medical expenditures. But owing to many bitter experiences of service, backtrack on even written commitments, refusal for coverage of diseases at critical standpoints, led to a strong demand for flexibility in changing health insurer while retaining benefits and loyalty rewards of earlier health insurer.

The introduction of portability of health insurer is a boon and a strong vantage feature for any insurance subscriber.

Health Insurance Portability allows us to shift from one health insurer provider to another, without losing out on any of the benefits. In India, currently we have approximately, 19-20 health insurer organisations.

To eliminate the monopolistic era of handful government agencies, the Insurance Regulatory and Development Authority (IRDA) decided to introduce health insurance portability and bring in better experience and services for the industry.

This helps to do away with woes of job led transfers, change of employers and corporate policy tie-ups, health insurers with lesser network of hospitals and coverage. Another prime concern for one would be losing Pre-existing disease cover upon change of health insurer as some insurers had a rider of 2-4 years for bringing PED into cover. The portability ensures retention of PED benefit to subscriber even after shifting to new insurer.

Health Insurance Portability will benefit people with following

  • For people with pre-existing illnesses
  • For those, compelled to continue with their existing policy providers due to the fear of losing loyalty bonus and discounts
  • For job related transfers or cross-city migrations, where existing Health insurer does not provide support and coverage
  • Competitive scenario among insurers, spelling better customer services for people
Under the new Insurance Regulatory and Development Authority policy, even the 30-day waiting period for commencing disease coverage will be waived off. From 1st of July, 2011, Health insurance portability, heralds a major change for the Indian masses in terms of insuring life and health risks with a smile.

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