Insurer Porting , Pros Cons,
Hi , i am planning to switch from Star Health Comprehensive when due for renewal , what are the pointers for me to evaluate while foregoing current insurer to new. (HDFC Optima Secure or ICICI Lombard Health Shield ,or Bajaj Allianz).
Hi Anish,
The portability option must be exercised with caution & as a policyholder, you should have complete clarity on the reasons why you wish to make this shift from one insurer to the other.
Reasons that go in favor of opting for the portability benefit include:
- better products features than the current plan
- company of better repute & track record compared to your existing insurer
- access to more cashless hospitals than your existing company etc.
Portability is not an advisable option in the following scenarios:
- If the members covered under the existing plan has any major medical illness or if in the existing policy, there were any major claims in the past
- Premium increase in the existing plan should not be a reason for such a shift as the increase in the premium is inevitable and also a harsh reality of the health insurance industry. Moreover, there is no guarantee that a plan which looks reasonable now would continue to be affordable in the future too.
Pros of Portability:
- If the new insurer accepts the application, continuity benefits get carried forward from the previous insurance plan in terms of waiver of waiting periods to the extent of the coverage you have in the current plan & number of years of seniority you have attained in the past.
- Portability also helps you in choosing the alternate best policies with attarctive benefits & service standards and are better suited for your future medical requirements.
Cons of Portabilty:
- Since portability process involves declaring your medical, lifestyle & claim related details to the new insure allover again, one must be very careful that accurate information is shared with the new insurer accurately.
- Any non-disclosures in this process will have a very serious impact in the claims to be made in future. Usually, when you continue with your existing insurer, you are not required to declare such details during renewals.
All three companies you have mentioned have very good health insurance plans & before you exercise this option make sure that you consult an insurance expert and get unbiased advice.
Hope this helps you...
Best Wishes,
Satish Kumar H
Hi Anish,
We understand that wish to go ahead with porting to a better plan
Why don't you speak to an advisor on Beshak so that they can better evaluate your needs and guide you better