Here’s What You Should Know When Porting to a Different Health Insurance Company


Buying health insurance is undoubtedly a positive move towards financial planning. However, it is often observed that your first health insurance policy may be wrong. There are various reasons, like inadequate information, haste, last-minute purchases, etc. But this is when you end up contemplating buying new health insurance plans.

Health Insurance Company

Therefore, the regulator, the Insurance Regulatory and Development Authority of India (IRDAI), has permitted the facility to change the insurance company using the portability feature. Certain conditions allow the policy to be changed up to 45 days before the renewal date. The new insurer evaluates the application based on the claim history and then accepts or rejects the proposal. Here are some factors you must consider porting to a different insurance company.

Sum insured compared to its premium:

The sum insured by the new policy is the first thing to look for. However, at the same time, keep in mind the premium levied for such coverage. At times, the cost of porting might nullify the benefits of changing the insurance company, and hence should consider the tip vis-à-vis its range when porting your insurance policy. You can use an insurance calculator to compare health insurance plans and finalize your purchase.

Coverage of the policy:

Before proceeding with the porting process, you must seek health insurance policy coverage. This includes which ailments are included in the policy scope and excluded. Every insurance policy has a defined list of its coverage, and you need to check before making the switch. It would be best if you opted for an approach with fewer restrictions on range and a broader scope of ailments covered under it.

Claim settlement ratio:

Another essential factor to consider is the claim settlement ratio of the insurance company. This ratio indicates how many claims the insurer settles compared to the total claims received. The higher this ratio, the higher the chances your lawsuit will be resolved. Apart from this ratio, it would help verify whether the insurance company is registered with the regulator, IRDAI. It can be confirmed by checking the regulator’s website for a list of authorized insurance companies.

Network hospital coverage:

Network hospitals are another factor to consider before porting your insurance coverage. These network hospitals are those medical facilities associated with the insurance company that provide hassle-free cashless settlement facilities. This way, you can enjoy a cashless health insurance policy. In addition, you need not worry about searching for the right hospital since many specialty facilities are already included in the list of network hospitals.

Top-up and other policy features:

Another feature to compare policies before switching is the top-up facility. This feature allows you to purchase additional coverage for your policy instead of buying a new plan every time you exhaust its coverage.

With the above pointers in mind, porting your policy can be a mindful and calculated decision. 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.

Aly Jones
Twitter evangelist. Web fanatic. Lifelong travel nerd. Passionate zombie scholar. Extreme coffee fan. Amateur entrepreneur. Avid beer lover. Had moderate success lecturing about wieners in the UK. Won several awards for short selling clip-on ties in Hanford, CA. Uniquely-equipped for creating marketing channels for cod in Bethesda, MD. Spent a weekend buying and selling Easter candy in Phoenix, AZ. Was quite successful at analyzing tar in the government sector. Have a strong interest in getting to know barbie dolls for fun and profit.