With the ever-evolving landscape of health insurance in India, many individuals are considering shifting to new health insurance plans for enhanced benefits. The decision to port or migrate a health insurance plan is crucial, and it’s essential to understand the differences between the two. Porting refers to shifting to a different plan with a new insurer, while migrating involves moving to a new product with the same insurer.
When deciding between porting and migrating, it’s crucial to assess individual requirements, health needs, and satisfaction with the current insurer. Porting may be a better option when dissatisfaction with the current insurer’s claim service, network hospitals, policy features, or pricing structure arises. On the other hand, migration can be a convenient way to shift to another plan, especially when customers are satisfied with the current insurer and want to explore broader coverage.
However, porting comes with its own set of challenges, including a restrictive timeline, underwriting risk, and potential rejection of the proposal. The process of porting can be initiated only during the annual renewal of the existing policy, and the window for doing so is limited to 45-60 days before renewal. Additionally, if the policy has lapsed or does so during the process of porting, the new insurer can reject the proposal.
It’s also important to note that while benefits like waiting periods for pre-existing diseases can be transferred during porting, loyalty discounts, and features specific to the previous policy will not be carried over. Before switching insurers, it’s essential to evaluate key factors, such as the insurer’s claim settlement ratio, premium affordability, customer service quality, and co-payment or sub-limit clauses.
When selecting a new plan, consider features specific to ongoing medical conditions or future requirements, such as maternity benefits, OPD benefits, and day-care benefits. The restore benefit, which allows reinsuring the sum insured if the limit is exhausted in a given year, is also an essential feature to consider.
Ultimately, the decision to port or migrate a health insurance plan should be made after careful consideration of individual needs and circumstances. It’s crucial to assess whether the new insurer’s offering aligns with both current and future healthcare needs. By doing so, individuals can make an informed decision and choose a health insurance plan that provides comprehensive coverage and meets their evolving needs.