Health Insurance Portability
23 July
What is Health Insurance Portability?
Health Insurance Portability is an option that allows the policyholder to change the current insurance company or plan without losing the benefits gained for pre-existing conditions and other exclusions.
It provides the customers with the freedom and flexibility to switch to a better health insurance provider or policy in case they are unhappy with their existing one. To avail this option,
The policyholder has to apply to the new insurance company at least 45 days before the renewal date of the existing policy and have no breaks in the previous policy.
Health insurance portability is different from the Health Insurance Portability and Accountability Act (HIPAA), which is a law that sets the standards and methods for how medical data is shared and protected across the U.S. health system.
Benefits of Health Insurance Portability
Some key benefits of health insurance portability are:
> Mostly, all the clauses for pre-existing diseases will be considered as is with the new insurer – including the time spent before all the diseases are covered.
> The new insurer may waive off the minimum initial waiting period until no cover is provided.
Minimum Waiting Period For a New Health Insurance Policy
The waiting period for a new health insurance policy varies from insurer to insurer. However, the standard waiting period for health insurance is a minimum of 30 days to 90 days.
What is The Maximum Waiting Period For a New Policy?
The maximum waiting period for a new policy varies from insurer to insurer. However, the government-mandated limit is *90 days.
Can I Port my Health Insurance to Any Company?
Yes, it is possible to port your existing health insurance policy to a new insurance company. You can port your policy from one general/specialized insurance company to another general/specialized insurance company.
Both individual and family health insurance policies can be ported. You need to follow the process given by the new insurer for the purpose of porting the policy.
What Are Some Common Exclusions in Health Insurance Policies?
Some common exclusions in health insurance policies are:
- Pre-existing diseases
- Cosmetic surgery
- Dental treatment
- Pregnancy and childbirth
- HIV/AIDS
- Mental illness
- Alternative treatments such as Ayurveda, Homeopathy, etc.
- Injuries due to war or terrorism.