Terminology - Health Insurance: Portability

Terminology - Health Insurance: Portability

A policyholder may have issues (service concerns etc..) regarding existing health insurance policy with an insurer.
If he stops paying renewal premium & buys a fresh policy, the policyholder loses on certain benefits especially the time-bound exclusions.
For example, say there is a 24 /48 month  waiting period for a specific ailment to be covered under the health insurance policy.
If the policyholder buys a fresh policy from the 25/49th month, he has to wait another .. 24 / 48 months for the coverage of that specific ailment. By porting the policy to another insurer, this may be avoided.
Portability means the right accorded to an individual health insurance policy holder (including family cover) to transfer the credit gained by the insured for pre-existing conditions and time bound exclusions
if the policyholder chooses to switch from one insurer to another insurer or / from one plan to another plan of the same insurer, provided the previous policy has been maintained without any break.



 Portability

A policyholder may have issues (service concerns etc) regarding existing health insurance policy with an insurer. If he stops paying renewal premium and buys a fresh policy, the policyholder loses on certain benefits especially the time-bound exclusions. For example, say there is a 24 month waiting period for a specific ailment to be covered under the health insurance policy. If the policyholder buys a fresh policy from the 25th month, he has to wait another ..

Read more at:
http://economictimes.indiatimes.comhttp://economictimes.indiatimes.com/your-money/8-health-insurance-jargons-explained/tomorrowmakersshow/51723752.cms?intenttarget=no&utm_source=newsletter&utm_medium=email&utm_campaign=Dailynewsletter&content=TDMC&ncode=cd196150c31676fb&utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
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