While most of our expenses are sky-rocketing, we try our best to minimize them in some of the areas. However, some situations cannot be avoided. One of them is hospitalization. There come some circumstances in our life when whether we want or not, we have to get admitted to the hospital. Along with the health issue because of which we have been hospitalized, the bills equally become bothersome. Well, getting hospitalized is certainly not under our control but taking care of the expenses is. This is why buying a health insurance policy is so important. As a matter of fact, a health insurance policy will not only help you to clear the hospital bills effortlessly during an emergency but also come with a health insurance tax benefit. This means it can help you save a good amount of money.

Wondering what if you do not like your health insurance policy after a certain period or find a better one? Well, the good news for you is the option for portability. This means, if you are not satisfied with the features of your current health insurance policy, you can switch to a new insurance company or take a different plan from the same company. Let us check out the various benefits of health insurance portability.

• The clauses for pre-existing diseases are going to remain the same in the new policy as well
• There are fair chances that the new insurance company will waive off the minimum initial waiting period
• There is usually no change in the bonuses and the minimum sum insured. However, you can change the maximum sum insured and increase it, if you want
• You may get additional benefits from the new insurance company on switching
• While you are paying a high premium in your existing health insurance plan, maybe with the new plan you can get the chance to pay a lower premium.

Points to consider while porting a health insurance policy

As you decide to port your health insurance policy, you must be aware of some of the points, which are mentioned herein below:

• You need to make sure of checking the network hospitals of the new insurance company and for the policies, it is offering. This will help you further to decide whether to take the policy or not depending on the proximity of the hospital.
• You must also check if the cashless payment potion at the network hospitals is available or not.
• The premium rate and the coverage of the new health insurance plan must be compared. This is important since the insurance company may increase the rate of premium or lessen the coverage under the plan. This may overall affect the plan.
• You should try to apply for the porting process of the health insurance policy 45 days ahead of the date of renewal of your current health insurance policy. This will help you to avoid any kind of delays in the process of porting and even inconvenience.
• Only the waiting period of the current policy can be ported, not the additional features such as bonus credit points and pre-existing diseases.
• You need to know about the sub-limits, co-payments, and all the other clauses of the policy that you are going to take. This will help you to understand if the policy is right for you.

While you are planning to switch your current health insurance policy, you must do very good research on the types of policies that are available in the market. You must compare as many health insurance policies as possible. This will help you to understand if you are making the right decision. To compare the health insurance policies, you can visit the website of IIFL today.