Is your health insurance policy approaching its expiry date? It’s the right time to weigh and consider the benefits your current insurer has been providing and what your policy covers. You should decide whether you are getting the desired benefits and features from your existing health insurance plan or wish to upgrade to a better one.
If you feel that your insurance plan cannot cover your unique and ever-growing healthcare needs, it’s time to make the switch for the better. At the same time, you must ensure that you are not losing out on any crucial healthcare benefits or coverages after porting your health insurance policy.
5 Advantages of Switching to a Better Health Insurance Plan
Here are the top reasons you should port your health insurance plan.
1. Enjoy a Competitive Insurance Premium
One of the popular reasons many policyholders port their policies is to get a handsome and more competitive insurance premium. Every family feels the importance of having an affordable premium with good coverage in a health insurance policy during and after the deadly COVID-19 outbreak.
Sadly, many individuals have witnessed a sudden surge in premiums during policy renewal, which has become a significant financial burden for many policyholders. Therefore, if you switch to a new insurer offering competitive premiums, you are not bound to pay such high amounts during plan renewals, thanks to the portability option that one can avail of.
2. Receive Better Support and Transparent Services
By porting to a new insurance plan, you can receive better support and guidance from your insurer. At times, our existing insurance providers fail to provide us with the necessary guidance and service, which results in dissatisfaction among policyholders. It results in an urge to port to a new insurance provider.
By upgrading your policy and switching your provider, you can receive better service, which you will need during critical times. Medical emergencies involve immense mental and emotional stress apart from physical discomfort. A supportive and knowledgeable health insurance agent will make the right recommendations to help you receive maximal financial coverage.
Moreover, portability lets you compare multiple providers and their services and premium packages. It will help you choose a better plan, having competitive premiums with higher returns and covers. The best thing about porting your health insurance policy is that you can choose a more transparent service provider.
The most alarming cause of dissatisfaction among many policyholders is the presence of hidden conditions and clauses. It often puts us in grave situations when we face financial crunches during a medical crisis, resulting in emotional stress. Hence, thoroughly check and understand the claim settlement process offered by an insurance provider.
Therefore, now that you are moving to a new provider choose the company wisely and ensure it promises you transparency and constant support during times of need. Check genuine online reviews or ask for references to discuss with a few of their satisfied clients.
Is your new insurer following transparent approaches and practices? Do they have any hidden clauses or terms? Find answers to these questions to ensure uninterrupted health coverage and a smoother service experience.
Besides, check whether your insurer is delivering services digitally. Gone are those days when we used to rush to the insurance company’s office every time there was an emergency. These days, we can make claims, renew our insurance policy, and keep in touch with the provider or agent online. Consider developing enough skills to manage your health insurance online— it will be useful during crises.
3. Get a Better Claim Settlement Ratio
The CSR, or Claim Settlement Ratio, measures the proportion of claims paid out by an insurer relative to the total number of claims filed by a policyholder in a financial year. Select an insurer that offers a better and more profitable CSR, as it assures you of the insurance provider being reliable and credible when it comes to settling claims on time. Offering an impressive CSR indicates a trustworthy and genuine customer-centric approach on the insurer’s part. Whenever in doubt, try using a health insurance premium calculator to check the sum insured against the premium you are paying.
Furthermore, many reputed and genuine insurance providers reward policyholders for staying healthy throughout the policy term and not making any claims. This is known as a no-claim bonus in health insurance. In many cases, all the rewards would go to waste after switching or upgrading your policy. However, some reliable health insurance providers give you the provision of porting all your accumulated rewards from your existing policy to the new one.
4. Gain Enhanced Features
Check for all the features, benefits, and coverage you are going to receive after portability. In most cases, the upgrade or port will help you get better features catering to your unique healthcare needs and demands.
Although different insurers may offer varying features even for similar plans, you will receive better coverage and benefits, including Road Ambulance Coverage, No Room Rent Capping, Air Ambulance Cover, etc. Therefore, check and weigh all the features and benefits your new policy would offer during your porting procedures. Consider your requirements and those of your dependents carefully before signing the contract.
5. Customise Your Policy
Health insurance portability gives you a vital option of customising your new policy according to your and your family’s specific needs and healthcare conditions. For example, you can make a few adjustments or modifications like changing the nominee, changing your plan to receive higher coverage, upgrading your policy to focus on a specific illness or disease, increasing your sum insured, and more.
However, this feature of customising your policy’s terms, plans, and clauses depends largely on your insurance provider. While some companies offer flexible customisations, others allow limited modifications in your new plan after porting from your existing policy. Check with your insurance company to learn about the extent of customisation they allow.
To conclude, start your research today and shortlist several insurance providers to compare their premiums, plans, coverages offered, and claim settlement processes. Do this research work at least 45 days in advance rather than waiting until your plan expires. It’s because you cannot afford to risk your life even for one day due to lack of adequate insurance coverage. Let’s stay healthy together and create a better world for ourselves.