Health Insurance Policy Switch Benefits: Should you change your insurer or look for a new policy with your existing insurer to take advantage of the new features or service of the health insurance policy? Let us understand its advantages and disadvantages.
The cost of health care has not only increased due to rising medical inflation. Rising diseases due to changed lifestyles have increased OPD requirements, while people are spending more money on staying healthy. To meet the changing needs, insurers are constantly making improvements, introducing new features and making health policies more comprehensive. Should you change your insurer or look for a new policy with your existing insurer to avail new features or servicing? Let us understand its advantages and disadvantages.
If you are satisfied with the service and overall experience provided by your existing insurer but are not happy with the product then you can migrate instead of porting your policy. Porting involves choosing a plan with the new insurer. Whereas, migrating involves shifting to a new policy with the existing insurer. As per the health insurance regulator, if a person has renewed his policy without a break for at least four years, then migration is allowed without any hindrance to the extent of the existing sum assured and benefits in the old policy.
Parthanil Ghosh, President, Retail Business, HDFC Ergo General Insurance, says that if you do not find a suitable or comprehensive policy according to your needs with your current insurer, or find a better product with higher value for money with other insurers You can consider porting.
Pros and Cons of Switching Policy
Ajay Shah, Head of Distribution, Care Health Insurance, says that it is easier to overcome the shortcomings resulting from porting when you intend to get rid of the problems with your existing policy. On the positive side, you can get a policy with wide coverage and affordable premiums. It may also give you access to new healthcare providers that were not available in your previous network.
