Why Is Medical Insurance Portability A Good Option For You?

Learn About Medical Insurance Portability ✓ Explore And Understand About How You Can Transfer Health Insurance Policy


Health insurance can be beneficial to have and there are different types of health insurance out there with different perks. These can allow people to have a better quality of life and struggle less when it comes to medical financing. Understanding what is health insurance and the options you have can be useful. Medical insurance portability is an important aspect related to health insurance. Health insurance portability is a facility that enables policyholders to change their existing insurance company to buy a better health insurance policy or get better services from another insurance company.

What Is Medical Insurance Portability?

Health insurance for a family or an individual can be useful and can be helpful to avail healthcare services without stress. Medical insurance portability is the process of switching the existing health insurance policy that a person has taken up to a new policy. This new health policy will usually be from another health insurance company and may be more suitable for the person who has the health insurance. The person can shift from one health insurance to another without losing the accrued benefits such as No Claim Bonus (NCB), waiting period credit, free medical check-ups, etc. This can be a great option for people who may have taken up a health policy that is not so suitable for them so they would still like to retain some benefits that they are experiencing in relation to the same.

What Are The Advantages Of Medical Insurance Portability?

A person may want to understand the advantages of medical insurance portability. Before you transfer a health insurance policy it can be a good idea to understand how this will benefit you.

Some advantages of mediclaim portability are:

  • Portability often helps employees to avoid having gaps in their life insurance coverage.
  • Medical insurance portability can also help a person to sidestep needing to reapply for coverage and have to undergo medical exams.
  • Portability can be useful to avoid any penalties or setbacks on cash value that is often linked with whole life insurance which can be a disadvantage.

Understanding The Disadvantages Of Medical Insurance Portability

Medical insurance portability may not be a good option for everyone. This is why it is good to know about the disadvantages related to it.

Disadvantages of medical insurance portability are:

  • Porting rules: A person will usually be allowed to port their medical plan only when the policy is being renewed.
  • Higher premiums: Health insurance portability can sometimes raise the premium of the health insurance plan.
  • Confusing terms: There may also sometimes be new coverage terms which can be complicated and confusing.

Number Of Times A Person Can Transfer Health Insurance Policy

One may wonder if there is a limit to the number of times that they can transfer health insurance policy. A person will usually be able to port when they find a better policy that offers a better scope of coverage at a lower premium. However, remember that porting is allowed only at the time of renewal of the existing policy.

Is it Advisable To Port Health Insurance?

Most people wish to transfer health insurance policies because of low premiums. However, to fulfill this, insurers will often minimize the coverage. As a result of this, a person may eventually end up paying more to cover for their needs. So before a person decides to transfer a health insurance policy, it is advisable to check the premium of the coverage.