Health Insurance Porting: Having a health insurance policy has become extremely important these days. Health insurance policies help protect people from future problems. It’s common to periodically change health insurance policies to offer better coverage, lower premiums, or better features. This is called porting. This means you can transfer your old policy to a new company. This doesn’t cause any harm. However, changing insurance companies often results in claim rejections. Therefore, exercise caution.
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Learn about the porting process.
For information, health insurance policies have a waiting period for certain illnesses. During this period, claims for that illness will not be accepted. For example, suppose your policy had a three-year waiting period for a particular illness and you changed the policy after two years. In that case, the new company will apply a one-year waiting period. In such a situation, if you are going to port a new policy, ensure the waiting periods are being transferred.
Accurate Information on Required Documents
It is crucial to preserve old policy information, claim history, and medical records during porting. Providing accurate and complete information to the new company is essential to avoid any claim-related issues. Most companies recommend starting your application process for porting 45 to 60 days in advance to avoid delays in approval.
Disclose Ongoing Treatment
If the insured is undergoing treatment for a medical condition or has a planned surgery, clarify with the new company before porting whether it will accept that coverage. Often, the new insurance company does not cover the expenses incurred during treatment, increasing the likelihood of claim rejection.
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Communication is Important at the Time of a Claim
It is important to keep all documents and communication clear when filing a claim after porting. This reduces the likelihood of claim rejection. Problems that arise can be resolved easily. Porting is a great option for better service and lower premiums. It’s important to understand the rules before doing so.