Portability Process for Senior Citizen Health Insurance

Health coverage no longer stays a choice and turns into a necessity as we grow old. With growing age, the probability of getting sick heightens. Furthermore, the healthcare costs in today’s time are so high-priced that bearing them without coverage may be very hard.

Therefore, it is essential to buy health insurance for senior citizens to cover the costs of any medical expenses incurred in their treatment.

Most senior citizens are already aware of these high-cost treatments and are under some kind of insurance plan. Unfortunately, not all insurance providers fully satisfy the needs of their policyholders. In that case, the Insurance Regulatory and Development Authority of India (IRDAI) allows customers to port their medical insurance to a new insurer without losing any benefits on the existing policy.

Can a Senior Citizen Port a Health Insurance Policy?

Yes, senior citizens can port their health insurance policy to another insurer during the time of renewal. This can only be done provided there is compliance with the portability guidelines issued by IRDAI. The new insurer then evaluates the request based on its underwriting process and may approve or reject it after a review of the health profile of the applicant.

Porting of policy allows policyholders to retain their continuity benefits like credit for waiting periods on pre-existing diseases and so on.

How to Port a Senior Citizen Health Insurance Plan?

The procedure of health insurance portability for senior citizens from one insurer to another is fairly simple. Down-below is given the steps to the process:

Step 1:

Write an application for portability of your insurance policy and submit it to the new insurer at least 45 days before the renewal date of your current policy.

Step 2:

After your request proposal is accepted, the new insurance company will provide you with a portability form. Additionally, they will hand out their company’s various insurance products that can fit your age and requirements.

Step 3:

Explore health insurance for senior citizens and choose a plan that suits your necessities the most. Complete the portability form and, along with other asked documents, submit them to the new insurer.

Step 4:

After the new insurer receives all the forms and details, they will approach your existing insurer and seek details related to medical history, claim records, etc.

Step 5:

The data is then shared on the IRDAI portal by your current insurer. The existing insurer must complete and upload all the required data within seven days of the request application.

Step 6:

Once the data is updated on the portal and the new insurer is satisfied with the given information, a new set of underwriting laws is developed for your policy. The new insurer must complete this process within 15 working days, failing which they get bound to accept the application, whatever may be the case.

Also Read: How Can Senior Citizens Benefit From Mediclaim Policies?

Documents Required for Senior Citizen Health Insurance Portability

Here are a few documents which need to be submitted for the portability of a Senior Citizen Health Insurance plan:

1. A duly filled-out health insurance portability form is required to initiate the transfer process.
2. The new insurer may ask for a completed proposal form with personal and medical details.
3. Copies of the current health insurance policy and renewal details are also required.
4. A relevant medical history, reports, and health related documents may be needed for an assessment.
5. Previous claim details and records may be required to evaluate continuity benefits.
6. Valid documents may be requested for verification purposes.

What Transfers to Your New Senior Citizen Health Insurance Policy?

Here are a few benefits which transfer upon portability of a Senior Citizen Health insurance policy:

Waiting Period Credits

Upon porting a Senior Citizen health insurance policy, you get credit for the waiting period, which has already been completed under one existing policy. This helps to reduce or eliminate the remaining waiting period for the covered conditions, subject to the new insurer's terms.

No Claim Bonus  (NCB)

The accumulated NCB is transferred as per IRDAI portability guidelines and ensures all the eligible benefits are carried forward to the new policy.

Continuity Benefits

All eligible continuity benefits from the previous policy are also retained. This is only provided if the new insurer approves portability requests and the policy is ported within prescribed timelines.

Common Reasons for Rejection of Senior Citizen Health Insurance Portability

Here are a few common reasons for rejection of portability that you should know about:

1. An incorrect document or one with missing information can delay or lead to the rejection of a portability request.
2. Failure to apply within the prescribed portability timeline can result in a rejection.
3. The new insurer may reject requests based on underwriting evaluation and risk assessment.
4. Requests which do not meet the eligibility criteria of the insurer and the portability guidelines may not be approved.
5. Providing inaccurate or incomplete details can also affect the process of approval.

Factors to Consider Before Porting a Senior Citizen Health Insurance Policy

Here are a few factors to consider before you port a Senior Citizen health insurance policy:

Coverage and Benefits

You can compare the coverage, inclusions, exclusions and optional benefits offered by the new insurer to ensure that they better meet your healthcare needs.

Waiting Period and Continuity Benefits

Check how the waiting period and continuity benefits will be carried forward under the new policy according to portability guidelines.

Premium and Eligibility

Review the premium amount, age-related conditions and underwriting criteria before applying for portability.

Network Hospitals and Claim Process

Evaluate the insurer's network hospitals, cashless treatment facilities, and claim settlement process to ensure convenient access to healthcare services.

A Real-Life Example of Health Insurance Portability

In 2018, Mr. Sharma, age 67 went to buy health insurance from one of India’s prominent insurance companies. He was guided with all the policy norms and started the policy by paying a premium amount of Rs 35000 annually. The policy that he opted for was cashless, and he was promised any treatment he would take under the policy will cost him no charge apart from a small amount of claiming fee.

In July 2019, when Mr. Sharma fell sick and got hospitalized, his family members decided to use his policy for the hospital’s treatment costs. They submitted all the documents of the policy to the insurance department of the hospital. The hospital further sent the case to the specific insurer and asked for their permission to start his treatment without charging any direct expenses to him.

However, the insurer did not reply within a set time period. The hospital and Mr. Sharma’s family members tried to contact the insurer time and again. After no response was received from their end, the hospital decided to incur the costs of treatment to his family.

The family had to pay the charges, and after several days had passed, the insurer contacted Mr. Sharma asking about his case. Furious, Mr. Sharma did not wish to speak a single word with them, and as soon as his condition got better, he opted for the portability process with a new insurer. Within one and half months of his request application, his policy was ported, and is now enjoying the benefits of his new policy.

Also Read: How to Port Health Insurance Online?

Conclusion

Portability of health insurance for senior citizens can be a great positive step if you are unsatisfied with your current policy provider. It will not only help you avail the benefits of your existing policy plan but will also provide you with multiple new benefits.

Frequently Asked Questions (FAQs)

Can I buy health insurance for my father from my end?

Yes, you can buy health insurance plans for any of your family members. Just provide the information of the policyholder to the insurer.

Is there any age limit in the case of health insurance portability?

Though there isn’t any specified age limit, most companies do not prefer porting policies for people over 70 years of age.

Can a 70-year-old get health insurance in India?

Yes, many insurers offer senior citizen health plans, though premiums may be higher. Some government schemes also provide coverage.

Can we port a senior citizen health insurance policy?

Yes, IRDAI allows policy portability without losing accrued benefits, but insurers may impose conditions like higher premiums or co-payments.

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