Health insurance: In light of the rising medical costs, medical insurance of medical insurance is no longer a luxury, but a necessity for most of us. Once you are connected to one insurer, you can be suffocated for different reasons. This may be due to high premiums, small coverage or restrictive clauses. What can you do in such a case? Well, you can simply transport your health insurance plan to another insurer. There are several reasons for which you may consider sending your insurance plan. Let’s find more about this here. Some common reasons for porting I. Better coverage for the same premium: Sometimes you want a better or higher coverage at the same insurance premium. In such a scenario you may want to transport your insurance plan. “The most important factor you should consider is if the price and conditions of the new insurer are significantly better. Over time, insurers can introduce products with new features or lower prices, and a good way to access it is by porting,” says Kapil Mehta, co-founder, Securenow. “One driver to switch is inevitable premium optimization. With new products coming out on the market and competitive price options, it sometimes gives a much broader coverage in exchange for sustainable prices,” says Arun Ramamurthy, co-founder, Staywell.Health. Ii. Change in the phase of life: Another reason to obtain the health insurance plan is a change in the phase of life, for example marriage and children. “Changes in the life phase, such as a wedding or children, are another important trigger, as it often requires a higher amount of insured or broader benefits. The greatest advantage of the portation is that your continuity benefits can continue, including waiting periods that have already been served and no claim bonus has run,” says Siddharth Singhal, Head, Head, Policy Iii. Restrictive clauses: Another reason may be that the restrictive clauses of your current plan have made it too unpleasant. For example, the number of hospitals is small, some common ailments are not covered, etc. “The porting is also meaningful if your current plan has restrictive clauses, such as room lease limits or co -payments, as switching can gain access to policies with more flexible conditions,” adds Singhal from Policybazaar. Iv. Bad experiences with claims: Another general reason for transferring the insurance plan is that you had a bad experience with your insurer, which “explains that one expert motivated you to look for an alternative one. “If someone had some claiming experience that was less than satisfactory, whether delays, rejection of their claim or service to handle their claim experience, they could decide to go to an insurer with better transparency and claim the experience of the settlement,” Ramamurthy says. Visit here for all updates for personal finance
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