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 it 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 insurance plan to a new insurer without losing any benefits on the existing policy.

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.

Case Study

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.

Frequently Asked Questions (FAQs)

1. 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.

2. 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 of people over 70 years of age.

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.