What benefits will I get from porting my health insurance?

livemint.com:

—Name withheld on request Porting ensures that the history of an existing health insurance plan gets carried over to the new plan. The principal benefit of a long history with an insurer is the waiver of waiting periods in the policy. Since you have spent 17 years in the existing plan, the waiting periods in the current plan would be over by now.

However, upon porting, the new insurer has to waive the waiting periods as well. So, switching to a better plan would not mean a loss of history for you. If the new plan is more expensive than the existing one, then you should weigh the cost-benefits of the same.

The clauses on room rent and co-payment could lead to a substantial deduction in the claim. If the increased premium enables better benefits, then it might be worthwhile to consider the new plan. For instance, a 20% copay would lead to a deduction of 20% in the claim amount.

That means you are insured only for 80% of the medical expenses incurred. If the premium increase in the new plan is up to 20%, then the increase is justified. Similarly, room rent capping can lead to a substantial deduction.

Most hospitals increase the cost of the entire package with a change in room type. When the patient opts for a room that is higher than their eligible category, then the insurer deducts the entire claim proportionate to room rent eligibility. So, a plan with no room rent capping is better.

—Name withheld on request Most banks insist that borrowers buy a few insurances while issuing a home loan. Insurance helps the bank mitigate the default risk. For instance, if the borrower dies, the life insurance would pay off the loan.