What should you know before deciding to port your health insurance policy? MintGenie explains
The growing concern over the surge in pneumonia cases in China and the anticipation of a potentially more formidable virus than COVID-19, as predicted by medical experts, have prompted individuals to reassess their decisions regarding health insurance. An increasing number of individuals now recognize the significance of possessing sufficient health insurance coverage.
Consequently, a significant number of people have opted to transfer their health insurance plans to alternative providers. The heightened awareness is likely resulting in a surge of individuals transferring their health insurance plans to alternative companies that provide more extensive coverage or improved benefits. Moreover, shifts in lifestyle, such as the onset of a chronic condition or the aging process, can also induce individuals to reevaluate their insurance requirements and make adjustments accordingly.
It can be argued that the 15-day free-look period offers policyholders an opportunity to assess their coverage and make an informed decision about whether to proceed with the plan. Nevertheless, this brief timeframe might not be sufficient for a comprehensive understanding of the potential drawbacks of the policy or the practices of the insurer.
This clarifies why some individuals are eager to transfer their health insurance policies. However, does portability consistently provide benefits? Before delving into the advantages and disadvantages of health insurance portability, it would be beneficial to comprehend the rationale behind it and what it genuinely involves.
The health insurance portability initiative, implemented by the Insurance Regulatory and Development Authority of India (IRDAI), was designed to provide policyholders with increased
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