Portability Process for Senior Citizen Health Insurance

• Health coverage is no longer merely an option and becomes a necessity as we age. With advancing age, the likelihood of becoming ill increases. Moreover, the healthcare expenses today are so exorbitant that managing without coverage can be extremely challenging. Thus, it is crucial to obtain health insurance for senior citizens to cover any medical expenses associated with their treatment.

• Most senior citizens are already cognizant of these expensive treatments and have some form of insurance plan. However, not all insurance providers adequately meet the expectations of their policyholders. In such cases, the Insurance Regulatory and Development Authority of India (IRDAI) permits customers to transfer their insurance plan to a new insurer without forfeiting any advantages of the existing policy.

How to Port a Senior Citizen Health Insurance Plan?

• The process of health insurance portability for senior citizens from one insurer to another is relatively straightforward. Below are the steps to the procedure:

Step 1:

• Draft an application for the 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:

• Once your request is approved, the new insurance company will provide you with a portability form. Additionally, they will present various insurance products from their company that can suit your age and needs.

Step 3:

• Investigate health insurance for senior citizens and select a plan that best matches your requirements. Fill out the portability form and, along with any required documents, submit them to the new insurer.

Step 4:

• After the new insurer acquires all forms and information, they will contact your current insurer to request details concerning medical history, claim records, etc.

Step 5:

• The information is then uploaded on the IRDAI portal by your existing insurer. The current insurer is obligated to complete and submit all necessary information within seven days of receiving the request application.

Step 6:

• Once the information is updated on the portal and the new insurer is satisfied with the provided data, a new set of underwriting terms is created for your policy. The new insurer must finalize this procedure within 15 working days; otherwise, they are compelled to accept the application, irrespective of the scenario.

Case Study

• In 2018, Mr. Sharma, aged 67, sought to purchase health insurance from one of India’s leading insurance companies. He was informed about all the policy terms and initiated the policy by paying an annual premium of Rs 35000. The policy he selected was cashless, and he was assured that any treatment he availed under the policy would incur no charges aside from a nominal claiming fee. In July 2019, when Mr. Sharma became ill and was hospitalized, his family members opted to utilize his policy for the hospital treatment expenses.
• They provided all the policy documents to the hospital’s insurance department. The hospital then forwarded the case to the designated insurer and requested their authorization to initiate his treatment without imposing any direct charges on him.

• However, the insurer failed to respond within a specified timeframe. The hospital and Mr. Sharma’s relatives made numerous attempts to reach the insurer. After receiving no feedback from their side, the hospital resolved to cover the treatment expenses for his family. The family was required to pay the fees, and after several days had elapsed, the insurer reached out to Mr. Sharma regarding his case.
• Infuriated, Mr. Sharma refused to communicate with them, and as soon as his health improved, he chose to proceed with the portability process to a new insurer. Within a month and a half of submitting his request, his policy was successfully ported, and he is now enjoying the advantages of his new policy.

Conclusion

Switching health insurance for senior citizens can be an excellent affirmative move if you are unhappy with your current policy provider. It will assist you in obtaining the benefits of your current policy while also offering you several new advantages.

Frequently Asked Questions (FAQs)

1. Can I purchase health insurance for my father from my end?
   Yes, you are able to purchase health insurance plans for any member of your family. Simply provide the policyholder’s information to the insurer.
2. Is there any age limit regarding health insurance portability?
   While there isn’t a defined age limit, the majority of companies tend to discourage porting policies for individuals above 70 years of age.
3. Can a 70-year-old obtain health insurance in India?
   Yes, numerous insurers provide health plans for senior citizens, although the premiums may be on the higher side. Certain government schemes also offer coverage.
4. Can we transfer a senior citizen health insurance policy?
   Yes, IRDAI permits policy portability without forfeiting accrued benefits; however, insurers may establish conditions such as increased premiums or co-payments.