The world is now more and more interconnected and the healthcare is also not left out hence it has to be also connected. Nowadays, people are more mobile than ever before, they are moving to other cities for job, study or leisure. This tendency is also seen in the medical field, where patients sometimes travel to other countries to get treatment for complicated procedures, the most famous specialists, or the therapies that are not available in their home countries. The main points of the statement are the importance of knowing the healthcare system in a new country, finding the right providers and checking the insurance coverage. On the other hand, the fact is that you can take some precautions to have an easy-going healthcare abroad.
First of all, it’s necessary to find out about the medical care system in your host country. Know the different medical facilities available, their reputation, and the approximate costs of procedures to ease the problem of referring a patient to a specialist. Besides, carry out the background research on the possible language barriers and seek input from translation services or international healthcare providers who can speak your language well. In the end, and most importantly, secure suitable health insurance coverage to protect your self from the unforeseen medical costs.
What is Health Insurance Portability?
Health insurance portability in India allows the policyholders to change their health insurance providers while still keeping the benefits they have already built under their current policy. This is a great choice for people who are not satisfied with the services, network of hospitals, claim settlement process, or premium of their current insurer. The portability of their plan allows them to easily shift to a new plan of a different insurer without losing any of the accumulated benefits.
Here’s a closer look at some of the key benefits associated with health insurance portability in India:
- Preserves No Claim Bonus (NCB): The NCB is a reduction in health insurance premiums given to policyholders for each claim-free year. The NCB which you have accumulated up to that point is transferred to your new plan, thereby cutting down your premium. This motivates the policyholders to have a good health record and in the end, it pays off in terms of the savings that are made.
- Maintains Waiting Period Credit: Some medical procedures or treatments have waiting periods in most health insurance plans, which are not covered until you are insured for the specific condition for the duration of the waiting period. Portability is the reason that a part or all of the waiting period which you had under your old policy is passed on to the new one. This is the reason why the older ones are useless and the new ones are even better. This means that you do not have to wait again for the cover to be available, especially for the essential ones.
- Potential for Lower Premiums: Indian health insurance market is very much competitive and there are a lot of providers who are offering different plans at different price levels. Through the portability of a car insurance, you are able to compare the plans of other insurers and thus, in some cases, you might end up in a more economical policy if your current insurer has increased your premium significantly after a claim or because of age factors, etc.
- Improved Service Options: If you’ve been unhappy with your current insurer’s customer service, claim settlement process, or network of hospitals, portability gives you the chance to switch to a provider who is well-known for better service standards. This, in turn, leads to a less stressful and easier process when the time comes to submit your claim.
Benefits of Health Insurance Portability
- Preserves NCB: The discount you get for the years that you don’t make any claims goes to the new policy, thus you will pay much less for the new policy and in this way you can save thousands of rupees over the long period of time.
- Maintains Waiting Period Credit: The previous waiting periods for some types of treatments are still in force under the new policy, so the new patients do not have to wait again and thus the coverage is obtained when it is needed.
- Potentially Lower Premiums: Portability helps you to discover various insurers which in return can assist you to find a policy with the same coverage at a reduced cost. This is especially helpful if your current insurer has hiked your premium too much after a claim or due to age considerations. Through the strategies of contrasting plans and the advantage of being able to switch, it is possible to save a lot on the health insurance premiums.
- Improved Services: If you have been irritated by your present insurer’s customer service, slow claims settlement process, or restricted hospital network, portability will enable you to change to a provider that has better service standards. This can thus be the reason of your effective healthcare experience, which in turn will be the assurance for you to get the help and the claims settlements quickly and efficiently when you need a medical care.
Things to Consider Before Porting
- Plan Comparison: Look into the details of coverage, for instance, if there is a waiting period, what is excluded in your new plan and how much you have to pay, and make sure it is the best plan for you to fit your needs.
- Insurer Research: Review the Claims Settlement Ratio (CSR) and Incurred Claims Ratio (ICR) of possible providers and thereby, you will be able to know the efficiency of the claim settlement.
- Terms & Conditions: Go through the new policy’s terms and conditions and check the waiting period and exclusions at claim time in order not to be taken by surprise.
- Timely Action: Begin the search for new plans at least 3 months before the expiry of your existing contract to ensure that you have enough time to make a well-informed decision.
Key Differences between Global Health Insurance and Travel Insurance
- Focus: Travel insurance mainly deals with the emergency medical care, trip cancellation, and the lost luggage in the case of short trips. Global health insurance is mainly concerned with the long-term medical issues of people abroad.
- Target Audience: International health insurance is perfect for people who travel a lot, long-term expats or those who need special medical treatment abroad.
Conclusion:
Either you are thinking of health insurance portability or you are looking for global health insurance; you should do your research and evaluation carefully. Being aware of your needs and the present plans, you can make an informed choice that gives you the right healthcare coverage no matter the place of your travels.
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