5 ways you can get tricked under Health Insurance Portability? 🏴☠️
• What it looks like on paper?
• Is it as simple as Mobile no. portability?
• 5 traps, pitfalls you should know!🦀
🙏 RETWEET to spread awareness!🙏
What is Health Insurance Portability?
Health Insurance portability ensures you don't have to start all over again when you move to a new insurer.
It gives you credit for the continuous cover you so far had in the new insurance plan.
Health Insurance portability looks very simple.
• You don't like an insurer.
• Contact your preferred insurer 45 days before renewal
• Fill some forms.
• Voila! Your insurance cover ports with continuity to your preferred insurance plan!
🤔 But is it so simple? Read on.
You guessed it right! Insurance aur simple - kaise bhai? 😹
What is the catch?
• The new insurer has the right to evaluate your application before it accepts your proposal form.
• It may decide not to give you a cover, and you may be stuck with your old insurance plan.
Who will find it challenging to get Portability?
Portability is usually tricky for people above 60 years, who have a medical history of a chronic illness.
The more complicated a case, the lower the chances of getting portability.
Where can you get tricked with Health Insurance Portability? 🎣
Trick #1. A salesperson may not declare the medical history (before and during the existing policy)
This will get the policy issued, but your claims will get super complicated. Be careful before you sign any papers!
Trick #2. A salesperson may falsely assure (even in writing) that claims will get paid because you have had the policy for 10 yrs and there is no need to declare medical history
No salesperson can ever assure a claim. Claims are paid if they are payable as per policy t&c
Now, pay attention to this one. This is where it gets complicated!
Trick #3. Some insurers may not provide portability for illnesses that occurred during the existing policy.
Understand this well that you will be serving a waiting period for these illnesses before you can claim
Trick #4. Some insurers (especially govt. insurers) may not take portability from their plan lightly. You can face many hurdles, back and forth.
Be prepared for the chaos, especially if you don't have a good advisor on your side
Trick #5. Portability (credit for waiting periods) may not appear on record in your new insurance policy.
• Read the policy schedule very carefully before you stash it in your drawer/files.
• Keep copies of all forms you sign.
The only way to avoid these traps, these complications is to deal through a credible financial advisor, and not a salesman
• Learn to differentiate between an advisor and a salesman.
• Avoid people in a hurry to get the policy issued - who have no track record to worry about!
Do you have a question?
• Ask here: beshak.org/forum
• Credible experts from the insurance domain answer them.
10L or 1 Cr?
How much health insurance coverage is good enough?
A thread.
The following questions answered:
• Why can't I upgrade later?
• 5L, 10L, 50L, or 1 Cr?
• What about 1 Cr covers?
• What if the cover becomes unaffordable?
🙏 Retweet to spread awareness 🙏
First things first. If you are less than 40, remember you are pre-booking a good product today, that may not be available later in the same shape or form, due to old age or illness.
But can't I upgrade later?
Crossing 55/60 yrs of age, one claim, or a disease in the family, and bam, your chances of getting an upgrade go down from 90% to say 20%.
Health declarations made when getting the COVID 19 vaccine. What is the impact on your existing life & health insurance policies?
A quick thread 👇
1/n
Q1. Whether declarations made during the vaccination can be used by insurers?
A. In our view, insurers are unlikely to get access to health info without your consent, unless there is a fraud case. We recommend you make the right declarations to avoid any complications later
2/n
Q2. What if I declare a health condition while taking the COVID19 vaccination that was diagnosed after I bought the insurance policy.
A. Nothing. You don't have to worry about any disease that you suffered after you bought the policy unless you are planning an upgrade.
3/n
Some insurers may, however, have a cap on room category - which means they only allow a particular category of room. If you ever opt for a room above this category, u have to bear the difference and proportionate charges for the entire bill.
2/ **Why was this needed**
Every plan has its own independently designed terms and conditions, especially exclusions. 🙄
It was difficult to understand & compare many of these wordings. This also resulted in unpleasant surprises & grievances during claims.
3/ IRDAI has been taking massive efforts to standardize health insurance products, making them easier to understand and compare, helping reducing confusion and grievances.
Update.
- I email my insurance broker.
- They write an email to the insurance co. official asking for a "payment link."
- Insurance co. official gives a classic response "The below-mentioned policy does not pertain to our office."
I usually don't like to take up a case against a brand. But I am doing it this time - coz, if it can happen with me, I am just imagining people who don't have a clue about insurance.