With the introduction of Mediclaim portability all over India, the Medical policyholders with IRDA or those who are enjoying the facility of Mediclaim can use the insurance policy with due convenience. The mediclaim portability will help the customer by providing the opportunity to find an insurance carrier, which, can appropriately commensurate with their needs and lifestyle. The best part of this mediclaim facility is that if a policyholder is not satisfied with his or her current provider, he or she can have the facility to switch to another health insurer or provider without any change in the premium outgo.
The convenience of Mediclaim portability will be available to policyholders who are currently insured for a sum of 1, 00, 000 and above. According to the present rule, the health cover given to any policyholder, under the plan of medical portability has to be renewed every year. In case, there is no claim in any year, the policyholder is entitled to a bonus in the form of an increased sum and for every claim-free year, this bonus gets accumulated.
The industry and the regulators are working on the minimum benefit that would be carried forward in case of change in the insurance provider, as two insurers do not generally have the same mediclaim policies. The regulator is also considering portability for car insurance or home insurance.
There are several benefits, which mediclaim portability can offer you. With overwhelming number of benefits, the policyholders can compare different policies provided by various insurance providers. The chief expenses, on which you can compare your policy are hospitalization expenses, day-care procedures, effects of cumulative bonus and various types of illnesses covered under critical illness domain.
Apart from the service factor, policyholders can also compare insurance providers on the basis of the denial of their policy renewal and the increasing costs of their renewal premiums. However, it can be said, that such kind of Mediclaim portability will be most useful for the people aged 65 or more. Most of the senior citizens currently having serious problems in changing insurance providers, primarily because the new insurance providers consider the policy as completely new one, and the diseases and accidents, which might have been covered by the previous company, are treated as pre-existing.
With mediclaim portability, the policyholder can now switch their insurance provider if they are getting rude replies from their executives and are not satisfied with any of their services without any change in the premium.
In a country like India where medical insurance policyholders is merely 6-7%, the new mediclaim portability, when put into practice by the insurance regulator, can give the industry a nudge. The new mediclaim portability is more competitive and it is expected to offer customer friendly service to the policyholders.
However, before opting for mediclaim portability it is always advisable to consult with the insurance agent. He will help you to pick out a proper policy for yourself and if required he will help you to get the policy customized.