The waiting period is the time period or the cooling off period as per the insurer guidelines during which the claim or the coverage under the policy is not effective this waiting period can be for any treatment, any illness, or claiming the benefit for any pre-specified condition. Therefore an insurer having robust customer service should always be preferred to have a hassle-free experience. A major contributor to a healthy reputation of an insurer is customer service. The reputation of the insurer is an important factor to be considered in buying insurance. The insurer with the highest claim settlement ratio is ideally preferred by policyholders and therefore when there is a better plan available they have the benefit of porting to such a new plan from their existing one. It is the ratio of the total number of claims settled by an insurance company to the total number of claims received by the insurer in a particular period. One of the top factors when choosing a health insurance provider is their claim settlement ratio. Some of these factors are highlighted hereunder. There are several factors that should be considered while opting for health insurance. What are the factors to be considered while opting for health insurance portability? Therefore, individuals do not have to start from scratch with a new insurer and also receive continued benefits from health insurance. Health insurance portability allows policyholders from losing their accumulated benefits like no-claims bonus, waiting period, and coverage for pre-existing conditions when they switch insurers. This eliminates the dependency on a single insurer for a lifetime at the same time encourages healthy competition among the insurers to provide the most optimum health insurance to the public. The primary need for health insurance portability is to provide the policyholders the option to choose between upgraded plans that meet the changing healthcare needs and budget. This benefit was introduced by the Insurance Regulatory and Development Authority of India (IRDAI) to provide higher flexibility and choice to policyholders and ensure they can get maximum benefits from the latest plans at their disposal. The meaning of health insurance portability is the ability of an individual to switch their health insurance policy from one insurer to another, without losing the benefits of their existing policy.
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