“Can we transfer health insurance to another company?” is a question many people ask nowadays. One may opt to change their insurer for various reasons. And if you are one such policyholder, you are at the right place. Continue reading; here, we will tell you in detail how to transfer health insurance from one company to another.
What is health insurance transfer?
Before you learn how to transfer your health insurance plan from one health care company to another, you must know what health insurance transfer is and how it works. Health insurance transfer is an option for the policyholder to switch between insurance companies with the same policy and get better health care services like better premium options and coverage.
The portability gives flexibility to the insurance policy. With transferable health insurance, you are no longer bound to the initial insurance company (from the insurer you purchased your policy ); and can look for a better option to switch.
Step to transfer health insurance policy
The option to transfer your health insurance plan from one insurer to another helps you get the best facilities and make the most of your investments. But when you opt to transfer your policy from one insurer to another, you must follow the procedure accurately and efficiently to avoid rejection and other complications. And here are the steps you must follow to transfer your health insurance policy.
Step 1
Fill transfer form
The first step to transferring your health insurance plan is to visit the new insurer you would like to move with your policy and request a transfer. Then your new insurer will provide you with documents, including the IRDAI transfer form. They will also give you details about their products and healthcare solutions. You should fill out the transfer form correctly and arrange asked details. You can even ask for help from your new insurer if you face difficulty filling out the form.
Also, remember you must indicate the transfer at least 45 days before your policy expiry or renewal.
Step 2
Submit your application
Once you duly fill out your transfer application and file the transfer request to your new insurer, they will contact your existing insurance company to obtain your claim and medical history. Also, they will ask for other details related to your health insurance plan. According to the IRDAI insurance regulation, your previous insurer is bound to provide all the details when they receive a transfer-related request.
Step 3
Policy Underwriting
Once your new insurer obtains all essential policy details from your existing insurer, they will proceed with policy underwriting. Policy underwriting means analysing your policy and deciding whether you will get insured under the new insurer. An underwriter from your approached insurance company will underwrite your health insurance policy.
The new insurer gets 15 days to analyse your policy’s risk profile and take a decision. In case of a delay in underwriting, you will automatically be insured under the new insurer.
Required documents for health insurance transfer
Following is a list of documents required for a health insurance transfer according to IRDAI –
- IRDAI transfer form.
- ID proof.
- Address proof.
- Proposal form.
- Insurance policy details.
- Claim history.
- No claim declaration (if applicable).
- Medical history documents.
Conclusion
If you are wondering, 'Can I transfer my health insurance to another company?’ then the answer is yes, you can. And here, we have shared the details of how you can transfer your health insurance policy in detailed steps. However, not all health insurance is portable, and you must check the details before purchasing. And if you want to know more about insurance transfer, you can visit LivLong for expert health care services.