Health Insurance News: Few takers for medical portability
It’s been almost a year since health insurance portability came into force, but not many switchovers have happened in the last 12 months. “While the portability system has stabilised, in terms of switchovers, it has not been that significant,” G Srinivasan, chairman and managing director, United India Insurance, said.
Health insurance portability allows you to shift from one health insurance provider to another, without having to lose any of the benefits that the current health insurer provides.
One of the major reasons for few takers for health portability is the lack of push from insurance agents. “Technically, every portability should be treated as a new business, in which the agent is entitled to his commission (15% of the premium). But many companies are telling their agents not to get transfers done as they feel risks would rise if portability becomes mainstream,” said an insurance analyst.
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