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There has been long debate over approval of Health Insurance Portability but finally Irda has given green signal. Portability has approved by Irda and it will be implemented from 1^st June 2011. 

Health Insurance Portability which allows health policyholder to switch freely to other insurance companies which otherwise makes it difficult. After long discussions with insurance companies finally, Irda has given approval for health insurance portability.  

Irda have asked insurance companies to carry forward their credit gained for pre-existing conditions in terms of waiting periods when he or she switches from one insurer to another, provided previous policy should be continued without break. 

Reason Why Customer Could not Change their Insurer:

1. There are many customers who are unsatisfied with their insurance companies because of its poor service or unhappy with product. But still they have to continue with same insurance company.
2. If any customer chooses another insurer, his policy starts again as a fresh proposal. In which all waiting periods starts again. Waiting period is time in which insurance company don’t consider the claims.
3. In the fresh policies there is a waiting period of 30 days in which no claim can be made. There are diseases like cataract, hysterectomy etc. which has waiting periods one to two years. And there is a waiting period of almost 4 years for pre-existing diseases.
4. That’s why the customers are force to continue the health policy with same insurer. Fear of loosing earned benefits is causing them to continue the product. An insurance company usually doesn’t offer new policy easily to a senior citizen, that’s why they can not change their insurer even if they are unsatisfied with company.Portable Health Product will enable senior citizens to switch their insurer without worrying about loosing continuity benefits. 

Benefit of Portable Health Product is that insurance company will take extra care to provide good service and products to holds its existing customer. Portable Health Product will open the gates for insurance companies and provide new prospect, new customer segment to approach with. This will help to increase competition among insurers.

Portable Health Product will have almost same feature and condition so if any customer wants to buy policy; he just have compare the price without worrying about its features before choosing insurance company.