Health insurance consumers will be able to change their service providers from Monday, as the insurers are finally ready with the long-awaited portability norm.
However, health insurance portability will be limited to non-life insurers, which will allow policy switch with respect to all individual policies, including family floater policies.
Even individual members, including the family members covered under group health insurance policy of a non-life insurer, will be able to migrate from a group health policy to an individual policy or a family floater with the same insurer.
The scheme was proposed to come into force from July 1, but was deferred by three months due to certain outstanding issues with insurance companies.
According to the new guidelines, consumers will get credit for the time already spent for covering pre-existing diseases, along with bonus accrued to them from their past insurers.
Policyholders, however, will be able to carry over the waiting period with respect to pre-existing ailments. The waiting period for most pre-existing conditions is four years. For instance, if a person wants to shift after a year itself, the waiting period for the pre-existing ailment will be three years with the new insurer.
