Understanding Health Insurance Portability in Ranchi: A Comprehensive Guide

Ranchi, the capital of Jharkhand, is fast emerging as an important industrial and economic hub. With growing industries come growing healthcare needs. Therefore, adequate health insurance becomes crucial for the residents of Ranchi. Read on to make an informed health insurance decision for yourself and your family.

Why Do You Need Health Insurance in Ranchi?

The following are some compelling reasons you need health insurance in Ranchi:

1. Rising Healthcare Costs

Healthcare costs are rising exponentially in Ranchi and across India. Hospital charges, medicines, treatments - everything is becoming more expensive, and having health insurance guards you against costly medical bills.

2. Protecting Livelihoods

Many Ranchi residents work in factories, plants, mines, etc. An injury or illness can severely impact their ability to work and earn. Health insurance provides financial support during medical emergencies.

3. Tax Benefits

Health plans offer tax deductions under Section 80D of the Income Tax Act. Buying health insurance can help you save taxes every year.

4. Cashless Hospitalisation

Most health plans provide cashless hospitalisation at network hospitals. This facility is helpful in case of medical emergencies.

Key Health Insurance Benefits in Ranchi

The following are the key benefits of health insurance benefits in Ranchi:

• Cashless hospitalisation at network hospitals: You can get completely cashless hospitalisation at thousands of partner hospitals across India without paying massive bills upfront. This facility is very helpful during medical emergencies.
• Coverage for pre and post-hospitalisation expenses: Besides hospital charges, you also get coverage for medicines, tests done within 60 days before admission and 90 days after discharge. This takes care of related costs too.
• Daycare procedures covered: Even expenses for advanced technological procedures like dialysis, chemotherapy, cataract surgery, etc., conducted at hospitals are covered without a minimum 24-hour admission.
• Tax benefits up to Rs. 25,000 under Section 80D: You can claim income tax deduction on health insurance premium paid for yourself, your spouse and your kids. This helps save taxes.
• Options to enhance your plan with riders/add-ons: To make your basic health plan more comprehensive, you can opt for additional critical illness riders and maternity add-ons.

Therefore, it is highly recommended that you buy adequate health insurance tailored to your needs to protect yourself and your family from financial crises caused by medical difficulties.

What is Health Insurance Portability?

Health insurance portability allows policyholders to switch from one insurance provider to another without losing continuity benefits earned in their previous health insurance policies.

So, if you are unsatisfied with your current health insurer or have found a better plan, portability enables you to make the switch seamlessly without serving fresh waiting periods. The key benefits include:

1. Freedom of Choice

You can transfer your policy from one insurer to another if you are unhappy with their services or need better coverage.

2. Continuity of Benefits

When you port your policy, accrued benefits, such as the waiting period for pre-existing diseases and no-claim bonus, are carried forward.

3. Enhanced Scope for Comparison

You can compare plans from different providers and switch to the one that best meets your requirements.

4. Competitive Premiums

You can transfer your policy to an insurer offering similar coverage at lower premiums.

5. Customised Coverage

You can port your policy to an insurer whose offerings align better with your health insurance priorities.

Application Process for Portability

The process to port your existing health insurance is relatively straightforward:

• Inform the current insurer about porting intention 45 days before renewal.
• Obtain the portability application form.
• Fill out the details on the form accurately, along with KYC documents.
• Submit the form to the new preferred insurer.
• The new insurer will process the request and revert within 15 days.
• If accepted, the policy will be issued by the new insurer.

Therefore, health insurance portability empowers you to tailor your health plan to changing requirements. It offers the flexibility that health insurance buyers in India need.

Conclusion

Rising healthcare costs make adequate health insurance crucial for Ranchi residents. Evaluate insurer options and use ACKO’s online calculator to determine an optimised health plan. Their affordable yet feature-rich policies ensure tailored coverage and enhanced flexibility to safeguard your family’s health.

Disclaimer: This article is part of sponsored content programme. The Tribune is not responsible for the content including the data in the text and has no role in its selection.