How to Change a Plan Within the Same Health Insurance Policy?

Families are dynamic. They never stay constant. With milestones like marriage, having a child, or the unfortunate demise of the elders, the family picture keeps on changing every few years. While the love and respect for each other stay the same through such changes, the family’s medical needs get altered through such changes. This means no family can have the same medical health insurance throughout the years. They will need a new policy through these milestones.

Matching Your Policy With Your Needs

The cardinal rule of having a health insurance policy is to ensure that your family’s medical needs are reflected in your policy. Therefore, when you have a major life event that alters the trajectory of your life, it is crucial to incorporate it into your health insurance policy. The good thing is that insurance companies understand this and are more than happy to help. To match your policy with your needs, they allow you to change your plan and port it to one that best suits you and your family’s needs. All you have to do is ask.

Reach Out To Your Insurance Company

When you need to change your health insurance policy, you first need to reach out to your insurance company. You can reach your insurance company, including their helpline number, support mail ID, and authorized insurance agent. Now, most companies are even reachable through their websites, mobile apps, social media, and popular messaging apps like WhatsApp. You choose the option you are comfortable with and inform them of your decision to change your plan and why.

Browse New Option Plans

Based on your changed needs, your insurance company will present the policy options that best meet your current medical needs. You can browse these options, compare the features, and ask for quotes. If needed, you can also request alterations. Most insurance companies nowadays are flexible toward their clients’ needs and provide custom policies.

Submit The Required Forms

Once you have decided on the policy you want to change, it is time to document the changes. While all companies have their own forms and formalities, these typically include a form for porting from one policy to another, as well as details of both the old and new policies. Depending on the company and other real-time factors, you may or may not have to take the medical tests you took earlier.

Make the Adjustment Payment

When you change your policy and port from one to another, there is a great chance of a premium difference. In such cases, you will be expected to pay the difference between the two policies to offset the premium costs. Insurance companies provide various payment options, both offline and online. You can pay in cash, by check, with a card, via UPI transfer, or through internet banking - whatever suits you best. Once the payment is made, show the corresponding receipt to your insurance company or agent as proof of payment.

Receive Your Policy

After completing all the formalities required to change the policy and making the payment for it, it is time to sit back and relax. After processing your request, your insurance company will send you a copy of your new policy and confirm the change. You can request a copy both offline and online if you wish. Once you have received the policy, review it to ensure everything is in accordance with the pre-decided terms. While it is rare, if any discrepancies arise, please reach out to your insurance company and have them resolved.

FAQs

• Can I switch plans in the middle of a policy year?

Many insurers allow mid-year plan changes after major life events like marriage or childbirth. You’ll need to inform your insurer and follow the necessary documentation process.

• Will changing plans reset my waiting period?

In most cases, porting within the same insurer doesn’t reset the waiting period. However, check with your insurer, as terms may vary based on the new policy structure.

• Can I add only one family member while changing the plan?

Absolutely. Depending on your specific need, you can request a plan upgrade or modification to include just one new family member, like a newborn or spouse.

• Does changing plans affect tax benefits under Section 80D?

No, tax benefits under Section 80D remain applicable as long as you continue paying health insurance premiums, even after switching plans within the same policy.

• Is there a fee for changing plans within the same policy?

Generally, there’s no fee for changing plans, but you may need to pay the difference in premium if the new plan is costlier. Check with your provider for exact details.