Changing insurance companies is a decision many people make to improve coverage, save money, or access better services.
However, it can raise doubts about how to do it correctly so as not to lose benefits.
If you are considering switching to another insurance company, it is crucial to know the steps and how to avoid complications during the process.
Why change insurance companies?
There are different reasons why you might want to change your health insurance. Perhaps you are looking for better service in certain areas. Sometimes, changes in your health needs or your financial situation can also motivate this decision.
What's important is to make sure the change process happens without you losing your coverage, especially if you're already using certain important medical services.
How to switch insurance companies without losing your coverage?
To switch insurance companies without losing benefits, we recommend following these steps:
Review current coverages
Before making any decision, it is essential to review your current insurance contract and know what coverages you have active.
This will allow you to compare them with the options offered by another insurer. Check if there are essential services you don't want to lose, such as treatments, emergency care, or specialized attention.
Compare the other insurer’s options
Check the variety of health insurance plans of the new insurer you’re considering. From plans with co-payments to those without, including comprehensive healthcare treatments like primary care, surgery, emergency care, etc.
Comparing these options with your current insurance will help you decide if the new insurer you’re considering is the right choice for you and if you can keep your key coverages.
Check the waiting period
One of the main concerns when changing insurance companies is the waiting period, which is the time you must wait before you can use certain coverages, such as surgical procedures or specialized treatments.
Before making the change, make sure you understand the new insurer’s waiting periods for the coverage you need.
Verify the continuity of ongoing treatments
If you are in the middle of a medical treatment, such as physiotherapy, cancer treatment, or a specialist consultation, make sure you can continue with it without interruption.
Some insurers allow a smooth transition. Still, you must confirm that your coverage continues without problems during the switch.
Coordinate with your new insurer
Once you have decided to switch to the new insurer, coordinate the registration process with them.
Make sure your new insurer informs you about the activation dates of your policy and any details you should be aware of to maintain your benefits.
Review the terms and conditions carefully
Make sure the terms and conditions are clear and that you understand all the coverage you will be receiving.
Some insurers may waive waiting periods if you’ve been covered with your previous insurer for over a year. You just provide proof, ask questions where necessary, and understand what’s in it for you to make the transition smooth and beneficial.
Do not cancel your old insurance too early
One of the most common mistakes when changing insurance companies is canceling your current insurance before having coverage active with the new insurer.
This may leave you unprotected for a while, and any health risk incurred during this period can be quite strenuous for you without health cover. So make sure your new insurance is fully active before cancelling your old one.
Getting health insurance for the first time?
If you don’t have health insurance yet, M-KOPA makes it easy. We have a partnership with Turaco Insurance, enabling us to provide affordable health protection for Every Day Earners and people in low-income communities.
Here, you don't have to switch insurers. You just have to get an M-KOPA smartphone on a pay-as-you-go plan suitable for you, and with it, unlock access to our health cover, digital loans, as well as other benefits.
.svg)
