insurance

What is portability?

 

What is portability?

The Bankrate.com financial term of the day is: "Portability"

When you have to switch your health insurance, maybe because you've changed jobs, wouldn't it be nice to know that your coverage will stay pretty much the same? That's the idea behind portability -- particularly if you have pre-existing medical conditions. The 2004 Health Insurance Portability and Accountability Act, or HIPAA, boosted portability by limiting your new insurer from refusing to pay bills related to any existing health issues, such as high blood pressure, that date back to when you had different coverage. The Affordable Care Act signed by President Barack Obama bars any health insurance discrimination against people with pre-existing conditions, beginning in 2014.

With portability, when your health plan changes, there's no shake-up in your coverage for medical problems you've been dealing with for a while.

To shop for insurance to fit your needs, visit the Insurance section at Bankrate.com.

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