Multiple Health Insurance

 Should you get multiple health insurance?

More and more people are being forced to purchase several medical policies due to India's rapidly escalating medical costs and the constrained coverage provided by a single health insurance plan. In addition to offering complete coverage, purchasing numerous health insurance policies also extends backup protection in the event of medical emergency, job loss, or a transitional period between changing employers. Additionally, having numerous health insurance policies reduces the risk for persons with specific illnesses like diabetes or cardiovascular disease.

Is it possible to have multiple health insurance plans?

Getting a second or third health insurance plan is undoubtedly an option. Yes, it might be an excellent approach to obtain more extensive or additional coverage. It can also lower the risk for people with pre-existing diseases and act as a backup to an employee's health insurance.

It's crucial to keep in mind that having multiple plans does not entitle you to reimbursement for the same medical procedure twice. Even if you have multiple plans, their combined sum at the time of a claim cannot go over 100% of the cost of the treatment.

For instance, if you need surgery, you can select one plan to cover the cost up to the plan's coverage limits. Your second or third insurance will then cover some of or all of the remaining expenses, once more up to its coverage limit, once this insurer has paid the whole amount.

How to use multiple policies?

According to Bhaskar Nerurkar, head of health claims at Bajaj Allianz General Insurance, "policyholders may obtain numerous health insurance plans across different insurers if there is a requirement for a bigger sum covered in case it is insufficient under a single policy."

If you have two indemnity plans, you are free to file your claim first on whichever of the two policies you choose. You may file a claim for the balance due on the second policy if the amount of the claim exceeds the total insured under the first policy.

Keep in mind that you must complete proposal paperwork when purchasing health insurance, and the insurer will ask you to disclose any current policies. If the policies are from two distinct insurance providers, then each business must be made aware of the other coverage. This is critical since failure to disclose coverage is a breach of the insurance contract and could result in the denial of your claim. Since the majority of plans have a contribution clause, insurance firms want this information. This clause states that if the same insured individual has multiple policies, each policy's contribution to the insured amount in the event of a claim will be equal.

You have the option to select either of the two policies, for instance, if you have two health insurance plans with sums insured of 3 lakh (policy A) and 4 lakh (policy B) and you need to submit a claim for 2 lakh. The insurers may decide to satisfy the claim in an amount equal to the amount insured, however, if the total claim value is less than Rs. 7 lakh.

Additionally, before visiting the second insurer, you must receive the claim settlement summary and certified bills from the first insurance.

What are the benefits of having multiple health insurance policies?

The following are some advantages of having various health insurance plans:

1. Protect yourself from Claim Rejection: If a claim is denied by a health insurance provider, the family may be forced to foot the bill for expensive medical care. Here, numerous policies offer significant advantages. If a health insurance claim is denied by one insurer, it may still be approved by another, saving the full amount of the claim. Multiple health insurance policies serve as a safeguard against claim denials as a result.

2. Smaller Covers: You can get many health insurance policies rather than investing in one large-coverage plan. You will likely pay lesser premium quantities compared to purchasing a single plan with more health coverage because this will eventually add up to a sizable cover. Smaller covers from several health plans combine to provide larger coverage that is also less expensive.

3. Diversify among Insurers: Individuals have access to a variety of health insurance options from various service companies. This is a fantastic strategy to vary your insurance providers and have access to their insurance policies. Additionally, when a claim exceeds the whole insurance coverage of a single policy, it is resolved in accordance with the contribution clause. A claim can be made with either of the health insurance companies if the insured amount exceeds the claim amount. Both insurance service providers will pay for pre-existing conditions in accordance with their own policies.

4. Personal Health Policy and Critical Illness Plan: In addition to the standard personal health insurance policy, fixed benefit plans, often known as critical illness plans, offer protective coverage. Critical illnesses or high-cost diseases are typically not covered by the general health care plan. Thus, purchasing a critical illness plan in addition to a personal health insurance policy can help a person maximise coverage while lowering risk.

5. Lower Premiums: Purchasing many health insurance policies with limited coverage tends to result in much lower premium payments than purchasing a single policy with a larger coverage. Simultaneously, as previously indicated, smaller covers from many plans also stack up to bigger coverage without burning a hole in your wallet.

When Should You Get More Than One Health Insurance Plans?

You might want to have two or more health insurance plans for a variety of reasons:

• You desire additional coverage from an individual health plan because you currently only have access to group insurance, such as your parents' Family Floater Plan or Employee Health Insurance.

• You only have an individual health plan and require additional specialised insurance, such as a COVID-19 cover or a critical illness plan.

• You want to add a Family Floater to either an Individual Plan or an Employee Health Insurance because you recently got married.

• You need an additional Top-up or Super Top-up Plan to your current policy.

You may create a robust health insurance portfolio that will offer financial security in the event of a health emergency by considering all of these circumstances.

Conclusion

As was previously said, claiming health insurance benefits from various firms is simple and has added advantages. Keep the insurance providers informed of any health insurance policies you may have from other insurers, but don't neglect to do so.