Having a health insurance policy is not mandatory, but it is nothing less a necessity. After this horrific pandemic of COVID-19, everyone has understood how important it is to have a reliable financial backup during such medical emergencies.
Not just this, the continuous rise in healthcare fees and medical costs, it has become crucial to secure your healthcare needs with a Best Health Insurance Policy. Moreover, the ongoing COVID-19 crisis and other lifestyle-related issues have highlighted the importance of health insurance.
To ensure that you have enough financial support at the time of a medical emergency, policyholders now have the option to opt for Multiple Health Insurance Plans. Yes, you heard it right! An individual can now buy two or more health insurance policies to indemnify treatment costs.
Let’s explore more about Multiple Health Insurance Plans:
Generally, Health Insurance companies sell standard Health Plans or Health indemnity plans under which one can claim the expenses incurred on the hospitalization based on the amount of coverage (sum insured) and policy sub-limits.
On the other hand, Insurance companies these days offer some fixed-benefit insurance plans for critical illnesses, personal accidents, maternity and some lifestyle diseases. Other than this, the insurance companies also offer unit-linked health plans and hospital cash-benefit policies.
Thus, with so many options available one can buy multiple health policies along with one basic Health plan. Buying another health plan is purely need-driven, however, it is also true that with multiple health plans, one can increase their coverage, claim filing flexibility, and can save a lot of money by utilising multiple benefits.
Wide Coverage
Having multiple health insurance plans will allow a policyholder to take the advantage of comprehensive coverage. This means that a policyholder has the option to choose from the different types of policies in the market and can buy another policy based on what is not covered in your first policy.
Lower Premiums
When a person buys multiple health policies with less coverage, the premium automatically decreases as compared to investing in a single policy with bigger coverage.
Specific Coverage
With accessibility to buy multiple health insurance plans, an individual has the option to cover any of the critical diseases along with the standard health insurance policy. For example, in case you have a family heredity of Diabetes, you can purchase one generic health plan along with a Diabetes-specific plan.
Tax Benefits
Buying multiple health insurance policies can help you save tax, as you’ll have the option to buy a health plan for yourself, your spouse, and your parents, and avail applicable tax benefits as per section 80D of the Income Tax Act.
Below-mentioned are some of the factors that one needs to consider before buying another health insurance policy:
With multiple health insurance policies, one has the flexibility in the number of claims at the time of a medical emergency. One can claim for Cashless or for Reimbursement. Take a look at the below points to understand the claim procedure:
For Cashless Claims:
There are two ways to use multiple health insurance plans for cashless claims. The first is the most common, in which you, and obtain the claims settlement summary. After then, you need to obtain the attested copies of the bills. You may then approach the second insurance company and ask for the remaining money to be reimbursed. If you are fortunate enough to get a treatment cost that is clearly specified, you can fill out both of the authorization forms. Both insurance companies will get a document from the hospital, and with the information provided by the hospital, your Insurance companies will settle the cost directly.
For Reimbursement Claims:
It is true that the cashless method is increasingly popular these days as it allows the hospital and insurance company to settle expenses directly between them. Despite its growing popularity, some hospitals refuse to accept the cashless payment option. In such situations, you must pay the amount out of pocket first, then have the insurance company refund you later. You will be needed to provide original bills in order for the insurance to pay you for your medical expenditures. Please note that your insurance company will keep these bills.
Before opting for multiple Health Insurance, one must consider the overall claim amount as well as the total sum insured available. Examine the clause for any deductibles or co-payment provisions.
It's best to utilise the insurance without a co-payment or deductible because both of these provisions force the policyholder to pay a portion of the claim out of cash or via another coverage. Go through the policy documents of your first policy and choose another on the basis of what's excluded and your needs.
Written By : Naval Goel
Last Updated : October, 2021
Non-Medical Expenses in Health Insurance
April, 2022
Having a Good Health Insurance Advisor
April, 2022
Health insurance is a must in traveling itinerary
April, 2022
Health Insurance Riders and their relevance
April, 2022
Difference Between Insurance and Assurance
April, 2022
Copay in Health Insurance
March, 2022
Personal Accident Insurance
March, 2022
100% Claim
Assistance
200000+
Customers
Lowest Price
Guarantee
Neutral
Advice
*Terms and Conditions May Apply
(Showing latest 5 reviews only)
March 25, 2022
jasvinder singh
DelhiMarch 14, 2022
samarth wadhwa
GuwahatiStar is one of the topmost insurance companies and they prove it with their services and plans. They have plans for each family member of mine starting from my parents to my own family and even for my extended family.
March 14, 2022
nimrat sondhi
Ludhianamy father is a single parent. The way he has taken care of me during my childhood, I wanted to support him after my marriage so that he is never alone, especially during medical emergencies. I trust this company completely as they have taken care of my father s medical bills so i recommend them
March 14, 2022
kuljeet singh
Chandigarhvery good company with good plans. They always reply to my and my wife queries related to our old diseases and new doctor consultations. they OPD plan is very helpful.
March 14, 2022
simaranjeet kaur
JalandharMy father in law lives alone in jalandhar and we wanted an insurance company that take cares of him in our absence. They are very good with their commitment and service.
Request A Callback
very nice service by policyx.com and as well from manipal cigna during the claim period. easy claim settelment.