Can You Have Multiple Health Insurance Plans?

health insurance plans

In India, rapidly growing medical costs, combined with the limited protection provided by a single health insurance policy, have forced an increasing number of customers to purchase multiple health plans. Purchasing numerous health insurance policies not only provides complete coverage for a person, but also provides backup protection in the event of a medical emergency, job loss, and more. Furthermore, having numerous health insurance policies can help persons with certain illnesses, such as coronary artery disease or diabetes, reduce their risk.

Policyholders can have as many health insurance policies as they like. They cannot, however, seek reimbursement from numerous insurers for the same amount. If one insurance policy is insufficient, the other might be utilized to cover the costs.

What is health insurance?

An agreement requiring an insurance provider to pay some or all of a person’s medical bills in return for premium payments is known as health insurance. Further precisely, health insurance usually covers the policyholder’s medical, surgical, prescription medication, and other healthcare-related expenditures. Health insurance can pay the hospital directly or compensate the insured for expenditures incurred as a result of illness or accident.

health insuranceHealth insurance is really important for everyone. A complete health insurance coverage guarantees that the insured has quick access to the finest medication and treatment without having to worry about financial hardship. It’s critical for the sufferer and his or her family to be worry-free throughout a medical emergency.

Leading Indian insurance firms offer health insurance plans that include cheap plans that are tailored to the policyholder’s escalating healthcare bills. Personal health insurance, family health insurance, senior health insurance, and top-up health insurance are the most common plans.

Benefits of having Multiple Health Insurance Policies?

There are various benefits of health insurance (more than one) as follows:

Protect yourself from claim denial.

When health insurance claims are denied, it may be a nightmare for the family, forcing them to pay for large medical bills out of pocket. Multiple policies are really beneficial in this situation. If one insurer rejects a health insurance claim, it may be approved by another, and the whole claim amount is not lost. As a result, having numerous health insurance policies protects you from claim denials.

Smaller Covers

You can acquire many health insurance plans rather than investing in a single large-coverage plan. This will gradually build up to a large coverage, and you will probably pay lesser premiums than if you bought a single plan with more comprehensive health care. Smaller coverage from many health plans adds up to more coverage and is also less expensive.

Diversify your insurance portfolio.

People have the option of purchasing several health insurance policies from various service providers. This is an excellent approach to spread your risk and take advantage of several insurers’ coverage plans. Furthermore, when a claim exceeds the total covered for single insurance, it is settled according to the contribution clause. The individual can submit a claim with any of the health insurance firms if the total insured exceeds the claim amount. Both insurance companies will pay for pre-existing illnesses according to their own policies.

Personal Health Policy and Critical Illness Plan

Critical illness policies, give additional protection beyond the standard personal health insurance plan. In most cases, high-cost illnesses or severe diseases are not covered by a standard healthcare plan. As a result, purchasing critical illness insurance in addition to a personal health insurance policy can help an individual maximize coverage while limiting risk.

Premiums are lower.

When a person buys many health policies with limited coverage, he or she can save a lot of money on premiums compared to buying a single plan with more coverage. Meanwhile, as previously noted, smaller coverage from many plans adds up to larger coverage without wasting too much money from your budget.

How do multiple health insurance plans work?

health insuranceHaving numerous health insurance plans does not imply that a doctor’s visit or medications would be covered twice. If you have many plans, the total amount paid by all of them will never surpass 100 percent of the overall expense. It’s critical to know the distinction between main and secondary insurance in this situation. Coordination of benefits is the procedure that determines which insurer pays first for a claim if you possess more than one health insurance plan. Here’s when the distinction between main and secondary insurance comes into play:

Primary insurance: Your “primary” health coverage is the one that pays first, and it will pay up to the limitations of your policy. It’s possible that you owe cost-sharing.

Secondary insurance: If you own more than one health insurance plan, the leftover amount goes to your “secondary” insurer after your first insurance has paid its portion. Part or all of the leftover costs may be covered by your secondary insurance.

It’s worth noting that both main and supplementary coverage will only cover you up to the health insurance plan’s limitations. You may be liable for any residual sum that was not covered after the secondary coverage has paid its portion. As a result, even if you have various health insurance plans, you might also have unpaid medical expenses. If you’re worried about your extra or unexpected expenses, shopping and comparing health insurance may be beneficial.

Things to Consider for Additional Health Insurance Plans

When purchasing a second or even third health insurance policy, it is critical to read the policy’s fine print thoroughly to confirm that you are choosing the best option possible. Here are a few things to remember:

Examine the Coverage: examine what is included in the secondary insurance you want to purchase and make sure it covers more than your first insurance policy.

Examine the Terms: go at the policy’s specifics, such as co-pay clauses, room rent requirements, sub-limits, and deductibles.

Know the Sum assured: look at the sum assured of the insurance policy and make sure it’s sufficient for your requirements when combined with your existing insurance.

Check the Renewability: if your existing health insurance plan only insures you until a specific age, look for one that offers lifelong renewability.

Check to see if you require an add-on for Critical Illness or a Top-up Plan: Many insurers provide top-up and super-top-up health insurance plans, as well as add-ons for critical illness and maternity protection. Before purchasing a secondary insurance policy, make sure that this extra coverage will meet your demands.

Final Words

With the rising expense of private healthcare, it is increasingly becoming more frequent for individuals to have multiple health insurance policies. Individuals may get critical illness and personal accident insurance in addition to their standard health insurance to boost their protection. However, you must eventually determine whether you want to acquire more insurance under a single policy or lower coverage under many policies.

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