Multiple Health Insurance Policies

Can I Have Multiple Health Insurance Policies?

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Health Insurance is one of the most important things that you must have in the present day. In case you buy comprehensive care health insurance, then you have complete access to the best in medical care along with the finest treatment, without having to fear the astronomical medical bills. During medical emergencies, it is imperative that the patient and his/her family are not bogged down by any extra worries. There are a host of affordable plans provided by the leading health insurance companies that are customized to meet your rising medical needs. There are multiple health insurance policies, family plans, plans for senior citizens, and even top-ups for insurance covers.

What Does It Mean to Have Multiple Health Insurance Policies?

In the case of multiple health insurance policies, it is actually possible for you to have any number of them. However, you cannot be reimbursed for the same medical cost(s) by different insurers. Only when one cover falls short of the required amount can you move to another one for the remaining amount. All health insurance policyholders have the freedom to choose and utilize in excess of one health cover if they require it. This is mostly true when it comes to meeting steep hospitalization costs. For example, if you are a health insurance policyholder who holds two separate health insurance policies, then you are within your right to claim either of them or both. You just have to keep in mind that the actual hospitalization costs incurred cannot exceed the total claimable amount from both the policies combined together. 

Benefits of Having Multiple Health Insurance Policies

Hedge Against Rejection of Claims

In the case of claims getting denied by the insurance company, it can spell disaster for the family. They would then have to foot the enormous medical costs from their own pockets. That’s when owning multiple health insurance policies can become a true “lifesaver”. That way, even if one health insurance claim is rejected by an insurer, you still have at least a second option to fall back on. So you do not lose the entire claim amount. Basically, owning multiple health insurance policies acts as a “hedge against claim rejections”.

Smaller Covers

Instead of investing all of your money in one huge health insurance cover, try to opt for several affordable health insurance policies. These eventually come together to form one big cover. It also means you most likely pay comparatively lesser premium amounts than buying a single bigger health coverage plan. As a result, smaller covers from several health plans come together to form bigger coverage at lesser expenses.
However, to be fair, new-age insurers like Vital are focusing on taking this hassle of managing multiple health policies and paying too much for them by offering a single comprehensive cover with high sum insured but at almost 70% lesser cost than traditional policies.

Diversify Across Insurers

You can legally buy health insurance online, and that too multiple health insurance policies, from different insurers. That allows you to smartly diversify across the different insurance companies and thus profit from all their coverages. Add to that the fact that, in case the claim exceeds the sum insured for one cover, then the claims are settled in accordance with the contribution clause. In case the sum insured exceeds the comprehensive care health insurance claim amount, you can file a claim with any of your insurers. All your insurers will pay you as per their norms.

Personal Health Policy and Critical Illness Plan

Fixed benefit policies, or critical illness policies, provide you with protective cover along with the regular personal health insurance policy. Generally, the high medical expenses of several acute diseases or critical illnesses are not taken care of by a general health cover. Therefore if you purchase a critical illness plan on top of a personal health policy, you will be maximizing coverage while minimizing your risk.

Lower Premiums

In case you buy health insurance online, try to opt for getting several plans together that provide you smaller covers. This tends to lead to considerably lesser premium amounts in comparison to investing in one single policy that comes with more coverage. Simultaneously, smaller covers from different insurers also add up to a considerable amount of coverage, without you having to completely empty out your coffers. 

Claiming Multiple Health Insurance Policies

Cashless Claims:

In this type of claim, you make the claim for one insurer and get the settlement summary. After that, you will need to procure attested copies of all your medical expenses. Only after that can you approach your second insurer for claiming the reimbursement for the remaining amount. These claims are way more convenient than others since the insurer settles your hospital bills directly.

Reimbursement Claims:

There are a number of hospitals that do not follow the procedures of Cashless Claims. In that case, you must first pay the total amount and then follow the process of claiming the health insurance cover, step by step. You are required to submit all original documents (that the insurer retains) in addition to the claim application form. You will need the following documents in order to make these claims – Bills and receipts, Discharge forms, Documents for any Diagnostic tests, your Prescriptions, and any Films and slides you may have on hand.

So remember that when you are trying to purchase the best health cover, for you and/or your family, buying just one massive policy may not be the way to go. Even though these policies do provide a substantial claim amount, you need to take a look at the considerable benefits provided to you from having multiple health insurance policies. The main factor being you have at least a second option, in case one claim fails. So research your needs, and buy the best health cover available for you and your family. 


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