Lifeinsurehub Why your health insurance needs Plan B Taking more than one health plan can protect you from the huge bills of the hospital.
The trend of taking many health insurance policies together is increasing. At the same time, many questions and doubts are also being raised while claiming the amount. Follow the guidelines below and there will be no problem with you.
Lifeinsurehub Why your health insurance needs Plan B
Why many policies
The cost of getting treatment in India is constantly increasing and the coverage given under a health insurance scheme may not be enough for the entire expenses. Advisers say that in a major medical emergency, additional health insurance plans can be a good support.
This is because if one insurer rejects the claim, it may be that the other insurer accepts the same claim. Therefore, buying more than one health insurance policies works as a protection in case of claims being rejected.
How to claim with multiple policies
If you have more than one policy (assuming all of them are indemnity-based insurance policies) and the amount claimed is less than the sum insured under all policies, then you must ask any insurer to submit your claim. Can choose
If the claim amount is more than the sum insured under a policy after considering deductions and / or co-pay section, you can still choose which insurer to claim first. However, the insurer will settle the claim after applying the contribution clause — the claim will be settled in proportion to the sum assured. For example, one may have a policy of 2 lakh rupees from insurer A and another 1 lakh rupees from insurer B. If the policy is purchased, insurers A and B will settle it in the ratio of two-thirds and one-third respectively.
Claims of any amount, which an insurer does not pay due to the restrictions of the policy, can be made under other policies. But the policy holder cannot get more than the amount spent on treatment. While making a claim from another insurer, the policy holder first needs to present the original copies of the documents along with the original letter of settlement from the insurer.
While purchasing a health insurance policy, it is necessary to disclose all the health insurance plans that you have purchased. This is important even when you make claims. Hiding these details can be tantamount to violation of the terms and conditions of the health insurance scheme and it can be termed as misrepresentation on investigation.
Know the details
If you have purchased more than one health insurance policy, then read and know the terms and conditions of each policy thoroughly. Find out what is the coverage limit and what to do and what not to do for each policy to settle the claim. Which policy you choose first to claim should be based on the length of time after purchase of insurance, coverage of pre-existing diseases, maximum coverage, no-claim bonus and rebate, if any.