Check the Benefits of having Multiple Health Insurance Policies
Updated On Jan 22, 2024
Imagine, you are starting a new job that offers a health insurance policy to its employees. But you are already covered under the health plan that your spouse has got from his/her employer. Will/should you take the extra coverage that your employer is offering?
Cases may be different, but the question remains the same-Should you, or should you not? The decision is yours, but note that being insured with two policies does not mean that you will get the same amount twice for the same doctor visit.
It certainly does not let you get double benefits. It never pays the doctor or the insured more than 100% of the cost of medical or dental service. Then how can purchasing multiple health insurance plans be beneficial for you? Let us see how buying multiple health insurance plans can help you save money in different situations.
Having two (or more) health insurance plans can be the right choice if the savings you receive outweigh the costs. Some significant benefits of being covered under two or more health insurance policies are stated below:
Table of Contents
Benefits of Having Multiple Health Insurance Policies
1. Hedge against the rejection of claims
In Case of claim rejection, can lead to despair. Paying for such a massive amount of bills to the hospital from own pocket can be a nightmare for many. Here, multiple health insurance policies can be of great help. If your claim is rejected by one insurer, it may be accepted by the other one thereby not letting you lose the entire claim money. So, getting covered under multiple health insurance policies acts as a cover against claim rejections.
2. Smaller Insurance Cover
Smaller coverage from multiple health insurance policies adds up to bigger coverage and also turns out to cost less. Multiple policies eventually add up to a bigger coverage and end up paying a lower premium as compared to investing in a single plan with a bigger amount of coverage. This is why going for multiple health insurance plans is a wise option.
3. Diversify Against Insurers
Individuals can purchase multiple health insurance plans from different insurers to diversify across the insurance companies and seek benefits from their coverage policies. The companies settle the claims as per the contribution clause. When the sum insured is less than the claim, the insured individual has the right to claim the amount with any of the health insurance companies. The payments for pre-existing illnesses will be made by both insurers according to their norms.
4. Personal health policy and critical illness plan
Critical illness plans offer you protective coverage apart from a regular personal health insurance policy. However in general health insurance plans, high-expense diseases or critical illnesses are not covered. So, one can buy both plans in order to maximize coverage and minimize the risk.
Conclusion
When deciding whether to have one or more health insurance policies, keep the following points in mind-
- Go through all the documents of your health insurance plan carefully and check if you can save money by having both of them. Understand it well to decide which plan would be primary and which one would be secondary, considering the cost-sharing provisions.
- Connect with the member service representatives of both plans in case you have any doubts and gain knowledge on how to undergo the claims settlement process.
- Give thought to the premium amount. Calculate how much premium you would be required to pay for a month for both of them.
- Decide if you have enough funds, and are also ready to face the hassle of having two or more than one plan.
To clear the remaining doubts you might have, get in touch with the leading insurance broker in the market, i.e. Insurancedekho. You may also write to us at customersupport@insurancedekho.com. Our customer support executives will connect with you with the best deal.
Also read: 5 Factors to consider while buying a health insurance plan
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