pays for your hospital bills for diagnostics, surgery etc.
There has been considerable rise in healthcare costs in last decade. Moreover, increasing awareness of Health Insurance benefits among people is leading them to have more than one health insurance policy. The reason being, one health insurance Policy does not cover you for everything. Therefore, the cover left is taken in the form of another health plan.
Also, in most cases, people have health insurance with them which is provided by their employer. Or, sometimes an individual is covered under the employee health plan of his spouse. However, this type of cover has its limitations and will be active till the person is in job. So they prefer to have Individual Health Plan or a separate health plan which covers their family too.
So many people have two or even more health insurance policies at the same time which is quite easy to maintain. However, the perplexity arises when there is time to raise health insurance claim. Let us understand how to sort out these kinds of confusions, but before that let us understand what health insurance is.
Health insurance, also called as Mediclaim is the assurance provided by the insurance company to the Insured to arrange required financial assistance in case of medical emergencies. Through this the insured does not feel the burden financially and is able to handle medical exigencies without disturbing his other financial sources.
But not always his entire requirement is covered under one plan. So, he may ask for another health plan from his insurer. In case he acquires other policies from another insurer, he will have to be transparent regarding previous policy.
As it is mentioned before, the confusion can arise regarding which policy to exhaust before; the solution has been sorted out in the form of contribution clause which almost every insurance company attaches to its policies. Due to the same reason, when the person is in process of acquiring another health plan, he is supposed to disclose all previous policies owned by him and a ratio of sum Assured is fixed in which he will be able to raise claims out of two or more policies. And, in case the person withholds the information of the previous policy, he may have to suffer in the form of rejected claims at the time of emergency.
Another confusion may arise when the person has two policies out of which first one is providing Coverage for Pre-existing disease while another one has Waiting Period attached to it. And there again the insured may get perplexed regarding how would he Claim from both the policies. In this case, the pay-out would not be divided instead it will issued only by the first one. Whatever is the case, informing every Insurer about the hospitalisation and claim raising process would be in best interest of the insured.
Applying for claims is not as easy as it sounds. As there is requirement of original documents to raise the claim, both the insurers demand for original documents. It becomes a challenging job as hospital authorities are not easily providing copy of documents. If ever this kind of problem occurs one should provide original papers to first insurer and attested ones to the second one.
Having more than two health insurance policies is feasible but only if the person is able to afford for their Premium amount and able to extract maximum health insurance benefits out of them and is also clear headed of claim liability he is entitled for.