Is It Wise to Choose Multiple Health Insurance Policies?

Healthcare costs in India are skyrocketing and the pandemic situation has managed to exist even after nearly 2 years of its arrival. Apart from the pandemic, there are already other rising medical issues. Experts suggest that newer medical issues along with a hectic lifestyle, chronic and infectious diseases, etc. is boosting healthcare costs in the country. This creates a financial wall for anyone that wants to seek treatment for their ailments or injuries.

In such a situation, it is natural to doubt whether a single health insurance policy is adequate for your emergency needs. Health insurance policies cover rising health care costs and keep your savings intact. Hence, many wonder why they should not have more of that security. Additionally, even if you already have the best health insurance policy, you can maximize the benefits as well as make things easier in a medical emergency.

Can you have multiple health insurance policies?

Yes, you can have multiple health insurance plans. You can choose to buy one policy for yourself and another for your family. But the obvious question in this situation is do you need to have multiple health insurance policies?

Let’s assume you already have a health plan, perhaps employer-sponsored group health insurance for the family, but with limited coverage. In such a situation, you can and should take another health plan with adequate coverage. This is because it is not wise to depend on the corporate health plan that your employer might be offering you. You can also choose to buy a family floater health insurance policy for yourself and your loved ones. Hence, whether you need to buy another health plan depends on your unique situation.

An important thing to remember is that when you are filling out the form for a new health plan, it is important to disclose your existing health insurance plan. If you have two health plans from different insurance companies, you should inform both insurance companies about the other policy. Failure to disclose policies may lead to complications at the time of a claim.

Advantages of having multiple health insurance plans

Having multiple health insurance plans offers policyholders a number of benefits, including:

  • Shorter covers and low premium

Instead of opting for a health plan with larger coverage, you can opt for multiple plans with a smaller amount. Premiums for smaller insurance coverage are generally lower than for larger ones. It’s simple; the more coverage your buy, the higher amount you have to pay as a premium. Moreover, if you need additional sum insured, you can add it to any of your existing plans with the help of a top-up health cover. * Standard T&C Apply

  • Protects you from claim rejection

In some cases, the insurance company may reject claims stating certain policy terms and conditions. It can be a big blow to you financially and can also cause stress. However, if you have two or more health plans, you can file a claim with other insurance companies. That way, even if one insurance provider rejects your claim, another can still accept it. This can be extremely helpful in the case of health insurance for senior citizens. Claim rejection in their case can also mean they do not get the right treatment when needed. * Standard T&C Apply

  • Different coverage features in insurance companies

When you have multiple health plans, you can take advantage of the various benefits and add-on covers different insurance companies offer. Apart from this, the list of their network hospitals also varies. Therefore, the chances of getting good treatment near you for cashless treatment are high.

Also, insurance companies have different waiting periods for specific diseases and pre-existing conditions. So, if you are looking for the best health insurance, you can opt for a basic plan with a shorter waiting period so that you can get it quickly when needed. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

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