Many individuals wonder if purchasing a single health insurance policy is enough at the time of distress, considering that a few days of hospitalisation can drain savings. In such scenarios, relying on just one plan, such as an employer-provided policy, might not be enough for you or your family.
This is the reason why a lot of individuals are purchasing additional personal or family health cover plans. Having two health insurance plans offers wider coverage, higher financial security and peace of mind during medical emergencies.
Can You Have Two Health Insurance Plans?
Yes, everyone can purchase two health cover plans, or even multiple policies as needed. According to IRDAI (Insurance Regulatory and Development Authority of India), holding multiple health insurance policies is entirely legal. Here is why people opt for more than one plan:
- Full Claim Coverage: The main reason to have multiple health plans is to ensure complete healthcare claim coverage.
- Ideal for Major Illnesses: It is a good practice for individuals with long-term or life-threatening conditions.
- Higher Reimbursement: Having two policies allows you to claim 100% of hospital bills. For example, if your hospital bill is ₹7 lakh and Plan A covers ₹5 lakh, you can claim the remaining ₹2 lakh from Plan B.
- Increased Sum Insured: Multiple health plans together ensure a higher total cover and complete financial protection against large medical expenses.
What are the Advantages of Buying Two Health Insurance Policies?
Comprehensive Protection
Having two health cover plans reduces the chances of coverage gaps and combines the sum insured amounts of those policies. A high sum insured amount helps cover expensive treatments, prolonged hospitalisation and critical illness expenses.
For example, if you buy a health insurance plan with a ₹5 lakh sum insured and another policy with a ₹4 lakh sum insured. The total coverage benefit reaches ₹9 lakh and saves you from any out-of-pocket expenses.
Better Risk Management
Two health insurance plans reduce financial stress and offer top-notch emergency treatment coverage. For instance, if a health insurance for senior citizens gets rejected or delayed in settling a claim, you may still claim under another plan.
Lower Out-of-Pocket Expenses
The second insurance plan pays for any amount left after the first plan has paid as much as it can. The second health insurance plan pays the remaining hospital bills after the primary plan has already paid a limited amount. This facility allows you to avoid out-of-pocket expenses for advanced procedures, ICU stays, and lab tests.
Access to Wider Network
Holding two health cover plans unlocks the accessibility to a wider range of network hospitals. You can even receive the freedom to choose a specialist, doctor or a clinic close to your home. This accessibility becomes valuable when you are seeking modern treatments or during emergencies that are not all covered under a single policy.
Great Financial Safety
Multiple health cover plans can provide a large amount or the entire medical expenses to treat major accidents or illnesses. Any individual or senior citizen couple can prevent their financial burden from dealing with high hospital bills.
Different Types of Multiple Health Cover Plan Options to Buy
Corporate Policy and Individual Plan
An employee who has a corporate plan with ₹3 lakh coverage can buy an individual health coverage plan. Having two plans ensures that the employee pays nothing for hospital bills and advanced treatments from their pocket.
Family Coverage and Plans for Senior Citizens
With rising medical care costs, buying health insurance for senior citizens and a family floater plan can protect your family’s finances. You can secure critical illness cover, preventive health check-ups, and long-term treatment for parents, while providing a high sum insured, cashless treatment, and ICU coverage for the entire family.
Private and Government Medical Insurance
A person having the Ayushman Bharat Government scheme and a private family floater plan can receive higher-cost treatments without worry. These plans cover cashless advanced therapy, pay the remaining medication expenses, and secure family savings.
Comprehensive and Critical Care Coverage
A person having a critical health cover plan with ₹3 lakh sum insured can cover treatment costs, including hospitalisation and drugs for cancer. When buying the second plan, comprehensive coverage can include ambulance costs, doctor fees, diagnosis, and OPD.
Can You Claim Medical Insurance Coverage from Two Policies at the Same Time?
You can opt for multiple medical health cover plans from the same insurance company. It benefits streamlined claims and less paperwork.
- Evaluate Policy Coverage: Before filling a claim, evaluate the coverage of two different insurance plans.
- Review Sum Assured: Check the sum insured amounts of each policy. You need to file a reimbursement or claim that has the highest sum insured amount.
- Get Settlement: After getting a claim approval request for the first insurance, receiving compensation and collecting settlement certificates.
- Maintain Documents: Check and submit all necessary documents, including medical records, bills, initial settlement and claim forms for the second insurance, if needed.
- Reimbursement Amount: If the hospital bill is left, you can file a reimbursement for the remaining amount from the second insurance plan.
Wrapping Up
It is essential to understand that each policy offers detailed features and a transparent claims settlement process, allowing you to choose from various health coverage plans without any restrictions. You can purchase a critical illness policy that covers neurological conditions and cancer care, or opt for a comprehensive plan that includes maternity benefits.
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