Having a comprehensive health insurance policy is no longer a luxury, but it is necessary for all, especially in the current times when medical inflation is rising rapidly. It helps you get financial protection against medical expenses and help you provide the best medical facilities to your family without worrying about the cost.
But can you have more than one or multiple health insurance plans? Does having more than one health insurance policy mean you get double benefits? For starters, yes, you can have more than one health insurance. Today, as many insurance companies offer illness-specific healthcare policies, buying such a policy along with a general healthcare plan can help you get more comprehensive coverage.
Let us look at the benefits of having multiple health insurance plans.
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Safety net against claim rejection
Suppose, your health insurance provider rejects your claim application, it can cause significant financial hassle for you and your family; you may have to pay the bills from your pocket. In such a situation, having more than one health insurance policy can be beneficial.
If one insurance company rejects your claim, the other can accept it, and you can get compensation from them. Thus, having more than one health insurance policy can help you get a safety net against claim rejection.
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Smaller coverage
Generally, most people tend to purchase only one health insurance with more extensive coverage for their family. But you can buy multiple policies with smaller coverage rather than investing in one plan. All the plans combined will eventually add up to a comprehensive cover, and the premium for these plans would be comparatively lower than a single plan with bigger coverage. Thus, having more than one health insurance proves to be more cost-effective.
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Get insurance from different insurers
Another significant benefit of buying multiple health insurance plans is that you can purchase a policy from different insurance companies and get better benefits. Additionally, every insurance company has its contribution clause, and they process the claim application accordingly, especially if the claim amount is higher than the sum insured.
If the sum insured is higher than the claim amount, you can file a claim with either insurance company with a more straightforward claim process and get the compensation faster. Also, if you have made a claim before with a specific insurer and if the amount is higher the second time, you can file a claim for the difference amount with another insurance company and get full compensation.
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Get a critical illness plan and personal healthcare plan
Critical illness plans or fixed benefit health insurance plans offer additional protection apart from the personal healthcare plan. Generally, the treatment expenses for critical illnesses are high, and they can run up to several lakhs, and such conditions may not be covered under your standard policy.
If you have a standard personal health insurance policy, consider buying a critical illness plan separately to get maximum coverage and minimise the risk of out-of-pocket expenses.
Final Word
Now that you are aware of the benefits of having multiple health insurance plans, do your due diligence, assess your needs and purchase the right policy to get maximum coverage.
