How to make claims for multiple Health insurance policies?

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How to make claims for multiple Health insurance policies?   12th March 2020

Medical Science has grown by leaps and bounds, so has medical expenses. With the rise in medical costs, a common man can no longer hope to provide his family with quality medical treatment without a health insurance policy. Health insurance is important as it takes away the financial burden in times of such despair. You should always remember to renew health insurance online or offline before it expires, as per your preference. Nowadays having single health insurance is no longer sufficient though. Even though medical costs keep increasing over the years, insurance policies have not kept up with that pace. Many insurers don't provide medical cover over a certain amount, which sometimes is not sufficient.

Thus, individuals are allowed to hold multiple health insurance policies as long as both the insurers are privy of it. All the insurers must know that you have multiple health insurance policies, else they might be deemed void, or your settlement may be reduced. While there are no problems over holding multiple health insurance policies. Many people don't know how the situation will play itself out. There are various things to remember so you may not face any unnecessary obstacles in claiming your entire settlement amount: -

  • When a claim does not exceed the sum insured under a single policy, it is up to your discretion to choose which insurer to approach to settle the amount. Various things like NBC benefits must be taken into consideration while making up your mind on which insurer to approach. There are no specific guidelines that you need to follow and you have entire liberty in this matter.
  • When claim exceeds the sum insured under a single policy, it is up to you to decide whom to approach first. The insurer you approach first will settle the claim up to the limit stated in your agreement with him. The rest of the claim amount will be settled by the second insurer.
  • You cannot gain raise a claim for more money than your expenses. That means you cannot ask both insurers to settle the maximum amount of your policies.
  • In case of a cashless settlement, TPA will agree to settle your expenses to the maximum amount that can be settled, rest you have to pay by yourself. Later on, you can submit proper bills to the second insurer and will be reimbursed for your expenses.
  • To make the claims, you must submit several important original documents to the insurer. They are general bills and receipts, discharge form, prescriptions, diagnostic tests, and X-rays and other scans. The documents must be attested. To make multiple insurance claims, you must make sure to receive multiple attested copies of all the documents from the hospital.
  • With all these points, you will face no issue claiming multiple insurance covers. Having multiple insurance policies is generally beneficial as they might have different clauses regarding critical illnesses. You can better secure your future by holding multiple insurance policies instead of one. Also, you must renew your health insurance on time; accidents can happen anytime. You can do so from the convenience of your home and mobile phones as now you can renew health insurance online. Still, you must never forget that precaution is better than cure. Just because you have good coverage on health insurance does not mean you stop taking care of your health. Some things when lost can never be regained.