What are the benefits of getting health insurance from 3 different companies

insurance policy

What are the benefits of getting health insurance from 3 different companies?  24th Jan 2020


'The more, the merrier'. A lot of you must be familiar with this phrase. It states that the more the number of people, the more fun they are likely to have. But that is not the only situation where this phrase is applicable. The same thing applies while buying a health insurance plan.

If you are thinking of getting insurance for yourself, you might want to get more than just one.

Many online health insurance companies offer insurance plans that offer you comprehensive protection against a wide range of ailments and allow you to avail cashless treatment in the network hospitals.

The following points elaborate on the benefits of getting insurance policies from 3 different companies: -

Less premium - If you purchase an insurance policy which offers comprehensive protection against a wide range of conditions, it might require a greater premium amount as well. However, if you spread this amount within multiple policies, you are likely to pay a much lesser amount for each cover. Such small sums add up to a large amount with different companies and turn out to be less expensive.

Better coverage of diseases - Usually, general health insurance plans include only a selected handful number of diseases. Such diseases are not critical, which might pose to be a huge threat in the future as you would not be able to avail the claim amount. Therefore, buying multiple plans from different companies can result in the coverage of a wide range of diseases - right from the basic ones to the high expense ones.

Protection against price rise - With the rise in inflation, there is an increase in the price of medical treatment. Not just medicines, but the doctor's fees, hospital charges and other expenses can drill a hole in your pocket. That's why if you wish to save yourself from the given additional expenditure, you can invest in insurances from various online health insurance companies to claim the amount whenever required.

No stress from claim rejection - There might be times when insurance companies do not find the claimed reason to be strong enough. Therefore, they might deny the claim, and you might end up with no amount of money. In such conditions, when you desperately require claims for paying medical expenses, your family might have to bear the burden of paying expenses at their own cost. To avoid this, insurance should be purchased from more than one company. That is how you can ensure that even if one company rejects your claim, you still have the hope of availing it from the secondary companies.

Quick grant - Health insurance is like an amount of deposit which can be claimed in times of medical emergency. If you have insurance in three or more different companies, you can get the claim amount from at least one of them which can prove to be sufficient for your requirements.

Diversified benefits - If you purchase insurance from a single provider, their policy might not benefit you as much due to the rules and regulations of premiums, cover, duration or claim on maturity and so on. However, if you purchase health insurance from different companies, you can get the best of each of their policies. Selection can be made based on each of your specific requirements, and you can avail the claim as per your convenience.

Life is not certain, and that's why insurance is something every individual should rely on. Buying it from various companies only results in a larger amount of benefits, so why not read them!