Should You Take More than One Health Insurance Policy?

Healthcare costs are on a steep rise in India, and the pandemic has made things worse. As per experts, the growing incidence of lifestyle, chronic and infectious diseases is driving up the country’s healthcare expenses and making things difficult for even those who are financially stable. In such situations, it is natural to wonder if just a single health insurance policy is enough for your emergency needs. Multiple health plans can cover ever-increasing healthcare costs and keep your savings intact. Apart from this, even if you already have the best health insurance policy, having more can boost the benefits and makes things easier during a medical emergency.

So, can you have more than one health insurance policy?

Yes, you can have more than one health insurance policy for yourself and your loved ones. In fact, you need it. Here’s why.

Say you have a health plan already, maybe employer-sponsored group health insurance, but with limited coverage. In such a situation, you can and must take another health plan with adequate coverage for those uncertain times. You can also opt for a family floater health insurance policy for yourself and your loved ones.

An important thing to keep in mind –when filling the form for a new health plan, disclosure of existing health insurance policies is important. If you have two health plans from different insurers, you must inform both insurance companies about the other policy. Non-disclosure of policies can lead to claim rejection.

Benefits of having multiple health insurance plans

Having multiple health insurance plans offers many benefits to policyholders, such as:

1. Smaller covers and lower premiums:

   Instead of taking a health plan with big coverage, you can opt for multiple plans of smaller amounts. The premiums for small insurance coverages are usually less when compared to a big one. Also, if you want a specific add-on cover, you can add it to one of your health plans.

   For instance, you have 2 health plans for INR 10 lakhs and INR 15 lakhs respectively. If you take an add-on cover for the INR 10 lakhs health plan, the premium for the same will be much lower when compared to an add-on cover taken on the INR 25 lakhs plan.

2. Saves you from claim rejections:

   At times, an insurance company may reject claims citing certain policy terms and conditions. This can be a huge financial setback for you and lead to mental stress as well. However, if you have two or more health plans, you can file a claim with other insurers. This way, even if your claim gets rejected by one, it can be accepted by another.

    

3. Diversity across insurers:

   When you have multiple health plans, you can take advantage of the different benefits and add-on covers they offer. Moreover, their list of network hospitals will also vary. So, your chances of finding a good one in your vicinity for cashless treatment are higher.

   Also, insurance companies have different waiting periods for specific ailments and pre-existing conditions. Hence, if you are looking for the best health insurance, you can choose a basic plan with a shorter waiting period so that you can avail its benefits sooner, if required.

4. Personal health insurance and critical illness plan:

   Even thebest health insurance companies will not cover critical illnesses under a general health plan. Hence, if you have health insurance already, you can take a separate critical illness cover for maximum coverage. Acritical illness health plan is particularly important for those with a family history of critical illnesses, such as cancer, heart conditions and multiple sclerosis, to name a few. The treatment for such conditions is long-term and expensive. Hence, taking a separate cover is important to avail the best treatment without facing financial setbacks.

Conclusion

Although there is no limit on the number of health plans you can take, it is advisable to take a maximum of two policies to avoid confusion during the claim settlement process. Also, if you have a group health plan from your employer as well as a personal individual health insurance policy, you should first use the one offered by your employer while making a claim. As per experts, the claim settlement process is easier and quicker for group plans. This also helps you take advantage of the no-claim bonus on your individual policy.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.