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Claiming Health Insurance Benefits from Two Policies?
Given the rising healthcare costs and medical expenses, people often find it difficult to manage with one health insurance policy. Therefore, there is an increasing trend, wherein to counter the inflation in medical costs, a large number of people are investing in more than one insurance policy. This also helps meet the need for higher sum insured.
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- Claiming Health Insurance Benefits from Two Policies?
Further, you might be compelled to buy a policy when the employer’s policy may not seem adequate. Alongside, you might also need to invest in another policy to include your spouse and children or even one for your elderly parents. While most people are aware of how to claim health insurance, it has been seen that making claims on two policies can be complicated task.
When Would You Need to Make Claims on Two Policies?
In the most common scenario, if your hospital bills exceed the sum insured by one policy, you will need to claim the remaining amount from the second insurance policy. Here, it is also important to mention that you need to inform the exiting insurance company about buying a second policy. If you fail to do so, your claim can be rejected or you can receive reduced claim settlement. It is imperative that both the insurance companies are aware of the other existing policy, so that there is no misrepresentation of facts from your end.
What is a Contribution Clause?
One of the most important reasons for making a disclosure when buying insurance is the contribution clause, as per which each insurance company has to pay a share of the claim. This amount will be based on the proportion of the sum assured for the claim. In some cases, the first company can pay the claim amount and subsequently it can claim a proportion of the amount as per the contribution clause from the second insurance company.
How to Claim Health Insurance Benefits from Two Policies?
Most people are aware of how to claim health insurance from one policy, but are not clear on how to claim health insurance benefit from two policies. For making claims from two insurance companies, you will first need to submit the bills and documents to the first insurance company. Also, you can make a mention of the amount of claim you want the company to pay for. Following the settlement of the claim, you will need to get the bills attested and submit the bills and the claim settlement summary to the second company for payment of the remaining amount.
Understand more: How to Make Claims on Multiple Health Policies
What to do When There are Cashless Claims?
With the rising advent of cashless claims, you will need to consider how to claim health insurance benefits on cashless policies as well. The first process is simple in which you make a cashless claim from one insurer and reimburse the remaining from the second insurance company. Besides, you can fill up authorization forms and the hospital will directly settle the bills with the two insurance companies.
When you have Different Plans from the Same Insurance Company:
Although taking two polices from the same insurance company is convenient in many ways as the claim process is less cumbersome and you will require lesser paperwork, but nonetheless, there may be different guidelines that will need you to make separate claims. So before purchasing plans, read the offer carefully to understand the terms and conditions stipulated by the insurer.
In case your claim is denied by one insurance provider, you can approach the second company for settling your claim as well. The best possible way to avoid any rejections and ensure a smooth claim process is to exercise transparency and make proper disclosures beforehand. It’s important that you carefully read about a company’s brand reputation and claim settlement policies before making a purchase. Making correct disclosures will ensure that you receive accurate premium rates with minimum hassles.
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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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*We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30- minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881.
*Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. Policybazaar does not provide any medical or surgical advice or diagnosis and is not responsible for your interactions / treatment by a medical practitioner/hospital. Please consult a registered medical practitioner for any medical or surgical advice. The Information that you obtain or receive from Policybazaar, and its employees, or otherwise on the Website is for informational purposes only. As per the Insurance guidelines, you are allowed to cancel the policy with-in 30 days from the date of Issuance of policy.This option is available incase of policies with a term of one year or more.
*All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.
**All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.
*₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.
*₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases
*₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.
*₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.
*No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.
*The values taken for effective cost calculation are indicative values and may change as per the selected plan.
*Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.
*Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.
*The scope of coverage may vary from plan to plan.
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Tax Benefits are subject to changes in tax laws. GST Exemption depends on fulfilment of qualification criteria and submission of relevant documents as required by the insurers. For more details on risk factors, terms and conditions, please read the sales brochure and applicable rules and regulation carefully before concluding a sale.
STANDARD TERMS AND CONDITIONS APPLY. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.
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