Can I Take Multiple Health Insurance?

 While it is legal to take multiple health insurance policies, it is important to understand how it works and the related pros and cons

As medical treatment costs have skyrocketed, many people want to have higher coverage. In this case, the premium amount will also be higher. Another option is to take multiple health insurance policies, which has several benefits.

As per current rules set by the Insurance Regulatory and Development Authority of India (IRDAI), users are permitted to take two or three or even more health insurance policies. To understand if this strategy suits you, let us take a look at some of the pros and cons of taking multiple health insurance plans.

Benefits of taking multiple health insurance plans

Remedy for partial claim settlement - In many cases, it has been noticed that a health insurance policy is not able to cover 100% of the bill amount. In such cases, the user has to pay the remaining expenses from his own pocket. But if the user has two or more health insurance policies, the amount not covered by the first policy can be claimed under the second policy. It is important to note that the total payout cannot exceed 100% of the bill amount, even with multiple policies. It essentially means you can only cover the total expenses and cannot make a profit by taking multiple health insurance policies.

Lower premiums - As mentioned earlier, you can either opt for a high coverage plan or choose multiple health insurance policies. In case of the former, the premium amount can be quite high. But with multiple health insurance plans, the combined premium amount will be relatively less. This can vary, so please evaluate both options before you finalize your decision.

More comprehensive coverage - With multiple health insurance plans, you can get a more comprehensive coverage. If there is anything missing in your existing health insurance policy, you can get it covered with a second policy. This is especially relevant if your first health insurance policy does not provide any significant customization options.

Back-up for claim rejection - It is possible that your health insurance claim could be rejected for violating any of the terms and conditions. Sometimes, this can also occur due to an error or miscommunication. When you need urgent medical attention, a claim rejection can create a major challenge. With multiple health insurance policies, you can create a back-up in case one provider refuses the claim.

Good for people with pre-existing diseases - Having multiple health insurance policies is usually recommended for people who are already diagnosed with a specific disease. These people are considered high-risk and claim coverage could be less. With multiple policies, people with pre-existing diseases can access a higher claim amount.

Disadvantages of multiple health insurance policies

One of the issues you can face is the higher overall expenses related to your health insurance. But since treatment costs have increased significantly, multiple health insurance policies are actually a good investment. You can reduce your unnecessary expenses and redirect it for getting adequate coverage. With multiple insurance policies, you can also run into some documentation issues. But these can be avoided with careful planning and following the mandated procedures.

source : newspatrolling.com