Apparently, it is seen that people these days, carry multiple bank accounts, credit or debit cards and insurance policies as well. It is perfectly legitimate to have more than one mediclaim policies. There are many reasons behind carrying more than one health insurance policy. Let’s take a look at the scenario of holding different health policies and their nature of working.
1) Sometimes, people buy personal health cover along with group mediclaim policy. Elaborating this, employer sometimes, ensures its employees and their family’s health. In such cases, individual enjoys the cover extended by group mediclaim policy and personal health cover provides additional cover and supplementary protection in situations when the person is without a job.
Nevertheless, the confusion rises about the selection of the policy to file a claim against hospitalization. It is highly advised to file a claim through Group mediclaim policy only in such case. Since, personal health insurance policies might eat your pockets for loading charge in your renewal premium if you file a claim, hence group mediclaim will be the better choice while filing the claim than personal health insurance. Moreover, group insurance policies are generally more liberal in their coverage as compared to personal health insurance plans. They carry lower waiting period for some pre-existing diseases or may not have waiting period at all.
It is always better to inform third party administrator about both the insurers while filing the claim. It will get the transparency as well as ease up your claim procedure in case you also need to claim from your personal health insurance policy when group insurance does not seem adequate.
2) Sometimes people purchase two different personal health insurance plans from two different insurers. It seems the better choice where in claims; insurance providers share the claim amount in proportion of their liabilities. Here, you need to inform third party administrator of both the insurers. However, if prior intimation of additional health policy has been given in the proposal application form then you don’t need to inform further while submitting the claim.
3) Lastly, people are also seen purchasing two different personal health insurance plans from the same insurer. This scenario makes the process much better. It simplifies your claim process as third party administrator remains the same. It saves your time and efforts too. No need to submit duplicate documents. Division of the claim will depend on their accounting and underwriting policies.