Filing claims with two insurance companies – Risk or necessity?
To understand how to get the best out of health insurance policies, people pose many questions to experts. And one question that comes up frequently is, "Can I file a claim with two insurance companies?" Read on to know if you can.
What does it mean to have more than one medical policy?
People often opt for more than one health insurance policy. Employees are often covered by a group health insurance policy, spouses can have a family health insurance policy, and adults can be covered by a medical policy that their parents purchased.
Even so, you can and should purchase a policy separately. You may ask why? Because medical services are very expensive and may shoot up further in the coming years. Therefore, if you run up an exorbitant bill, your group or family policy may not suffice. Even if you are not covered by either of these policies, but have your own individual policy, we suggest you get a second one. This way when the sum assured from one policy does not meet the medical bill, you will not have to pay the remainder from your pocket.
Primary and secondary health policy
Since you have two policies, one will be primary and the other will be secondary. You can choose which will be which. When you are hospitalized, you have to file a claim with the primary insurer. If the bill exceeds the sum that the primary insurer pays, the secondary policy is activated. And now you will make a claim on this policy, following which the remainder will be paid by the secondary insurer.
This becomes especially necessary in an era when critical illnesses are on the rise. The treatment can be expensive and if you possess 2 policies, it will ease the financial burden.
Word of Caution
If you opt for two insurance policies, then you have to inform both the insurers regarding your decision. Otherwise, you will be violating an important regulation. And this could result in your medical claim being dismissed by both the primary and secondary insurers.
Conclusion
Health insurance is a necessary investment. And considering the rising costs of medical services, it's better to stay safe by taking two policies.
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