Tips for claiming health insurance from more than one policy

Health disorders can lead to high medical expenses, and people should know how to manage them properly from different sources. A health insurance policy offers coverage for various illnesses and other medical services to ensure maximum protection. Anyone willing to buy a new policy should consider certain things that will help overcome high medical costs. Not only that, it contributes more to minimize financial worries and other problems significantly.

On the other hand, choosing a policy with comprehensive coverage enables a policyholder to get the best medical care and high-quality treatments in a hospital. Since insurance firms offer different types of plans, one should evaluate them with more attention to help achieve financial goals in the coverage process. For example, can I take multiple health insurance policies?  The answer is yes, and a person can buy more than one policy. On the other hand, policyholders should know whether they have the rights to claim both policies or not while claiming amounts. Sometimes, the expenses for treatments may increase than the sum assured amount, and a policyholder should know how to pay for the remaining.

Understanding more about the “contribution clause” in health insurance 

While buying two insurance policies, one should understand more about the “contribution clause” in detail. It means each insurance company should pay a share of the claim in proportion to the sum assured. For example, a person who has 2 plans of Rs 5 lakhs and Rs 3 lakhs can choose two options. Either he/she can claim both the amounts when medical expenses cost less than Rs 3 lakhs. At the same time, if the claim value is 7 lakhs, the insurers will settle the amount equal to the sum insured.

How to process health insurance from two or more policies?

Customers who buy two or more policies should know how to claim amounts properly, which will help overcome complex issues. This is because the claim process works based on cashless and reimbursement methods. If the claim is less than the sum assured, then a person should initiate the claim under a single policy. However, a policyholder can claim amounts from other insurance plans in two methods when medical expenses exceed more than the sum assured of a single policy.

1. Cashless Claims: A policyholder can use multiple health insurance policies in two ways for cashless claims. In the first step, he/she should procure the claim settlements summary. The next step is getting attested copies of the bills and submitting them to the second insurance company to settle the balance amount in the form of reimbursement. 

2. Reimbursement Claims: A cashless facility is not available in some hospitals, and policyholders should choose an alternative option to overcome the problem. Policyholders should pay bills from their pockets first, and they can get reimbursement from a company later. They should submit all necessary documents such as discharge summary, medicine bills, lab bills, and X-ray films to get a reimbursement. An insurance company will review the claim and settle the amount accordingly. 

7 Things to follow while making multiple health insurance claims 

Those who have multiple policies should know how to claim amounts that will help gain more benefits. For example, can we claim health insurance from two companies? It is possible to claim amounts, and policyholders should follow certain things while processing them.

• Notifying every insurer about hospitalization: A policyholder should intimate all insurance companies at the time of hospitalization that will make a claim process a simple one. Not only that, it provides ways to choose amounts with options to ensure peace of mind from high medical expenses. 
• Selecting the company to make a claim first: Policyholders need to select their first insurance company where they want to claim the amounts. Then, they should get the form and fill the same with necessary details that give ways to receive money as soon as possible. 
• Receiving a statement from an insurer: Whenever policyholders submit the original documents, they should get a receipt from the first company stating it has received them and settled the claims. 
• Getting additional attested copies from a hospital: A policyholder should consider getting additional attested copies from a hospital for every insurer when he/she wants to claim. On the other hand, it is wise to understand how to claim medical insurance from the companies that make the claim process simple. 
• Moving to the second company after getting claim settlement from the first company: Policyholders should approach the second insurance company after the first company approves their claim. If a person has more than two policies, then he/she should follow the procedure step by step after receiving the amounts. 
• Filling a claim form correctly: Anyone who wants to claim amounts from multiple insurers should choose the correct claim form and fill the same without any errors. In addition, they should know how to claim health insurance from different sources before submitting an application form. 
• Preparing a cover letter: It is essential to prepare a cover letter explaining which company a policyholder claimed the amounts. Apart from that, he/she should enclose the details of all documents that will help a lot to process a claim with ease. 

Taking multiple health insurance plans allows a policyholder to ensure financial security when it comes to medical emergencies. However, he/she should understand everything in detail before making a claim. It is wise to select a maximum of two policies because they provide ways to save more time. Besides that, a policyholder can avoid elaborate paperwork and lengthy claim process. While purchasing a new policy, it is essential to read the terms and conditions in detail that will help reduce disputes and other issues. Not only that, one should check the claim settlement ratio (CSR) of a company in detail that gives ways to make the right decision.