Rising medical inflation has given rise to the need for higher sum assured and perhaps even multiple policies. Insurers are at times reluctant to offer sum assured beyond a certain limit and hence policyholders are forced to purchase more than one policy to secure adequate coverage. Alternatively, a person may also decide to buy additional Health Insurance policies if health coverage provided by the employer is not sufficient. While buying multiple policies may seem like a convenient solution for securing the right coverage, one must also understand how to use them to their best advantage. Failure to follow the claim procedures correctly may result in reduced or delayed claim settlement. To help you make the most of your multiple Health Insurance policies, we have listed down the claim procedure for multiple policies in a few simple steps.
Here’s How to Claim Health Insurance Benefit from Two Policies:-
- Inform all your Health Insurance providers when you are hospitalized.
- Choose a health insurer from which you intend to claim first and fill the claim form.
- Attach all required documents with original bills.
- The first insurance provider will issue a statement acknowledging that they have received the documents and have settled the claims.
- Request additional attested copies from the hospital in accordance with the number of insurers you wish to claim from.
- Once the first insurer settles the claim, move to the second insurer.
- Repeat the same process for the rest of the insurers.
Important Points to Remember:-
- Each claim process will generally span between 30-45 days. However, if you have multiple cashless policies, the claim settled by the first insurer will be cashless. The first insurer will calculate the claim amount after considering deductions and applicable sub-limits against the claim amount and then settle the claim. The second insurer will follow the same process and treat it as an original claim. After calculating your payable claim, the second insurer will deduct the amount received from the first insurer and pay out the balance.
- If you have a group Health Insurance plan from your employer, make sure to claim that first. This is because they have simple clauses which make the claim process much faster.
While many people choose to take up multiple Health Insurance policies to ensure adequate coverage, this can at times cause confusion. If you choose your Mediclaim Policy or Health Policy carefully, you can secure adequate medical coverage with just a single policy. This not only saves your time from elaborate paperwork but also expedites the claims process. With Finserv MARKETS you can secure a comprehensive Health Policy coverage for yourself and your family by paying a reasonable Insurance Premium. If you want to enjoy adequate healthcare coverage with a hassle-free claim process switch to Health Insurance by availing the Health Policy portability facility.
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