After the outbreak of Covid-19, the significance of possessing sufficient well being insurance coverage coverage for self and family members has improved. The therapy expense was currently going up and hospitalisation due to Coronavirus saw numerous paying hospital bills in a couple of lakhs. Those who have been devoid of well being covers went for new plans although these who currently had current coverage either bought new plans or boosted the coverage via leading-up or super leading-up plans. Holding numerous well being insurance coverage policies from the identical or diverse insurer is completely fine and there is not a lot of a concern at the time of the claim. One is permitted to strategy one or more insurers for settlement of the claim, such as the group insurance coverage provider, if there is one.
“The policyholder can decide which plan to use and in what ratio. He can choose just one plan for the entire claim in case the coverage is there,” says Deepak Yohannan, CEO, MyInsuranceClub.
The sum insured (coverage) may possibly differ across more than one policy that you may possibly hold. You may possibly nonetheless settle the claim from any insurer up to the sum insured limit of your policy. But, if the quantity to be claimed exceeds the sum insured beneath a single policy, the policyholder has the appropriate to select the insurer from whom he/she desires to claim the balance quantity.
And, at occasions, there is a partial payment of claims by the insurer. As per the IRDAI guidelines, the insured holding numerous policies will also have the appropriate to choose claims beneath this policy for the amounts disallowed beneath any other policy / policies even if the sum insured is not exhausted. Then the insurer shall independently settle the claim topic to the terms and circumstances of this policy.
While getting insurance coverage, you need to have to disclose all pertinent information and facts, specifically material information with regards to your present well being such as that of your family history. But, do you have to disclose information of your current policies as nicely? “It is not compulsory to declare any other health insurance plan which you have. However, if there is a specific question to that effect, it should be answered correctly. No wrong information should be shared,” informs Yohannan.
What may possibly come up as a bit of a concern is in the course of the submission of relevant hospitalization documents to the second insurer. To be on the safer side, right here is what Yohannan suggests, “You should however get an additional copy of all bills and documents attested by the hospital.” At the time of discharge, you may possibly make sure that reports such as discharge type, diagnostic tests, prescriptions and any other relevant document is collected with appropriate attestation from the hospital. But, yes, as against cashless claims, reimbursement of claims may possibly call for a bit more interest from the policyholder. “Reimbursement claims from more than one insurance company can be a bit painful. You have to submit originals to one and then make the first claim. Once you get the claim from the first company, you can take the claim summary and send the bill copy to the second insurer to claim the balance amount. Cashless claims are smoother as the hospital will be dealing directly with the insurance companies and getting the claims settled,” says Yohannan.