Can One Claim Health Insurance from Multiple Companies?
The health insurance sector in India is growing rapidly, from providing basic to specialised coverage for senior citizens and offering plenty of options for individuals seeking coverage. Investing in health insurance has become a crucial decision to secure one’s future as the cost of treatments is rising due to inflation.
In India, there are various types of health insurance policies to meet everyone’s needs.
Buying Health Insurance from Several Companies
Many insurance companies are offering a wide range of coverage. Can one buy health insurance from multiple companies? The answer is yes. The Insurance Regulatory Development Authority of India (IRDAI) allows individuals to hold different policies, and they can file claims through different insurers.
There can be many benefits to buying policies from different insurers. Some companies may be specialised in offering good-quality services for certain diseases, while others may offer insurance services at an affordable price. Another reason could be that the insurer may not provide adequate coverage in terms of the sum insured and the specific illnesses covered. Opting for an additional policy gives access to the individual for comprehensive coverage and reduces the financial load.
One must evaluate and analyse all the pros and cons before buying an additional health insurance policy. It is recommended to consult an insurance expert to effectively manage multiple health insurance policies.
Filing claims from Two Health Insurance Policies from Different Insurance Companies
Individuals seeking to claim from two health care policies should be informed of the rules and regulations to avoid any rejections. Here are some steps to be followed while claiming:
1) Claim Reporting
The first step is to inform both insurance companies of the claim needed. Submit all the required documents, including identity proof, doctor’s prescriptions, and hospital receipts.
2) Consult with healthcare providers:
Your healthcare providers must be familiar with your multiple insurances so that they can cooperate with all insurance companies for the claims. It would ensure a smooth claim settlement process without any delays.
3) Fill out the claim forms
The policyholder should get the claim forms from both insurers and fill the forms with complete details and accuracy to avoid any rejection of the claim.
4) Submit the documents
The policyholder should submit all the required documents, such as the hospital receipts, discharge summary, doctor’s prescription, etc. The two insurance companies may ask for extra formalities or documents; the policyholder should respond to these formalities. Get these documents photocopied before submitting them to the insurance company and keep these copies with yourself.
5) Claim settlement
After submitting all the required documents, the insurance company will pay out the claims. It should be noted that one insurance company will pay as per the policy and sum insured and the rest of the balance amount will be settled by the other insurance company
6) Record-keeping
Maintain all records of the hospitalisation, documents used, and insurance policies for future reference.
Conclusion
By following the above steps, one can claim the health insurance from multiple companies. The policyholder should also disclose the existing health insurance policies while buying a new policy to avoid any future arguments. Additionally, under Section 80D of the Income Tax Act 1961, tax exemptions are allowed on health insurance premiums. However, in the case of multiple policies, the tax benefits are allocated based on premium payments and the limits on the policy.
