People frequently have multiple health insurance policies today, including corporate, individual, family floater, critical illness, top-up, and super top-up policies. Although having numerous policies improves your ability to handle any medical emergency, it can be unclear when the time comes to file a claim.
Here’s how to file a claim if you have several different health insurance plans.
Select One Of Two Indemnity Plans
Indemnity plans are types of insurance that cover your actual expenses up to the total amount insured by the policy. The exact cost cannot be claimed under two indemnity covers. You can choose to submit your claim under one of your two indemnity policies first if you have two. If the claim amount exceeds the sum insured under the first policy, you can claim the balance bill amount under the second policy. You can claim the remaining sum from the double insurance coverage if the expenses exceed the sum insured by the first policy.
First, use the plan with a low or no co-payment: You must evaluate the coverage provided by each policy before deciding which to use first. You must first take into account the total amount of the health insurance claims as well as the available sum insured under the different policies. Check the policy to see if there are any deductible or co-payment requirements.
Corporate Insurance Should Be Used Before Personal
Saving the individual plan for later is preferable if you have both a corporate plan and a personal project with a similar sum insured. Using the employer-provided policy first is ideal if you have both an individual approach and one provided by your employer. Corporate health insurance policies are well negotiated and typically provide better coverage and claim experiences.
Individual Versus Family Floater
When choosing between individual and family floater health insurance coverage, it may be wise to use the personal plan if the amount of the claim is high to avoid using up the family floater plan, which could leave other family members vulnerable in an emergency.
Top-Up Versus Comprehensive Plans
The deductible clause in super top-up plans requires the policyholder to use another insurance policy or pay for expenses up to the deductible amount out of pocket. The excellent top-up plan pays the excess over the deductible up to the policy’s sum insured when the cost exceeds the deductible amount. Therefore, choosing between the basic plan and a top-up or super top-up plan is straightforward because the top-up or super top-up plans arrive later. After all, the primary method must be used first.
Simultaneous Claim From Defined Benefit And Indemnity Covers
A defined benefit plan pays the claim upon the occurrence of a pre-defined disease with a specific severity, regardless of the cost incurred, while an indemnity plan links payment to actual expenses. The majority of cancer insurance policies and critical illness plans fall into the defined benefit category. If your medical condition qualifies for both policies and you have two plans, you can submit a claim simultaneously under both policies.
Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
