Health insurance is now available to an increasing number of people. Due to the escalating cost of healthcare, this type of financial protection can be essential in the event of unforeseen medical emergencies.*
However, if a single policy is sufficient, are there any advantages to purchasing additional medical policies?
Purchasing second and third health insurance policies can be possible. It can help you get more coverage. It can also enhance health insurance for individuals and families and lessen pre-existing disease risks.
Multiple plans do not double medical reimbursement. Even if you have numerous insurance, their combined claim coverage cannot exceed the treatment cost.
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Benefits of Possessing Numerous Health Insurance Policies
Having various health insurance plans can provide a number of benefits, such as:
1. Wider Coverage
Having more health plans could allow you to obtain more extensive coverage. If you sift through your first policy, you can select your second and subsequent policies based on what it does not cover, such as a critical illness or maternity cover.
In addition, if your primary plan is Employee Health Insurance, having a second one can ensure continuous coverage even after you depart from your employer.
2. More efficient charges
Investing in multiple health policies with lesser coverage rather than a single plan with extensive coverage may likely result in lower premiums. As stated previously, the smaller covers can ultimately result in greater coverage without putting undue strain on your finances.
3. Coverage of a Greater Variety of Conditions
You can cover more diseases when you have many plans. For example, you may use a Critical Illness Policy to cover both basic hospitalization and treatments as well as critical situations by having one general policy and one particular policy.
Depending on your circumstances and those of your family, to extend your coverage beyond a basic plan, you can also choose an individual plan, a family floater plan, or a COVID-19 plan.
4. Efficient Policy Administration
You can choose which policies to file a claim against if you have multiple policies. Thus, you can ensure that one policy remains intact and earn a Cumulative Bonus for a claim-free year.
5. Coverage in Case of Claim Rejection
If you submit a claim on your health insurance & it gets denied, it can cause a financial calamity. When you have multiple insurers, however, a claim that was denied by one may be accepted by another.
6. Further Tax Benefits
Also, multiple health insurance plans could result in additional tax benefits under Section 80D of the Internal Revenue Code. A health insurance plan allows you to file additional tax returns and save money on income tax.* ** ##
As healthcare costs are on the rise, it is becoming increasingly common for individuals to hold multiple policies. Use a health insurance premium calculator to find what suits you best.
Ultimately, it’s your choice, based on the situations you may find yourself in, to decide whether you want greater coverage under one plan or lesser coverage under multiple policies.
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*Standard T&C Apply.
**Tax benefit is subject to change in prevalent tax laws
## According to the IRDAI-approved insurance plan, the insurer offers all discounts. Standard T&C are in effect.
Please carefully read the marketing brochure/policy language before finishing a transaction for more information on advantages, limits, conditions, and limitations.