• Basis

How many insurance plans are too many insurance plans?

That sounds enticing, doesn’t it? Now, we know, your first question would be - does this then let you double the benefits? Let us explain! Most health insurance service providers offer policies either general or specific to certain illnesses. Say for example your family member already has a health insurance policy, this one covers all the general illnesses, but what about anything beyond that? How do you take care of medical emergencies and rising healthcare costs? That’s where you get to be super smart! Getting a top-up insurance plan or just another one, not only provides comprehensive coverage to you but also extends the backup protection in situations of medical emergencies. Say, for example, your spouse or family member wants to take a career break, they will lose health insurance cover from their employer, and so will you. Even for that matter, when you or they are switching between jobs, chances are, you both will not be covered in that interim period. But that’s not all either. As women, we require policies that are tailored to our needs. What about PCOS care or IVF and Maternity Benefits? These are not generally covered in your umbrella medical policy and cost a fortune if you do not have the policy to cover these costs. What does this mean for you? Provide yourself with a hedge against rejection of claims: In some situations, your claim might get rejected by a particular insurance provider or might still be in the waiting period. In such a situation, if you have another policy assuming an older one, your chances of it getting approved are higher. It’s like having a buffer against rejection!

Double the cover, higher the protection: Let’s assume you bought a health insurance policy when you started working that provided a cover of ₹ 3L and several years later you bought another one worth Rs 5L of coverage. In the scenario that a 2L cover arises, you can claim that only from any one policy. However, if a 6L bill arises, you can claim 3L from the older policy and once that is settled the balance from the other one.

Health insurance policies are ever-evolving products and in case you bought one several years ago it may not suffice in today’s times, it’s always a great idea to review this situation and add on the needful.

Still, have questions about health insurance policies? Why don’t you ask the experts?