Having many health insurance policies can increase your protection in a medical emergency, but only if you know how to combine them effectively and are familiar with the claims process.
As the cost of healthcare and medical treatment continues to rise, more people are opting to purchase multiple policies. It is possible that insurers won’t renew policies with a greater sum covered if the customer’s age, health, and the company’s underwriting requirements all make such an increase unlikely. The insured may need to invest in a secondary policy in this case. A policy that they can find on the Bajaj health insurance app.
In addition, if an individual believes that their group medical insurance is insufficient, they may choose to get a second coverage. Some group medical insurance policies, for instance, may have a relatively low sum insured, which the individual may find insufficient. As a result, many feel pressured to increase the amount of coverage they have.
Important Considerations
It’s important to remember that if you already have a health insurance app, you’ll need to disclose that fact while filling out the proposal paperwork necessary by your insurer. Failure to disclose may constitute a breach of the terms and conditions and result in the rejection of the claim.
If the policies are with different insurance providers, then the providers must be made aware of each other’s existence. This information is necessary because many insurance contracts include a “contribution clause” that requires all policies held by the customer to contribute equally to the total insured in case of a claim.
Suppose Ms X claims Rs. 1 lakhs and has two health insurance policies (for, say, Rs. 3 lakhs and Rs. 6 lakhs each), she can choose either insurer. However, if the claim amount exceeds Rs. 9 lakhs, the insurers can pay out the total insured rather than a percentage of it.
How Can I File a Claim With Various Medical Insurance Providers?
After checking out the details on the Bajaj health insurance app, you’ll see that the claim procedure differs based on the policy’s total covered and the claim size.
When a Claim’s Payout is More Than a Single Policy’s Sum Covered
The contribution provision comes into play only if the claim amount exceeds the sum covered. However, the policyholder can file the initial claim with any insurer and then submit a second claim for the difference.
If Ms X has to file a claim for Rs. 5 lakhs, but only Rs. 3 lakhs are covered by her primary insurer, she can submit a claim to her secondary insurer for the remaining Rs. 2 lakhs.
When the Policy’s Claim is Less Than the Insured Sum
The contribution provision does not apply here because it is entirely up to the insured’s discretion. For instance, if a person wants to claim Rs. 2 lakhs and has two health insurance policies with different insurers. In this scenario, the insurer must pay the claim without including a contribution clause.
Get insured anytime, anywhere! Check out the Bajaj Allianz General Insurance website to learn more and download the app now.
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