Can You Claim Multiple Health Insurance Policies for Your Parents?

Taking care of your parents’ health is a priority, and one way to ensure they receive the best medical care is by securing comprehensive health insurance. But with rising medical costs and evolving insurance benefits, you may find yourself wondering: Can you claim multiple health insurance policies for your parents? The short answer is yes, but the process involves specific regulations, conditions, and benefits that you should understand to make informed decisions.

In this detailed guide, we will explore how multiple health insurance policies work, the benefits and challenges involved, and how you can maximise claims while ensuring a seamless experience for your parents’ medical needs.

Understanding Multiple Health Insurance Policies

Many individuals opt for multiple health insurance plans for their parents due to various reasons, such as employer-provided coverage, individual health policies, or top-up plans. Multiple policies can be beneficial, especially when a single plan does not provide sufficient coverage. But how does it work in practice?

The Concept of Contribution Clause

Earlier, insurance providers followed the Contribution Clause, which required the insured to distribute their claim across multiple insurers in proportion to their respective sum insured amounts. However, the Insurance Regulatory and Development Authority of India (IRDAI) removed this clause, allowing policyholders to claim from any insurer first.

Primary and Secondary Insurance

When using multiple health insurance policies, the first claim is usually made with the primary insurer (the policy under which you claim first). If the total medical bill exceeds the sum insured under the primary policy, you can approach the secondary insurer to cover the remaining amount.

Why Opt for Multiple Health Insurance Policies for Your Parents?

Having multiple health insurance policies for your parents can offer several advantages. Here are some key reasons why people consider this approach:

1. Increased Coverage

Not all policies provide comprehensive coverage for every medical condition. A combination of policies can ensure that your parents receive financial support for all their healthcare needs, including hospitalisation, treatments, and follow-ups.

2. Overcoming Policy Limitations

Some policies come with sub-limits on room rent, surgeries, or specific diseases. If one policy does not cover a particular expense adequately, another can help bridge the gap.

3. Employer Coverage May Not Be Sufficient

If you have an employer-provided health insurance policy that includes your parents, it might not offer sufficient coverage. A separate Best Health Insurance Policy can supplement it and provide additional protection.

4. Lower Premiums with Multiple Plans

Instead of buying one high-value policy with a hefty premium, you can opt for multiple policies with smaller coverage amounts, which might be more cost-effective.

5. Reducing Out-of-Pocket Expenses

Medical costs are rising, and even a Best Medical Insurance Policy For Family may not fully cover your parents’ needs. By utilising multiple plans, you can significantly reduce out-of-pocket expenses.

How to Claim from Multiple Health Insurance Policies?

To ensure a smooth claim process, follow these steps when utilising multiple health insurance policies for your parents:

Step 1: Inform All Insurers

When hospitalisation occurs, notify all the insurers involved. Even if you plan to claim from one policy initially, it is best to keep the other insurers informed.

Step 2: Submit the First Claim

Choose the insurance policy you wish to claim from first. Submit the necessary documents, including hospital bills, prescriptions, and discharge summaries.

Step 3: Obtain the Claim Settlement Summary

Once the primary insurer settles their portion of the claim, obtain a claim settlement summary and certified copies of all hospital bills.

Step 4: File a Claim with the Secondary Insurer

Submit the remaining claim amount to the secondary insurer along with the claim settlement summary from the primary insurer. The secondary insurer will then process the claim for the remaining amount.

Step 5: Follow Up and Track the Claim

Insurance claims can take time. Keep track of your claim status and follow up with both insurers as needed to ensure timely processing.

Factors to Consider When Buying Multiple Health Insurance Policies

Before purchasing multiple health insurance plans for your parents, keep these factors in mind:

1. Policy Exclusions and Waiting Periods

Different policies have different waiting periods for pre-existing diseases and exclusions. Ensure that the combination of policies provides optimal coverage with minimal waiting periods.

2. Network Hospitals and Cashless Facilities

Check whether the policies cover treatments at the same network hospitals to simplify the claim process. Having cashless facilities available for both policies at the same hospitals can be beneficial.

3. Sum Insured and Deductibles

Compare the sum insured and deductible amounts in each policy to understand how they complement each other.

4. Claim Settlement Process

Look for policies with a high claim settlement ratio and a hassle-free reimbursement process to ensure smooth claims.

5. Premium Costs vs. Benefits

While having multiple policies increases coverage, evaluate the premium costs and benefits to ensure affordability and value for money.

Best Health Insurance Policy Options for Parents

When selecting a health insurance for parents, consider policies that offer:

• Comprehensive coverage for age-related illnesses.
• No co-payment or sub-limits on major expenses.
• High sum insured options.
• Additional benefits like domiciliary care, home treatment, and annual health check-ups.

Some of the Best Medical Insurance Policy For Family options come with lifelong renewability, which is a crucial feature when choosing policies for parents.

Common Myths About Claiming Multiple Health Insurance Policies

Myth 1: You Cannot Claim from More Than One Policy

Reality: You can claim from multiple health insurance policies as long as the total claim does not exceed the actual medical expenses incurred.

Myth 2: The Process is Too Complicated

Reality: While claiming from multiple insurers requires additional documentation, following a step-by-step approach simplifies the process.

Myth 3: It is More Expensive Than a Single Comprehensive Policy

Reality: Sometimes, having multiple smaller policies can be more cost-effective than one high-value policy with a high premium.

Bottom Line

Having multiple health insurance policies for your parents can be a smart financial decision, ensuring they receive the best possible medical care without financial stress. Understanding the claim process, policy benefits, and insurer requirements will help you navigate multiple policies efficiently.

If you are looking for a Best Health Insurance Policy that provides comprehensive coverage for your parents, consider exploring options from trusted providers like Niva Bupa. With the right policy, you can secure their health and your peace of mind.