What to Do If You Have Multiple Mediclaim Policies
Just like an individual may have multiple bank accounts and credit cards it is also common to see people owning multiple Mediclaim policies. It is perfectly legal to have more than one mediclaim Policy and perhaps there are genuine reasons on why one should consider buying more than one Health Insurance policy. There are various scenarios to consider when it comes to multiple mediclaim policies.
Scenario #1 - Personal Policy in Addition to a Group Mediclaim Policy
There are people who buy a personal health cover in addition to a group mediclaim policy which is sponsored by the employer. The personal health cover not only provides additional cover but also serves as a supplementary protection in situations when an individual may be without a job.
In case of Hospitalization the common dilemma that people face is choosing a policy to file a claim. If you are in such a situation it is advised that you file a Claim from the group policy first. The simple reason being, in personal health insurance policies you might have to bear a Loading charge in your renewal Premium if you file a claim which is not the case with group insurance policies.
Besides, group insurance policies are generally more liberal in their Coverage as compared to personal health insurance plans. They are most likely to have a much lower Waiting Period for some Pre-existing diseases or may not have waiting period at all.
However, while filing a claim make sure that you intimate the Third Party Administrators of both the insurers. This is not only important from a transparency perspective but will also ease your claims procedure in case you also need to claim from your personal health insurance provider as the group insurance claim may not be adequate.
Scenario #2 - Two Personal Health Insurance Plans from Different Insurers
For some reasons, people own two different personal health insurance plans from different insurers. In such a scenario both the insurance providers will share the claim amount in proportion of their liability.
If you were to file a claim for hospitalization you need to inform both the TPAs, but if you had disclosed about your additional health policy in your Proposal application form you need not inform the other insurer.
Scenario #3 - Two Personal Health Insurance Plans from the Same Insurer
When you have two mediclaim plans from the same insurer, it is easier to manage the claims process as the TPA is the same. It saves you from the efforts of duplication of documents. From the insurance company perspective, the division of claim will depend on their accounting and Underwriting policies.