With skyrocketing healthcare costs, your existing health plan may be inadequate to meet sudden medical expenses. Therefore, you may opt for a second plan to:
- Seek additional individual cover over employer group insurance
- Increase coverage with a new plan over and above the old policy
- Cover your parents
Irrespective of why you buy a second health insurance plan, here are four things to consider:
- Personal requirements
Health insurers offer different types of plans to suit individual needs. You must evaluate your and your family’s healthcare requirements to choose the right policy. Also, consider the present health conditions of all the family members to make an informed decision.
- Number of dependents in the family
As your family grows, you may consider buying a medical insurance plan with a higher sum insured (SI). Opting for a family floater plan may be beneficial, as these policies offer coverage for self, spouse, dependent children, and your parents. You may also port the policy and include additional members if the need arises.
- Lifetime renewal
If your current health insurance provider has a cut-off age for renewal, you may port to another insurer that provides lifelong renewability.As you grow older, the risks of ailments rise, which poses higher risks for the insurer, resulting in the rise of premiums. Moreover, you may find it difficult to acquire a new health plan when you are older.
- Other factors
- Take your city of residence, current income, present lifestyle, and existing insurance coverage into account
- Consider buying a critical illness insurance policy for your senior parents or existing conditions
- Include maternity coverage if you plan to start your family in a couple of years
- Opt for top-up plans if you do not want to buy a policy with higher base cover
Once you make your decision, learn how to make claims under multiple mediclaim policies. If the total claim amount is lower than the SI, the contribution clause does not apply. However, if the claim amount exceeds the SI, the clause is applicable, but you have the option of choosing the insurer for filing the first claim.
According to the contribution clause, each insurance company contributes an amount equaling to the ratio of the SI. Some documents needed for filing a claim include all bills and receipts, prescriptions, films and slides, diagnostic tests, and discharge forms.
If you file a claim under a cashless health insurance policy, you will need a settlement summary and attested bill copies to claim from the second insurer. For reimbursement claims, you will have to submit original documents to receive the money.