Overcome rising medical costs with more health policies

The importance of health insurance has increased manifold following rising costs, ailments and lifestyle diseases as well as the Covid-19 pandemic. Many people are taking more than one health policy towards additional protection. Increasing medical costs are making these steps necessary. Hence, utmost precaution is needed while taking policies or making claims from two or more companies.

Hyderabad: In times of medical emergencies, health insurance policies rescue you from any serious financial trouble. These days, medical inflation is rising by leaps and bounds due to techno-driven medical advances and other reasons. In accordance with changing needs, one should increase health premiums and also a number of policies. At the same time, extra caution should be taken to get the benefits when the need arises. Awareness is needed on the ways to make claims by submitting documents while sitting at home.

Many employees these days are taking two policies. In addition to group policy provided by the management, they are taking personal policies to cover whole family members. Some people are taking two separate policies from different companies. This will help in accessing cashless treatment in network hospitals when in need. If one company policy is not enough to pay the medical cost, the second company policy can be used for paying up the remaining amount. For availing of this, all bills should be procured from the hospital. First, all the bills towards payments made by the first insurance company should be attached. Sometimes, a hospital may be in the network of both insurance companies. In that case, we should consult companies whether they will allow cashless treatment or not. Only when treatment costs would cross premiums, information about the second company premium should be given to the hospital.

When your hospital is not listed in the network of both companies, the policyholder should have to pay bills by himself and seek reimbursement later. In such cases, one should be very careful to fill out the claim form by attaching all the required bills. Medical test reports, X-rays and all such documents should be provided. First, one should get an estimate of how many claims they would have to make. The claim should be made first to only that company which would pay the maximum amount. Only after using one policy completely, the second company should be approached for claiming the remaining amount. For this, all the bills would have to be attested by the hospital. All claim details regarding the first company should be provided. Only after this, the second company would pay the remaining medical costs.

Usually, one incurs costs before and after hospitalisation. These include tests and medicines. Companies pay these costs for up to 60 days after discharge. Physiotherapy costs will be paid only if there is a condition in the policy. Apply for the claim in the company with which you have coverage for all such costs in the policy. More than one policy will enhance financial security. Claim processing will be faster if the personal policy is taken from the same company providing group insurance. The same rule applies to top-up policies. No information on health conditions should be hidden from the insurance companies. Any small lapse in this would lead to the cancellation of claims.