When and Why Should You Opt for Two Health Insurance Policies?

• Written by Care Health Insurance

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Wondering if you can have dual insurance coverage? The answer is yes! You can have multiple health insurance policies to protect against several medical conditions and ailments. For instance, you should opt for separate insurance plans for cancer, heart disease, and other chronic ailments. This is because your standard health insurance plan may not cover specific and expensive conditions like critical diseases, maternity, pre-existing ailments, etc. 

In this article, we have listed scenarios where multiple insurance policies help you maintain the medical needs of different family members while keeping your budget intact. 

5 Reasons to Opt for Multiple Health Insurance Policies

While multiple plans are a backup of extra funds, there are other solid reasons to get two or more health insurance plans. Here’s all you need to know:

1. Taking Care of Elderly Parents

As our parents age, their immunity weakens and healthcare expenses multiply. Whether healthy or suffering from chronic ailments– they require a dedicated pool of funds to meet their medical needs – especially when living in a metro city. 

Reports suggest that you need at least INR 15,000 set aside for the monthly medical expenditures for senior citizens. This includes health check-ups, medications, vitamins and dietary supplements, etc., apart from any medical emergencies that can cost as high as 10 to 15 lakhs. 

Thus, when you are looking after senior citizens or elders, you should not make the mistake of including them under a family floater. Always choose separate health insurance plans for your elderly parents offering dedicated health coverage and benefits. Also, look for superior features like a lower waiting period, AYUSH treatment, no-claim bonus, higher claim settlement ratio, and free annual health check-ups — as offered under care Senior Citizen Health Insurance Plan. 

2. Supporting a Joint Family

It is easier to squeeze the medical expenses of a nuclear and young family under a family floater insurance policy. However, for a bigger family with multiple members, you need standalone health covers or insurance based on an individual basis. This ensures every member gets an equal share of healthcare coverage and benefits including equal sum insured, automatic recharge, day-care treatment expenses, OPD expenses, and more. 

While the cost of individual health plans may outgrow your budget, you can club policies wisely to save the maximum. For instance-

• You can secure adults below 35 years and children below 18 years under a family floater
• While paying for senior citizen policies, you can avail of tax deductions
• You avail of multi-year policy discounts by opting for long-term health covers for young adults.

This way, you can secure every member while keeping intact your medical budget and healthcare expenses. 

3. Bearing a Family History of Chronic Diseases

Our family members deal with diverse health conditions, from diabetes and hypertension to cardiovascular problems and kidney diseases. Some of the world’s most commonly inherited diseases include asthma, cancer, heart diseases, diabetes, arthritis, and more. What’s scary is the cost of treating these conditions, which can drain all your life savings and emergency funds. 

So, you may need dual insurance coverage if your family has a history of chronic or lifestyle diseases. This is to ensure uncompromised coverage for serious conditions like cancer, liver, and heart diseases along with your standard health insurance coverage. At Care Health Insurance, we support you in dealing with hereditary conditions with our condition-specific mediclaim policies, namely-

• Heart Mediclaim covers 16 defined heart-related surgeries
• Cancer Mediclaim covers all stages of cancer, and 
• Critical Illness Insurance covers 32 defined critical illnesses, including stroke and major organ transplant.

The best part about our mediclaim policies is the customisable option to add different family members on an individual basis. This way, you can save yourself from the hassle of maintaining multiple policies while securing members individually.

4. Dealing with Pre-existing Ailments

Given the unavoidable sedentary lifestyle, people of all ages are suffering from some sort of prolonged ailments. Under health insurance, these illnesses are termed as ‘pre-existing diseases’ or the conditions that one develops before buying a health policy. It includes thyroid, diabetes, blood pressure, asthma, cholesterol, obesity, etc.

Although your basic health insurance may cover these ailments, it may come with a long waiting period until you can receive a claim. Thus, choosing specific health plans offering separate coverage for pre-existing ailments with a smaller waiting period is waiting. 

At Care Health Insurance, we have your back with ‘Care Freedom- Health Insurance for Diabetes, Hypertension, and High BP’. The plan lowers the financial burden of people struggling with pre-existing ailments by offering:

• Only 2 years waiting period for pre-existing ailments
• No pre-policy medical check-ups
• Free annual health check-ups
• Day care treatment
• Automatic recharge of sum insured, and more. 

5. Planning Family Expansion

Another reason to get dual health insurance coverage is family expansion.  Suppose you are a young couple planning a baby soon. In that case, you must check for any provision of maternity coverage under your individual health plans. If not available, we recommend securing your pregnancy journey against hefty hospitalisation and nursing expenses. It will help lower your delivery-related expenditure while protecting your newborn baby from the first day onwards. 

Whether you are planning for a baby in the same year or the next one, Care Health Insurance offers you comprehensive maternity coverage with ‘Joy- The Maternity Insurance’. The policy covers caesarean and normal delivery expenses while covering the newborn baby against medical complications or birth defects. 

In a nutshell, your healthcare needs can be diverse – so should your healthcare investments. Yet, multiple options and higher premium rates can disturb your medical budget and planning. Thus, Care Health Insurance promises a guided way to secure yourself and your loved ones with our customisable and wide-ranging health covers. Our affordable premium rates and quality medical services make us one of the most reliable and trustworthy health insurers in India.

Also Read: How to Claim the Maternity Cover in Health Insurance?

Disclaimer: Please verify the policy details and coverage with the official policy documents. Also, kindly consult a professional medical expert to verify the details of health concerns.