by sonalsh90 » Tue Apr 03, 2012 04:12 pm
Hi All,
I am working in MNC.Our company provide me good health insurance and paid premium on regular basis.I have also open other private health insurance from private company.
Can take benefit from both above mentioned insurance?Please guide me how i apply for both ?
I am working in MNC.Our company provide me good health insurance and paid premium on regular basis.I have also open other private health insurance from private company.
Can take benefit from both above mentioned insurance?Please guide me how i apply for both ?
Posted: Wed Apr 04, 2012 12:07 pm Post Subject: Benefits from both insurance policies
Yes, you’ll are definitely entitled to the health benefits from both of your insurance policies.
As to your second query, the application procedure is different for every insurance provider. You can contact both the insurance providers to get details about the respective policies and to know how to make the claims.
Posted: Thu Apr 05, 2012 12:21 am Post Subject:
Yes, you’ll are definitely entitled to the health benefits from both of your insurance policies.
Better be careful with this one. You will not be able to collect FULLY from all of the companies that insure you. You cannot "profit" from an insurance loss. At best, you can be placed in the same approximate financial position you were in prior to the loss occurring. Therefore, you will NOT be able to collect the FULL policy benefits from BOTH companies. That would allow you to get back more from the insurance companies than you actually incurred in medical expenses.
That isn't going to work.
All policies have some variation of language within the policy that details the conditions that apply if you're covered by more than one insurance policy. You'll see language like "Coordination of Benefits" provision or an "Other Insurance"
type of provision. A lot of this depends on what TYPE of policies the insured is covered under... individual policy, group policy, one of each, etc.?
InsTeacher 8)
Posted: Wed Apr 11, 2012 08:35 pm Post Subject:
InsTeacher is correct. Coordination of benefits language governs the situation when a person is covered by more than one policy. But it is usually only found in group insurance contracts.
Individual health insurance typically does not have a coordination clause because it would not be realistic for a person to carry two or more individual plans of health insurance. A standard provision of Coordination of Benefits laws states that a policy without such a clause will be the insured's primary coverage.
So when a person owns personal health insurance, and is also covered by a group health plan, their personal insurance will usually be primary and the group plan will be secondary. If the personal insurance doesn't cover all the cost of a medical expense, the group insurance may pick up the balance.
But not all policies cover all losses, and if a person has an expense not covered by either policy, they own that expense, which definitely overrules Stacy -- the nonlicensed insurance "expert" who often posts incorrect, incomplete, or otherwise inaccurate information -- and her comment that
you’ll are definitely entitled to the health benefits from both of your insurance policies.
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