I’ve a ten lakh base coverage and a 15 lakh tremendous top-up (10 lakhs deductible) household floater coverage from oriental insurance coverage from 2008 protecting me, my spouse, and my daughter. As you talked about within the article, – it has a room hire sub-limit of 1 % of the insured quantity. So, I purchased one other coverage from Liberty with a base coverage of three lakhs and a brilliant top-up of 1 crore.
My query is – sooner or later – if I declare medical bills from the primary coverage, if they didn’t pay the complete quantity due to the room hire sub-limit, can I declare that steadiness quantity (not paid due to the sub-limit) from liberty insurance coverage
It will be actually useful if you happen to reply right here or write an article about claiming medical bills from 2 insurance policies. I want to know tips on how to use the second coverage to beat sub-limit and co-pay clause limitations.
Concerning the writer: Ajay Pruthi is a fee-only SEBI registered funding advisor. He may be contacted through his web site plnr.in. Ajay is a part of the freefincal record of fee-only advisors and fee-only India.
Additionally by Ajay
The query right here is whether or not you possibly can declare from two insurance policies. The reply is sure, you possibly can declare from two insurance policies.
First, allow us to perceive room hire sub-limit with an instance:
Room hire sub-limit is basically a cap in your room hire expenses per day. Suppose you have got taken a medical insurance coverage with a sum insured of 10 lakhs. If the room hire sub-limit talked about within the coverage is 1% of the full sum insured, which means that in case you are hospitalized, you possibly can spend solely 10,000 per day on a room. This restrict is just not solely relevant to room hire but additionally impacts different prices proportionately.
Proportionate expenses are the bills which can be utilized in proportion to your room hire limits in case you are admitted to the hospital.
Let’s say the surgical procedure value in a single room is 5 lakhs rupees. You have got a room hire restrict of 10,000, however you go for a room with a hire of 12,000. On this case, you’d be paid solely 4.17 lakhs for the surgical procedure.
Proportionate Costs: Rs. 5,00,000 * (10,000/12,000) = Rs. 4,16,666
Now, coming again to the primary level: which coverage to make use of and tips on how to declare from two insurance policies. We’ll take the instance of the insurance policies talked about at first of the article.
State of affairs 1
Room Hire Sub-limit: Rs. 10,000 per day
Precise Room Hire: Rs. 8,000
Because the precise room hire is inside the room hire sub-limit of 1% of the sum insured of 10 Lakhs, it’s higher to say from the Oriental Insurance coverage coverage.
State of affairs 2
Room Hire Sub-limit: Rs. 10,000 per day
Precise Room Hire: Rs. 12,000
Let’s say the hospitalization value is 5 lakhs. Oriental Insurance coverage can pay 4.17 lakhs on this case, because the precise room hire is larger than the sub-limit, and the proportionate quantity could be paid (although drugs payments are paid at precise value, let’s ignore that for calculation functions). The remaining quantity must get reimbursed from Liberty Well being Insurance coverage coverage
State of affairs 3– Taking instance of state of affairs 2, wouldn’t it higher to say from Liberty Insurance coverage?
Sure, it could be higher to say from Liberty Insurance coverage if the hospitalization is pre-planned. Pre-planned right here means, you already know that the full bills could be round 5 Lakhs for the hospitalization. You may submit each coverage particulars to hospital to take a pre-approval.
One factor you want to bear in mind on this state of affairs is that the ready interval of pre-existing ailments within the coverage from Liberty Insurance coverage is over (if the coverage has been bought lately and there are some pre-existing ailments)
State of affairs 4 – Unplanned hospitalization the place you have no idea the bills
On this state of affairs, verify the room hire first, whether it is lower than 10,000 per day. It’s higher to go for the Oriental Insurance coverage coverage.
If the room hire is barely greater than 10,000, it’s nonetheless higher to go for Oriental insurance coverage as you could not get cashless declare kind Tremendous top-up coverage from Liberty insurance coverage if you don’t submit the small print of each base and tremendous top-up coverage from Liberty at the moment. I’ll write a separate article on how cashless claims work.
State of affairs 5 –
Room Hire Sub-limit: Rs. 10,000 per day
Precise Room Hire: Rs. 15,000 per day
Hospital Invoice – 12 Lakhs
The Oriental Base coverage can pay 8 Lakhs right here (proportionate expenses). You’ll have to pay 4 Lakhs from your personal pocket. This 4 Lakhs now may be both claimed by means of Liberty base and tremendous high up coverage or 2 Lakhs from Liberty base coverage and remaining 2 Lakhs from Oriental Tremendous high up coverage, which can once more have room hire sub-limits. So, it’s higher to make use of Liberty base and tremendous high up coverage to start with itself.
To Summarize
- It’s all the time advisable to go for the Oriental Insurance coverage coverage if the precise room hire per day is lower than 10,000 and the estimated value for hospitalization is lower than 10 lakhs. Even when the hospitalization value is barely greater than 10 lakhs, you possibly can nonetheless select the Oriental Insurance coverage coverage.
- It’s all the time advisable to go for the Liberty Insurance coverage coverage if the estimated value for hospitalization is considerably greater than 10 lakhs. Make sure that you submit particulars of each the bottom and tremendous top-up insurance policies collectively.
- It’s all the time higher to seek the advice of with the TPA (Third Celebration Administrator) in hospitals earlier than submitting the coverage particulars for claims.
*Disclaimer- Nothing contained within the article is a solicitation, suggestion, endorsement, or supply by me. If in case you have any doubts as to the deserves of the article, you ought to search recommendation from an impartial monetary advisor. Registration granted by SEBI, membership of BASL, and certification from NISM by no means assure the efficiency of the middleman or present any assurance of returns to buyers. Funding within the securities market is topic to market dangers. Learn all of the associated paperwork fastidiously earlier than investing.
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