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Have both employer and personal health policies? Here's which you should use first for making a claim

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Have both employer and personal health policies? Here's which you should use first for making a claim

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Having both employer and personal health insurance policy is beneficial, but the crucial thing is to know how to use them efficiently.

Have both employer and personal health policies? Here's which you should use first for making a claim
Having both employer and personal health insurance policy is beneficial, but the crucial thing is to know how to use them efficiently.
Employer health insurance, also known as group health insurance, is a type of plan that provides coverage to a specific group of people such as employees of a company. Also referred to as corporate policy, it comes with several benefits and covers expensive medical treatment costs incurred by employees if hospitalized due to an illness or an accidental injury.
Select companies across the country offer group health insurance coverage to employees. The entire premiums towards these policies are paid by the employer.
While making a claim, Rakesh Goyal, director, Probus Insurance, Insurtech Broking Company advises policyholders to first consider the employer plan and then claim the personal health insurance if needed.
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“"This is because the group employer plan covers pre-existing disease (with no waiting period)," Goyal opines.
Pre-existing diseases or ailments are diseases that are diagnosed by a physician 48 months prior to the issuance of the health cover. Apart from this, any condition whose symptoms or signs have resulted within three months of the issuance of the policy will also be classified under pre-existing diseases.
"Additionally, the claim process is comparatively easier and quicker when it comes to the group policy, and there is no chance for the premiums to increase after a claim is made by the insured, which might not be the case under the personal health insurance plan," advises Goyal.
However, Naval Goel, CEO and founder of PolicyX, has different views when it comes to choosing between both plans.
"When it comes to health insurance, it doesn't matter which one should choose first. The policyholder can choose the one as per his/her own needs and whichever plan offers better coverage. A person should first check which plan offers better coverage and suits the requirement. It's is always advisable to check the inclusion and exclusions of the plan as per the needs before using any plan among corporate and personal health insurance," he believes.
In short, while group policy may look beneficial mostly, it's always better to consider an individual's needs and risks before making a choice.
Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
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